Can A Farang On Retirement Extension Get Mortgage In Thai Bank?

[SCOTT FITZGERSLD]

I wonder if a FARANG on retirement visa extention can get any kind

of mortgage loan , to buy an apartment in thailand, from a thai bank?

 

I know it is possible in other third world countries, where they give

around 50% of the property value as loans to foreigners...this

way the bank has almost no risk, because he can claim

the property back in case of default. i wonder if in Thailand

it is also possible...

 

[bkk6060]

No, not at a Thai bank.

 

My suggestion is to negotiate something with a private seller.

The market in a place like Pattaya is saturated.  Over 12,000 properties on the market.

Some sellers are willing to carry paper for up to 10 years with 30 to 50% down.

 

Edited August 26, 2019 by bkk6060

[WorriedNoodle]

9 minutes ago, SCOTT FITZGERSLD said:

the bank has almost no risk

In Thailand there is risk. The property market is flooded with shoddily built homes - so resale not easy, and Thais like to buy new!

[Skallywag]

Judging from your avatar, you should spend your savings on a good dentist first 55

 

Yesm as bkk6060 mentioned,  I see many condo ads where owners will carry for 5 years or more in Pattaya area

[timendres]

You will not get a loan from a Thai bank, but there are outfits like these: http://www.mbkg.co.th/en/home

No clue if the are reputable, or what you need to qualify, or if the terms are reasonable.

[happy chappie]

If you've got 50% of the money just offer the seller half the asking price.there are some desperate sellers out there.

if I had bought a property 14 years ago for say 2 million baht and sold it today I would have doubled my investment if changed back into pounds and had 14 yrs rent free.your best bet is find a farang packing up and leaving Thailand who has owned a property since the good old days.

[SCOTT FITZGERSLD]

25 minutes ago, timendres said:

You will not get a loan from a Thai bank, but there are outfits like these: http://www.mbkg.co.th/en/home

No clue if the are reputable, or what you need to qualify, or if the terms are reasonable.

THEIR rate is kbank regular rate + 2.4%...total 8.65%...and minimum property

value 1 million baht...

[timendres]

Finding a condo in Bangkok under 1M THB seems unlikely, but maybe in other locations.

8.65% is high, but my first home mortgage was 13.75% ! So, it depends on your financial objectives.

I would be more concerned about the price you would need to pay for a condo in the current market.

I would not purchase one if I could finance it at 0% interest.

[spidermike007]

Thai banks are ridiculously conservative with their requirements. If you do not have a steady job, even as a Thai, with a major company or the government, they make it very difficult, if not impossible. They are not much fun to deal with. I prefer to avoid borrowing any money from them, for anything. 

[ChrisKC]

20 hours ago, Skallywag said:

Judging from your avatar, you should spend your savings on a good dentist first 55

 

Yesm as bkk6060 mentioned,  I see many condo ads where owners will carry for 5 years or more in Pattaya area

And your Avatar tells us what?

[natway09]

And your income stream is what ?

[Nyezhov]

No bank will write a mortgage for a furriner I am told.

 

I'm told that UOB will loan against a foreign funds or Thai baht deposit to the tune of 90%. That's what the private bankers at Krungsri told me when I approached them. I haven't spoken to UOB as the concept is probably stupid accounting wise.

[moto77]

No. Probably because the sanity of said purchaser would be in question. 

[Skallywag]

4 hours ago, ChrisKC said:

And your Avatar tells us what?

S is for sensational, you know how to make a splash!

K is for kindness, you always show.

A is for angelic, a truly pure heart

L is for listen, one of your best traits.

L is for lively, your life is full of energy!

Y is for young, the years never show!

W is for warmth, the glow of your friendship.

A is for acts, the daily acts of kindness shown to others

G is for gentle, the nurturing side of you.

????

????

 

 

[HLover]

3 hours ago, Nyezhov said:

No bank will write a mortgage for a furriner I am told

Beautiful and brilliant, thank you.????????????

[CM Dad]

No, but Thais on tourist visas can in our countries.

[Chazar]

On 8/26/2019 at 6:27 PM, WorriedNoodle said:

Thais like to buy new!

