Need a condo loan

[starman_tom]

Hi all,

What institution could do a property loan for a foreigner living in Thailand?

I had a smaller loan with MBK before, paid back early with no issues. They have since changed their rules and only do property refinancing now.

 

I work offshore so no WP in Thailand. Steady income to Bangkok Bank for 20 years, permanently employed, no credit issues with anybody ever, no current loans. 

Why is it so hard to borrow a few million baht here when I have many millions coming in each year?

 

Thankful for any advice on this.

[baansgr]

There is an agent in pattaya that has condos for sale with mortgage...is it pattaya?

[Peterw42]

The funds to buy a foreign title condo need to come from outside Thailand. Even if someone will lend you the money, you cant but a foreign title condo with that (borrowed inside Thailand) money.

[Billy The Kid]

Thai banker told me last January in Pattaya that no foreigners can get a mortgage from any Thai bank in Thailand , strictly for Thai citizens only .  Don’t have a clue about the bank outside Thailand, I think it will be difficult because the bank will need a house based in the bank’s Country if asking for a mortgage  . 

[starman_tom]

50 minutes ago, Peterw42 said:

The funds to buy a foreign title condo need to come from outside Thailand. Even if someone will lend you the money, you cant but a foreign title condo with that (borrowed inside Thailand) money.

Yup, aware of this but not a problem as you can borrow money in TH, send it to your EU bank, then send it back to a Thai bank with the note that it's for buying a condo. That's how I did on my previous purchase.

[starman_tom]

25 minutes ago, Billy The Kid said:

Thai banker told me last January in Pattaya that no foreigners can get a mortgage from any Thai bank in Thailand , strictly for Thai citizens only .  Don’t have a clue about the bank outside Thailand, I think it will be difficult because the bank will need a house based in the bank’s Country if asking for a mortgage  . 

Okay, well he's not completely correct as I got an email back yesterday from UOB bank who said they do have foreign property loans, but have to submit a pile of papers. One of them is a "personal tax refund" form, which I do not have since I don't pay any tax anywhere. I have foreign friends in BKk who has borrowed money from UOB before, without WP, but I'd like other options than UOB.

[JWRC]

If as you say you have many millions coming in each year, why would you want a loan and have to pay interest? 

[starman_tom]

1 minute ago, JWRC said:

If as you say you have many millions coming in each year, why would you want a loan and have to pay interest? 

I'm sorry but that's classified information.

[Peterw42]

 

1 hour ago, starman_tom said:

Okay, well he's not completely correct as I got an email back yesterday from UOB bank who said they do have foreign property loans, but have to submit a pile of papers. One of them is a "personal tax refund" form, which I do not have since I don't pay any tax anywhere. I have foreign friends in BKk who has borrowed money from UOB before, without WP, but I'd like other options than UOB.

That sounds like information from UOB in Singapore, the fact that they call it a "foreign property loan". UOB Thailand (a separate bank) would call it a loan to buy a Thai property not a foreign property.

Or are you meaning loans for foreigners.

 

[Peterw42]

These guys, not a bank but do mortgages to foreigners.

 

http://www.mbkg.co.th/en/loan_products/condo_loan/about

 

[starman_tom]

3 minutes ago, Peterw42 said:

These guys, not a bank but do mortgages to foreigners.

 

http://www.mbkg.co.th/en/loan_products/condo_loan/about

 

No they don't do loans anymore, new rules. I did post that originally at the top. I had a talk with the guy there who handled my loan before; They do not loan anymore, just property refinancing.

[Peterw42]

8 minutes ago, starman_tom said:

No they don't do loans anymore, new rules. I did post that originally at the top. I had a talk with the guy there who handled my loan before; They do not loan anymore, just property refinancing.

Not like me to not read things properly, lol

Check back tomorrow as I will call a friend that I know has a non-bank mortgage. Its probably an old one with MBK but I will check.

[starman_tom]

On 3/19/2019 at 11:36 AM, Peterw42 said:

Not like me to not read things properly, lol

Check back tomorrow as I will call a friend that I know has a non-bank mortgage. Its probably an old one with MBK but I will check.

 

Hi there, did you manage to speak to your friend?

