Best Bank for buying a property?

[chiman]

Hi Team Thaivisa,

 

My Thai partner and I want to buy a new build house in Bangkok. 

Wondering if any of the banks are more open minded to accepting a foreigner in the deal vs others?      

 

She just applied to UOB, Bangkok Bank, Kasikorn Bank, SCB a few days ago, but was wondering if I should come here and ask you guys about this.

 

Thanks!

 

 

[Crossy]

When we built our place back in 2011 SCB were very helpful, but we both work.

 

[chiman]

I own a company here for 13 years with 50 employees, and she works. Good to hear about the SCB - Thank you for taking the time to respond 

[CGW]

6 hours ago, Crossy said:

When we built our place back in 2011 SCB were very helpful, but we both work.

I bought my first house here in around 2002, also used SCB, no issues, very helpful.

[ChaiyaTH]

Best bank is a piggy bank. Zero interest. Thai bank mortgages result in paying 2-3x house value once done.

[chiman]

13 hours ago, ChaiyaTH said:

Best bank is a piggy bank. Zero interest. Thai bank mortgages result in paying 2-3x house value once done.

2.6% for 3 years is not so bad, however you are right, if one does not refi at that point and negotiate, the banks will take advantage and charge you double the global rate.  My loan is fixed for 30 years in the states, low rate, they do not offer that here.

[khunnat]

She should check with omsin (aka GSB, the pink bank from the government)

[Catkiwi]

We had a good experience with UOB about 12 or so years ago now but they were more then happy to lend money even though I was the only one working at the time. 

[Jenkins9039]

On 5/27/2020 at 4:58 PM, chiman said:

She just applied to UOB, Bangkok Bank, Kasikorn Bank, SCB a few days ago, but was wondering if I should come here and ask you guys about this.

If you haave a work permit from a reputable company, you should be able to bring in a significant amount of finance capital into the equation.

 

Generally speaking, if your employer banks with SCB, then you should work with them, based on a pre-existing relationship, first mortgage quote (2012/13) to me by SCB -- For me personally then was 15,000,000 based on my onshore taxable salary, hers was 5,500,000 based on her salary.

 

These days the banks are doing finance but being picky, due to covid, interest is 8-22% dependent on your conditions, history, and security. 

 

It would be prudent to 'hold off' until next year and buy on a stable market (at least semi stable), or if you have an opportunity (there are a few around), chalk up the interest to getting a 'steal' and re-finance with another bank next year for 3-5%.

[Yellowtail]

On 5/27/2020 at 9:09 AM, chiman said:

I own a company here for 13 years with 50 employees, and she works. Good to hear about the SCB - Thank you for taking the time to respond 

 

What bank do you use for your business? Surely in thirteen years you have developed a decent relationship with them.

 

 

[chiman]

On 6/3/2020 at 4:22 AM, Yellowtail said:

 

What bank do you use for your business? Surely in thirteen years you have developed a decent relationship with them.

 

 

I bank with SCB, Bangkok Bank, and Kasikorn, with Bangkok Bank being my main bank.  Have good relationships with all of them.  All 3, and UOB taking our case seriously asking for more information each day.  

 

The banks are looking at my company, and both of us.  There is enough monthly net income in the company to cover the mortgage on 10 of these homes.  Looking forward to seeing what they say.  

[chiman]

Bangkok Bank approved us first, they were very professional so far.  Waiting to hear from other banks this week to compare offers.