Mortgage Providers

[corkman]

Dear All,

 

I am starting down the path of saving the deposit, and eventually buying a condo in Bangkok, to live. 

 

I am under the impression that I will need 30% of the purchase price as a deposit, and a maximum 10 years duration, right? I am 40 years old, living and working in Thailand for the last decade.

 

Any suggestions on good financial institutions? I have heard UOB and will start there. 

 

Many thanks in advance.

 

Note aside. If you are a mortgage broker or similar, please don't waste your time offering your services, for "free" or otherwise. I will not read your messages, and will just delete them. Thank you.

 

 

[watcharacters]

 

Can't  give advice in Thailand but I do wish you good luck and a successful purchase.

 

[blackcab]

Moved to the Banking and Finance Forum.

 

@corkman Please do keep us updated. Your experiences will be very useful for other members in the future.

 

Thank you.

[BritManToo]

2 hours ago, corkman said:

I am under the impression that I will need 30% of the purchase price as a deposit, and a maximum 10 years duration, right? I am 40 years old, living and working in Thailand for the last decade.

Normal financing for a Thai would be 10% deposit and lasting until age 60 (SCB, BKB).

Edited September 8, 2018 by BritManToo

[sadherbert]

When I did it several years ago the only options were UOB and Bangkok Bank (who may have stopped). Both would only do foreign currency mortgages with an overseas branch, so you bear the exchange rate risk. Mine was UOB Singapore, Singapore Dollars and max 10 year duration. UOB Thailand took the charge over the property. They were pretty good whilst the main contact I had remained there but became very difficult to deal with once she left.

[jkcjag]

I used UOB 5 or 6 years ago for a condo. At the condo open day there were several banks present, promoting their schemes, and any foreigners were directed to UOB. The loan was in Thai Baht. There office was in Sathorn road; service was very good. Repayments were at any local branch in Thailand.

[davemos]

So only Thanachart will lend money .Then it's only to approved condos Contact them  They have a list of approved condos and the amount that they will lend .

[Colabamumbai]

If a bank won't do it, don't discount a mortgage broker it may be your best bet.

[cortez]

I use UOB and would recommend them.

[corkman]

Seems like UOB is the way to go ????

 

Thanks

[Scottjouro]

On 9/11/2018 at 2:53 PM, sadherbert said:

When I did it several years ago the only options were UOB and Bangkok Bank (who may have stopped). Both would only do foreign currency mortgages with an overseas branch, so you bear the exchange rate risk. Mine was UOB Singapore, Singapore Dollars and max 10 year duration. UOB Thailand took the charge over the property. They were pretty good whilst the main contact I had remained there but became very difficult to deal with once she left.

So strictly speaking they gave you a personal loan not a "Mortgage" in the classical sense, your interest rate is higher and your term is lower than what would be availible from a Thai bank 

[Scottjouro]

If you have a proper credit history in Thailand, stable job, company prepared to give you a letter and buying in a recognised development, try SCB, they offered me a home loan of nearly THB 9.0 million for a condo some years back, never persued it, but they did contact me and said i would qualify 

[sadherbert]

On 10/2/2018 at 4:55 PM, Scottjouro said:

So strictly speaking they gave you a personal loan not a "Mortgage" in the classical sense, your interest rate is higher and your term is lower than what would be availible from a Thai bank 

Scottjouro: So what is a mortgage if not a personal loan secured by a charge over the property? As I said - it was several years ago and no Thai bank, in Thailand, would do it then (Bangkok Bank would through the overseas route). I had secure employment with a company providing all the documentation and the mortgage requirement was less than half a years salary. Rate was lower than in Thailand but term restricted and you had exchange rate risk. Good news if it is now possible through a Thai bank onshore.

[Scottjouro]

11 hours ago, sadherbert said:

Scottjouro: So what is a mortgage if not a personal loan secured by a charge over the property? As I said - it was several years ago and no Thai bank, in Thailand, would do it then (Bangkok Bank would through the overseas route). I had secure employment with a company providing all the documentation and the mortgage requirement was less than half a years salary. Rate was lower than in Thailand but term restricted and you had exchange rate risk. Good news if it is now possible through a Thai bank onshore.

As you have stated 2 different vehicles 

A true mortgage is a secured loan against a property, while a personal loan is  tyoicall unsecured, interest rates on are generally mortgages are lower than a personal loan

 

The easiest way to differentiate is who is holding the deeds on the property ? If the bank holds the deed then this is a mortgage, and if the indivdual holds the deed then the loan is a personal loan 

[sadherbert]

12 hours ago, Scottjouro said:

As you have stated 2 different vehicles 

A true mortgage is a secured loan against a property, while a personal loan is  tyoicall unsecured, interest rates on are generally mortgages are lower than a personal loan

 

The easiest way to differentiate is who is holding the deeds on the property ? If the bank holds the deed then this is a mortgage, and if the indivdual holds the deed then the loan is a personal loan 

So it was a mortgage. As I stated in the original and second post, UOB held a legal charge over the property. They just did it through different UOB entities because of the money needing to come from overseas -UOB Thailand held the charge, UOB Singapore provided the money and there was a link between the two. Lower than Thai mortgage rates at the time. No idea if they still do it that way now though.