Financing condo purchase

[drvin]

Is it possible to obtain financing for a freehold condo purchase in Bangkok.  I have good credit history financing multiple cars in Thailand in the past.  And if yes, what is the usually loan to value rate they finance?

[ezzra]

Financing a property for a foreigner buyer is difficult to say the least, only one or two banks are doing it and even there you will need to show a long working history in Thailand, work permit, paid taxes for several years and even then is a 5/50 chance you will get it, these are my experience, unless someone else knows better...

[Khon Kaen Jeff]

You shouldn't bring this type of topic on here, you will just get told that you are a fool, you will lose your money, the condo will apart in a few years, and you should only ever rent.

[robblok]

29 minutes ago, Khon Kaen Jeff said:

You shouldn't bring this type of topic on here, you will just get told that you are a fool, you will lose your money, the condo will apart in a few years, and you should only ever rent.

Those who bought a house or condo before (like i did) make money on the exchange rate alone. I was lucky the home i bought got more and more expensive as a BTS and a huge shopping center came near it years after i bought it. Its a matter of luck. Even if i counted rent I would already have it paid back by now. 

[Khon Kaen Jeff]

15 minutes ago, robblok said:

Those who bought a house or condo before (like i did) make money on the exchange rate alone. I was lucky the home i bought got more and more expensive as a BTS and a huge shopping center came near it years after i bought it. Its a matter of luck. Even if i counted rent I would already have it paid back by now. 

Well I won't say good for you since you took great joy in the fact that I may lose $1k for a watch. I really don't like people like you, at all.

[robblok]

27 minutes ago, Khon Kaen Jeff said:

Well I won't say good for you since you took great joy in the fact that I may lose $1k for a watch. I really don't like people like you, at all.

why do you think i took joy in it, just said it was your own mistake by committing fraud. Had you not done that you would not have lost the money. No joy just putting blame where it should be. You did something stupid and it backfired. 

 

I like not being taxed as much as you do but when you do something like you did you take an extra risk. You seemed to blame others for your own mistake. 

[Chazar]

1 hour ago, Khon Kaen Jeff said:

You shouldn't bring this type of topic on here, you will just get told that you are a fool, you will lose your money, the condo will apart in a few years, and you should only ever rent.

<deleted>,  im off to sell my 7 now, cripes why hadn't I been warned earlier????

[worgeordie]

1 hour ago, Khon Kaen Jeff said:

You shouldn't bring this type of topic on here, you will just get told that you are a fool, you will lose your money, the condo will apart in a few years, and you should only ever rent.

I must be a fool,every property I have bought and sold in Thailand

I have made a good profit on,its all about buying at the right price

in a good location, the other fallacy,that Thai's wont buy 2nd hand

properties is also, cr@p. 

regards worgeordie

[LomSak27]

Just now, Chazar said:

<deleted>,  im off to sell my 7 now, cripes why hadn't I been warned earlier????

 

Because you have only been on this forum for three and a half months. Plenty of time but likely the warnings passed by without a ripple. Sorry  

[Khon Kaen Jeff]

23 minutes ago, Chazar said:

<deleted>,  im off to sell my 7 now, cripes why hadn't I been warned earlier????

Remember 'only rent'

[Chazar]

5 minutes ago, LomSak27 said:

 

Because you have only been on this forum for three and a half months. Plenty of time but likely the warnings passed by without a ripple. Sorry  

Do you believe in reincarnation?

[Chazar]

2 minutes ago, Khon Kaen Jeff said:

Remember 'only rent'

rent or rant? I can only do one of those.

[LomSak27]

Just now, Chazar said:

Do you believe in reincarnation?

 

Do I believe you have had many handles in the past, and perhaps the present?!   ????    The thought had never crossed my mind.

[thedemon]

As a rule banks will finance up to 95% if the condo is new and up to 80% if 2nd hand.

 

As far as I know only foreigners with PR can get a regular mortgage because that is written into the Condo Act. Otherwise foreigners need to present proof of 100% of the purchase price coming from abroad before the Land Dept. will allow transfer.

