New Condos/apartments In Bangkok Ready This Year

[johnfb]

I want to buy a condo ideally close ( walking distance ) to MRT ( or BTS as a second choice ) that is new and ready now or ideally in the next 7 months. Any suggestions where in Bangkok such a property is available ? I work in Ladprao and want easy access to the MRT. I hope to get a big loan ( 90-95 % ) from a bank here - is that possible ? I am a farang with a work permit - currently two year contract. I want a condo at least 70 sq m and a 1 or 2 bedroom is ideal. Any help appreciated .....

[johnfb]

I have visited several banks today about a loan for the condo and was told that foreigners cannot get a loan for a condo/apartment or house here....is this true ? I also asked at the condo showrooms and was told the maximum loan i can get is 60% of the price of the condo on a loan and the loan will go through a singapore or hong kong bank. Are there ways to get a loan in Bkk for 90-95% of the cost of the apartment and just put a smaller amount of cash down ?

[quiksilva]

Afraid not unfortunately what you heard is correct. Strictly speaking all money for condo purchases must be transferred in from overseas. I understand that even Thais can not get a 95% loan on condo's (only on housing, 80% is the maximum a Bank will lend to a Thai for a condo).

I have heard that those with PR can get loans for condo's but am not sure on the details, but I'm pretty sure its not that attractive.

There are however some organisations that can arrange for 'home loans' that are secured on properties overseas (effectively they are a second mortgage) but if you from the USA, or UK that may not be the best course of action right now, given the slow down that is happening over there too.

Tough it out and rent for a bit, its a good time to be a tenant, lots of choice.

[dave111223]

If you work around Lad Prao why not buy around Lad Prao? It is probably the cheapest "MRT Area" available.

Buying downtown so that you can commute out of the city center each day wouldn't make much sense?

There are quite a few condos going up around the Major (further up from Central Lad Prao), such as Metro Avenue, because there is supposedly a BTS station going in right there.

However most of these projects are in the 2-4 years completion timeframe.

[typist]

I have visited several banks today about a loan for the condo and was told that foreigners cannot get a loan for a condo/apartment or house here....is this true ? I also asked at the condo showrooms and was told the maximum loan i can get is 60% of the price of the condo on a loan and the loan will go through a singapore or hong kong bank. Are there ways to get a loan in Bkk for 90-95% of the cost of the apartment and just put a smaller amount of cash down ?

yes, getting a loan in thailand as a foreigner is nearly impossible.

bkk bank s'pore branch used to dole out up to 70% loans on condos for non-residents, max 10 years, depending on personal financial situation.

I'm not surprised if they're more conservative now.

Edited May 29, 2007 by typist

[cosmont]

I want to buy a condo ideally close ( walking distance ) to MRT ( or BTS as a second choice ) that is new and ready now or ideally in the next 7 months. Any suggestions where in Bangkok such a property is available ? I work in Ladprao and want easy access to the MRT. I hope to get a big loan ( 90-95 % ) from a bank here - is that possible ? I am a farang with a work permit - currently two year contract. I want a condo at least 70 sq m and a 1 or 2 bedroom is ideal. Any help appreciated .....

I think you can get a Loan at BBL by BBL Singapore, no choice for foreigner as Money must be transfer from abroad.

Look at the condominium Act :

http://www.dol.go.th/low_ministry/commandm...do_no3_2542.htm

If you are looking to buy a condo, I plan to sell my unit end of this year (70 sqm, 2 beds not far from Lumpini MRT).

Cheers

Edited May 29, 2007 by cosmont

[johnfb]

Can you send me details and photos of your condo and an approx asking price ? Where is the nearest MRT or BTS ? When is it available ?

[backflip]

john,

I highly recommend that you get a maps of the Skytrain/MRT and a BKK street map, and then spend several days riding the rails, getting off at each stop, walking around, and taking pictures. This will help you to familiarize yourself with the various stations, and their relationship with housing/entertainment/shopping areas.

If you're looking for a condo, new or otherwise, I suggest you use the services of a large real estate firm - two of the biggest are CBRE and Property Plus. The latter is the marketing arm of Sansiri, one of the largest real estate developers in Thailand. Unless you make it clear that you're not interested in a Sansiri development, you'll spend several days going through Sansiri stuff, before you get to the better offerings. Both companies have access to huge inventories of properties, listed by price, neighhood, and amenities. If you go to a small RE storefront, it might only have a dozen listings.

Enjoy!