[Peterw42]

Coudnt get hold of him, will PM if I find out.

[KittenKong]

On 3/19/2019 at 7:47 PM, starman_tom said:

Yup, aware of this but not a problem as you can borrow money in TH, send it to your EU bank, then send it back to a Thai bank with the note that it's for buying a condo. That's how I did on my previous purchase.

Q: What sort of bank would give money to a foreigner who works abroad, and allow him to send it out of the country without showing any collateral?

 

A: A stupid bank.

[starman_tom]

8 hours ago, KittenKong said:

Q: What sort of bank would give money to a foreigner who works abroad, and allow him to send it out of the country without showing any collateral?

 

A: A stupid bank.

Well here's one; UOB

I'm already in talks with them. Also, who said no collateral? Maybe I have other properties that I offer as collateral? 

The money is for purchasing a condo, not sending it abroad. BTW, I won't get access to the money, but bank agent will handle the check at Dept. of Land dept.

[KittenKong]

16 hours ago, starman_tom said:

Well here's one; UOB

I'm already in talks with them. Also, who said no collateral? Maybe I have other properties that I offer as collateral? 

The money is for purchasing a condo, not sending it abroad. BTW, I won't get access to the money, but bank agent will handle the check at Dept. of Land dept. 

That is a different situation to the one you described. Your bank will not be giving you money that you can export unless you can provide extra collateral. Your bank will be giving money to the vendor in return for a lien on a chanote.

 

You were talking about exporting loaned money in order to get an FET to buy a condo. If you do find a bank that will let you do that please let us know as many others might also quite like to take out a massive loan the day before they leave the country permanently.

[ThomasThBKK]

19 hours ago, starman_tom said:

Well here's one; UOB

I'm already in talks with them. Also, who said no collateral? Maybe I have other properties that I offer as collateral? 

The money is for purchasing a condo, not sending it abroad. BTW, I won't get access to the money, but bank agent will handle the check at Dept. of Land dept.

Citibank too.

You can also use invested money in an etf/brokerage u have with those banks as a collateral for a cash loan. 

 

 

[starman_tom]

3 hours ago, ThomasThBKK said:

Citibank too.

You can also use invested money in an etf/brokerage u have with those banks as a collateral for a cash loan. 

 

 

Oh okay, I'll also look into that then. Thanks.

[tlandtday]

On 3/19/2019 at 7:21 PM, Billy The Kid said:

Thai banker told me last January in Pattaya that no foreigners can get a mortgage from any Thai bank in Thailand , strictly for Thai citizens only .  Don’t have a clue about the bank outside Thailand, I think it will be difficult because the bank will need a house based in the bank’s Country if asking for a mortgage  . 

another warm hospitable policy extended to foreigners living here now compare that to your home country where immigrants as well are retirees can get jobs, loans and citizenship.

[madmen]

another warm hospitable policy extended to foreigners living here now compare that to your home country where immigrants as well are retirees can get jobs, loans and citizenship.

Doesn't that just scream to you go home? Where you have rights as a citizen. Everybody who researched before moving here would be fully aware it's near impossible to get a loan, a job or citizenship so why you crying about after you already made the shift?

[Aussieroaming]

On 3/19/2019 at 8:07 PM, starman_tom said:

I'm sorry but that's classified information.

No wonder you cant get a loan if you answered all of the banks questions with "sorry thats classified"

[starman_tom]

46 minutes ago, Aussieroaming said:

No wonder you cant get a loan if you answered all of the banks questions with "sorry thats classified"

Okay, how about "Non of your business and it's not what I asked for"?

[Aussieroaming]

5 minutes ago, starman_tom said:

Okay, how about "Non of your business and it's not what I asked for"?

Much better

[tlandtday]

8 hours ago, madmen said:

8 hours ago, tlandtday said:

another warm hospitable policy extended to foreigners living here now compare that to your home country where immigrants as well are retirees can get jobs, loans and citizenship.

Doesn't that just scream to you go home? Where you have rights as a citizen. Everybody who researched before moving here would be fully aware it's near impossible to get a loan, a job or citizenship so why you crying about after you already made the shift?

I am just pointing out the differences and the lack of reciprocity whether you choose to buckle and accept it is up to you.