SCOTT FITZGERSLD Posted August 26, 2019 Share Posted August 26, 2019 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... Link to comment Share on other sites More sharing options...
Popular Post bkk6060 Posted August 26, 2019 Popular Post Share Posted August 26, 2019 (edited) 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 3 Link to comment Share on other sites More sharing options...
WorriedNoodle Posted August 26, 2019 Share Posted August 26, 2019 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! 1 Link to comment Share on other sites More sharing options...
Popular Post Skallywag Posted August 26, 2019 Popular Post Share Posted August 26, 2019 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 3 Link to comment Share on other sites More sharing options...
timendres Posted August 26, 2019 Share Posted August 26, 2019 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. Link to comment Share on other sites More sharing options...
happy chappie Posted August 26, 2019 Share Posted August 26, 2019 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. 1 1 Link to comment Share on other sites More sharing options...
SCOTT FITZGERSLD Posted August 26, 2019 Author Share Posted August 26, 2019 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... Link to comment Share on other sites More sharing options...
timendres Posted August 26, 2019 Share Posted August 26, 2019 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. 1 Link to comment Share on other sites More sharing options...
spidermike007 Posted August 27, 2019 Share Posted August 27, 2019 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. 1 Link to comment Share on other sites More sharing options...
ChrisKC Posted August 27, 2019 Share Posted August 27, 2019 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? 1 1 1 Link to comment Share on other sites More sharing options...
natway09 Posted August 27, 2019 Share Posted August 27, 2019 And your income stream is what ? 1 Link to comment Share on other sites More sharing options...
Nyezhov Posted August 27, 2019 Share Posted August 27, 2019 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. 1 Link to comment Share on other sites More sharing options...
moto77 Posted August 27, 2019 Share Posted August 27, 2019 No. Probably because the sanity of said purchaser would be in question. 1 Link to comment Share on other sites More sharing options...
Popular Post Skallywag Posted August 27, 2019 Popular Post Share Posted August 27, 2019 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. ???? ???? 4 Link to comment Share on other sites More sharing options...
HLover Posted August 27, 2019 Share Posted August 27, 2019 3 hours ago, Nyezhov said: No bank will write a mortgage for a furriner I am told Beautiful and brilliant, thank you.???????????? Link to comment Share on other sites More sharing options...
CM Dad Posted August 27, 2019 Share Posted August 27, 2019 No, but Thais on tourist visas can in our countries. Link to comment Share on other sites More sharing options...
Chazar Posted August 27, 2019 Share Posted August 27, 2019 On 8/26/2019 at 6:27 PM, WorriedNoodle said: Thais like to buy new! Old wives tale 2 Link to comment Share on other sites More sharing options...
Max69xl Posted August 27, 2019 Share Posted August 27, 2019 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. Link to comment Share on other sites More sharing options...
RichardColeman Posted August 27, 2019 Share Posted August 27, 2019 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 Link to comment Share on other sites More sharing options...
Nyezhov Posted August 27, 2019 Share Posted August 27, 2019 1 hour ago, CM Dad said: No, but Thais on tourist visas can in our countries. Irrelevant point. Link to comment Share on other sites More sharing options...
musiclover Posted August 27, 2019 Share Posted August 27, 2019 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. Link to comment Share on other sites More sharing options...
musiclover Posted August 27, 2019 Share Posted August 27, 2019 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. 1 Link to comment Share on other sites More sharing options...
SCOTT FITZGERSLD Posted August 28, 2019 Author Share Posted August 28, 2019 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 !! Link to comment Share on other sites More sharing options...
SCOTT FITZGERSLD Posted August 28, 2019 Author Share Posted August 28, 2019 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? Link to comment Share on other sites More sharing options...
SCOTT FITZGERSLD Posted August 28, 2019 Author Share Posted August 28, 2019 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 !! Link to comment Share on other sites More sharing options...
SoonOh Posted August 28, 2019 Share Posted August 28, 2019 Yes, can get BUT why would any one retired want yo have a mortgage and payments Link to comment Share on other sites More sharing options...
musiclover Posted August 28, 2019 Share Posted August 28, 2019 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 1 Link to comment Share on other sites More sharing options...
musiclover Posted August 28, 2019 Share Posted August 28, 2019 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 Link to comment Share on other sites More sharing options...
Airalee Posted August 28, 2019 Share Posted August 28, 2019 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% Link to comment Share on other sites More sharing options...
SCOTT FITZGERSLD Posted August 28, 2019 Author Share Posted August 28, 2019 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 Link to comment Share on other sites More sharing options...
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