 

In the past some banks (Bangkok Bank, Standard Chartered and maybe others) had a work around by issuing mortgages in Singapore with both the loan and repayments made in SGD. However the criteria was strict and the loan conditions unfavourable compared to a domestic mortgage. I don't think any of the major banks offer that any more but I could well be wrong about that.

[ThomasThBKK]

4 minutes ago, thedemon said:

In the past some banks (Bangkok Bank, Standard Chartered and maybe others) had a work around by issuing mortgages in Singapore with both the loan and repayments made in SGD. However the criteria was strict and the loan conditions unfavourable compared to a domestic mortgage. I don't think any of the major banks offer that any more but I could well be wrong about that.

 

It's normal business practice still, you can just get a loan in Singapore as long as you have assets with that bank in SG.

For example if you have Citibank and funds invested with their broker you can easily use that as a collateral for a loan from citibank to buy RE whereever you want.

 

 

[thedemon]

3 minutes ago, ThomasThBKK said:

 

It's normal business practice still, you can just get a loan in Singapore as long as you have assets with that bank in SG.

For example if you have Citibank and funds invested with their broker you can easily use that as a collateral for a loan from citibank to buy RE whereever you want.

 

 

 

Yes you could do that or you could even borrow the money from your Grandma and would be in compliance with the Thai Condo Act.

 

But what the op is asking about is a regular mortgage where the only collateral held by the mortgagee is the condo being purchased and is registered as such on the title deed. If that is still normal business practice, please tell us which bank(s) are offering that.

[tomazbodner]

There's MBK group that gives loans to foreigners without PR but at very unfavourable rates and they have their own valuations of how much per m2 they would value property, then set the loan according to that.

 

Other than that if no PR, purchase amount will need to come from abroad and some receipt received from the bank to show land department before they would allow you to put it in your name. And of course there is a limit of 49% foreign ownership...

 

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

Edited September 19, 2019 by tomazbodner
Added link to MBK Group

[Suradit69]

9 hours ago, robblok said:

Those who bought a house or condo before (like i did) make money on the exchange rate alone. I was lucky the home i bought got more and more expensive as a BTS and a huge shopping center came near it years after i bought it. Its a matter of luck. Even if i counted rent I would already have it paid back by now. 

Likewise, especially after taking into consideration 20 years of rent saved. It's a bit more than luck at least if you give some consideration to location, construction quality and maintenance. But yes luck has a lot to do with it.

 

Certainly lucky for me to have bought it around $1 = 40 baht and to have more than enough to cover the money in the bank method for retirement extension and other things with those cheap baht.

[ThomasThBKK]

On 9/19/2019 at 12:08 PM, thedemon said:

 

Yes you could do that or you could even borrow the money from your Grandma and would be in compliance with the Thai Condo Act.

 

But what the op is asking about is a regular mortgage where the only collateral held by the mortgagee is the condo being purchased and is registered as such on the title deed. If that is still normal business practice, please tell us which bank(s) are offering that.

https://www.uob.com.sg/internationalhomeloan/thailand_homeloan.html

 

UOB for example, but they limited it to SG and MY citizens now it seems, which sucks...

Citibank SG too.

 

There are banks like Maybank, OCBC, DBS, CIMB  etc that offer it officially in other areas, like Malaysia - but if you are a longterm customer you might be lucky that they do it in Thailand too.

 

LTV ratios is between 50-80%, if you have sg residency it helps a lot with a better ltv ratio...obviously.

 

 

Quote

But what the op is asking about is a regular mortgage where the only collateral held by the mortgagee is the condo being purchased and is registered as such on the title deed. If that is still normal business practice, please tell us which bank(s) are offering that.

 

In case you misunderstood me, i wasn't talking about having it 100% collateralized... anyway, no bank will give you an LTV ratio of 100%, you always need a fat downpayment/collateral - from 20-50%. 

Edited September 21, 2019 by ThomasThBKK