Does PR effect Mortgages?

[corkman]

Hi All,

 

I am applying for PR. Some have suggested having PR allows an expat to access favorable mortgage / home loan terms for buying a condo (as a home, not investment).

 

Can anyone comment if this is true?

 

Thanks.

[baansgr]

Any leading institution will look favouably on a person's financial and residence status so it surely would be a benefit. Banks have different  lending criteria so it's a case if looking for the best deal

[thedemon]

Yes it's true. Whereas in order to purchase a condo in Thailand, a foreigner is ordinarily required to prove that the funds were remitted from abroad, the Condominium Act specifically excludes Permanent Residents from this requirement.

 

This means that you can apply for a mortgage from a Thai bank on the same terms as a Thai citizen.

 

As far as the law is concerned it doesn't matter whether the condo(s) are for investment or as a residence.