Mortgages,what interest rates For Thai?

[ivor bigun]

Our son wants to buy a house that we rent at the moment,what sort of interest rate can he expect to pay and which bank is best?

 

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[BritManToo]

6.15% at the moment give or take 0.1%.

It's been around that for the past 5 years.

[ivor bigun]

6.15% at the moment give or take 0.1%.
It's been around that for the past 5 years.

Wow,thats quite high

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[Peterw42]

There are often some government banks that lend on low income, low deposit but the interest can be 7%, they start low at 3-4% but go up each year.

Edited November 14, 2018 by Peterw42

[ivor bigun]

I did not realize how high interest rates are here( for borrowing) as we have always rented, but as our son earns quite a high wage he wanted to buy,but at that rate out rent is less than a mortgage would be

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[baansgr]

Don't forget,  most will want an insurance  premium paid upfront which could be 70k on 1.5 MIL.... 

[ivor bigun]

Don't forget,  most will want an insurance  premium paid upfront which could be 70k on 1.5 MIL.... 

And how much on 3.5 million?

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[baansgr]

3 hours ago, ivor bigun said:

And how much on 3.5 million?

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Probably  a lot more,  do the maths but the only exact answer will be from the lender.... It's non refundable even if loan Is paid early,  bit of a con in my opinion 

[rickudon]

Usually, bank will only loan a modest % of the cost of the house (often the land value, not the house value) particularly if the house is not new. A lot of things can go wrong with a house in Thailand, and Thai banks do not like losing money.