Old wives tale

[Max69xl]

9 hours ago, spidermike007 said:

Thai banks are ridiculously conservative with their requirements. If you do not have a steady job, even as a Thai, with a major company or the government, they make it very difficult, if not impossible. They are not much fun to deal with. I prefer to avoid borrowing any money from them, for anything. 

Thai people with a job, it doesn't have to be high paid job can always borrow money from banks. That's why the total sum of household loans are huge. They borrow money for everything. They also borrow money from loan sharks and have to pay a very high interest. The government wants a limit for loans, a cap, which is 70% of the monthly income. The banks aren't delighted,but they have to agree. 

[RichardColeman]

NO, but I am sure if you are a Thai person on a small income and can get your flip flops on the right feet then it's full steam ahead for that mortgage

[Nyezhov]

1 hour ago, CM Dad said:

No, but Thais on tourist visas can in our countries.

Irrelevant point.

[musiclover]

Yes.   I had no problems at all in getting a standard mortgage.   15 years 

had to provide UK paperwork re income ,but no other problems .50k a month, paid off now

Standard retirement visa

I cannot remember the name of the bank. It was the nearest bank to walking street.

[musiclover]

On 8/26/2019 at 6:19 PM, bkk6060 said:

No, not at a Thai bank.

 

My suggestion is to negotiate something with a private seller.

The market in a place like Pattaya is saturated.  Over 12,000 properties on the market.

Some sellers are willing to carry paper for up to 10 years with 30 to 50% down.

 

Not true....can be done.    I got standard mortgage 15 years from Thai Bank. 

[SCOTT FITZGERSLD]

11 hours ago, Nyezhov said:

Irrelevant point.

relevant. thai - and chinese and singaporeans - can buy land in europe canada and USA, but

foreigners can't buy land in those countries...

because asians know - who owns the land owns the country !!

[SCOTT FITZGERSLD]

10 hours ago, musiclover said:

Not true....can be done.    I got standard mortgage 15 years from Thai Bank. 

interesting...do you have a work permit / regular job ?

or just another PATTAYA bar owner?

[SCOTT FITZGERSLD]

10 hours ago, musiclover said:

Yes.   I had no problems at all in getting a standard mortgage.   15 years 

had to provide UK paperwork re income ,but no other problems .50k a month, paid off now

Standard retirement visa

I cannot remember the name of the bank. It was the nearest bank to walking street.

YOU got mortgage in thailand but can't remember the name of the bank?

only that it was the nearest to walking street?

in pattaya ???

LOL  hillarious !!

[SoonOh]

Yes, can get BUT why would any one retired want yo have a mortgage and payments 

[musiclover]

1 hour ago, SCOTT FITZGERSLD said:

interesting...do you have a work permit / regular job ?

or just another PATTAYA bar owner?

No work permit...standard retirement visa...had to show income proof from UK...direct to Bank

Not bar owner..lol

[musiclover]

1 hour ago, SCOTT FITZGERSLD said:

YOU got mortgage in thailand but can't remember the name of the bank?

only that it was the nearest to walking street?

in pattaya ???

LOL  hillarious !!

Why ahould I remember? It was paid off fully 4 years ago and it is not BBL, my personal bank 

The bank was on Beach Road close to Walking st...maybe SCB?  Must be easy to identify as only one Bank there I believe 

[Airalee]

13 hours ago, Max69xl said:

Thai people with a job, it doesn't have to be high paid job can always borrow money from banks. That's why the total sum of household loans are huge. They borrow money for everything. They also borrow money from loan sharks and have to pay a very high interest. The government wants a limit for loans, a cap, which is 70% of the monthly income. The banks aren't delighted,but they have to agree. 

I noticed that 70% DTI recently.  Couple that with the Neg-Am (negatively amortizing loans) that I saw advertised at the On-Nut BTS about 18 months ago and things could get interesting within another year or two.

 

FWIW, US banks cap DTI at 40-50%

[SCOTT FITZGERSLD]

32 minutes ago, musiclover said:

No work permit...standard retirement visa...had to show income proof from UK...direct to Bank

Not bar owner..lol

THANKS...I GUESS IT HELPS THAT YOU ARE FROM UK