Condo mortgage with a WP and good salary

[Kalorymetr]

Hi,

Simple question, which bank is best to inquiry about condo mortgage, considering:

-I am around 30

-have been living here 3+ years

-salary over 200k from a Thai company 

 

Is this even possible? Has anyone done it?

Edited October 2, 2022 by Kalorymetr

[arick]

Don't buy a condo! Waste money. Buy a house 

[Peterw42]

28 minutes ago, arick said:

Don't buy a condo! Waste money. Buy a house 

How would the OP get a mortgage for a property he cant legally own ?

Options to get a mortgage for a legal property (condo) are already limited

[thailand49]

5 hours ago, arick said:

Don't buy a condo! Waste money. Buy a house 

Should have waited to find out he is married or has a company in his name. 

If not cheaper to own a Condo why buy the cow when you getting the milk cheaper????

[BonMot]

14 hours ago, Kalorymetr said:

salary over 200k from a Thai company

200k thb? Month? Year?

 

Along with the rule money needs to come from outside Thailand farang loans are rare as hen's teeth.

 

Imagine interest rates would be high

 

The international sources on the internet soliciting loans look expensive and scammy to me

[Tropicalevo]

7 minutes ago, BonMot said:

Along with the rule money needs to come from outside Thailand farang loans are rare as hen's teeth.

As a teacher, my 'farang' wife had no trouble in getting a loan for her new car.

No idea about a mortgage though. We paid cash to have the house built.

[n8sail]

Maybe someone can correct me, but as I understand it, in order for the land department to put the condo in a foreigner's name, the capital must be shown to have come from outside Thailand.  There is a special form used to show this when the money is transferred into Thailand before the purchase can go through.

 

I am also purchasing a condo in the next few weeks (waiting to see if baht will actually break 40/1 for USD, looking very likely now).  I have been here 9+ years, paid some salary by Thai company, the balance outside of Thailand.  Near as I can tell, even with salary much higher than OP's 200k/month, without involving a Thai national it is basically impossible to get a mortgage here.

 

For foreign purchases of real property, cash is king.  Save up, then buy.  You don't need millions and millions of baht to buy a reasonable small condo here.  I would also suggest don't buy anything more than you can comfortably lose should the proverbial feces hit the fan here some day.

 

INRE buying house over a condo, sure that would be great.  I don't love condos, but I am not willing to jump through the illegal hoops necessary to own land/house here.  With coming regime change, who knows what will happen.  It's extremely unlikely that they'll clean up that situation, but there is still a chance.  However, it is VERY unlikely that they'll ever change the foreigner condo-ownership rules as they depend too much on Chinese investments to build such condos.

[sead]

6 hours ago, Peterw42 said:

How would the OP get a mortgage for a property he cant legally own ?

Options to get a mortgage for a legal property (condo) are already limited

Can't own? Of course he can. 

[sead]

1 hour ago, thailand49 said:

Should have waited to find out he is married or has a company in his name. 

If not cheaper to own a Condo why buy the cow when you getting the milk cheaper????

He doesn't need WP or Thaiwife or company to buy condo or house in hus name. <deleted> is all these people telling that?

[thailand49]

17 minutes ago, sead said:

He doesn't need WP or Thaiwife or company to buy condo or house in hus name. <deleted> is all these people telling that?

I know Condo, so you are saying Foreigners can not own land and a house in Thailand?

[Peterw42]

21 minutes ago, sead said:

He doesn't need WP or Thaiwife or company to buy condo or house in hus name. <deleted> is all these people telling that?

 

27 minutes ago, sead said:

Can't own? Of course he can. 

 

Foreigners can only own condos, Foreigners cannot own a house/land.

 

 

 

[Peterw42]

16 hours ago, Kalorymetr said:

Hi,

Simple question, which bank is best to inquiry about condo mortgage, considering:

-I am around 30

-have been living here 3+ years

-salary over 200k from a Thai company 

 

Is this even possible? Has anyone done it?

Try these guys

https://www.mbkg.co.th/en/home

[arick]

6 hours ago, Peterw42 said:

How would the OP get a mortgage for a property he cant legally own ?

Options to get a mortgage for a legal property (condo) are already limited

If he needs a morgage all the more ro just rent 

[n8sail]

2 hours ago, Peterw42 said:

Try these guys

https://www.mbkg.co.th/en/home

Thanks for the link.

Technically, provided the condo is in or near Bangkok, these guys would work.

Not a cheap loan, though.    MLR + 2.4%, so right around 7% right now, actually not ridiculous compared to at least USA loans right now.  But the fees are pretty steep, and only up to 50% of the valuation of the condo, so you'd still need a chunk of change to make the purchase.

[thailand49]

4 hours ago, sead said:

He doesn't need WP or Thaiwife or company to buy condo or house in hus name. <deleted> is all these people telling that?

Please provide information or legal based for your position. 

As noted I know about Condos I have purchased both put all in my wife name because there is nothing here I would ever want to own.

What you are saying goes against opinions here ever written in the majority?!

 

Edited October 3, 2022 by thailand49

[BonMot]

14 minutes ago, thailand49 said:

Please provide information or legal based for your position. 

As noted I know about Condos I have purchased both put all in my wife name because there is nothing here I would ever want to own.

What you are saying goes against opinions here ever written in the majority?!

 

Prolly a backhander to some land office flunkie for signing off on a tiny 150k plot and a shack in Nakon Nowhere.

 

You can only own land / house via a (n expensive, tedious to maintain) corporation that is technically illegal and which the government occasionally threatens to close the loophole and fine foreign land owners.

 

If your wife dies and land in her name you need to dump it fast... In a year and that I presume includes probate.

[bkk6060]

Foreigners are "purchasing" land and house.  Sorry folks, you don't actually "own" it.

[eia310e]

I have bought two condos and taken out mortgages on both of them.  I did not bring any money from overseas for the deposit or any of the payments.  Wife is Thai and is on the title deed of current condo.  I do have a BOI work permit, which I believe is why I did not need any funds from overseas.  The banks seem to be familiar with it, as there were no hassles for either condo. 

[thailand49]

1 hour ago, BonMot said:

Prolly a backhander to some land office flunkie for signing off on a tiny 150k plot and a shack in Nakon Nowhere.

 

You can only own land / house via a (n expensive, tedious to maintain) corporation that is technically illegal and which the government occasionally threatens to close the loophole and fine foreign land owners.

 

If your wife dies and land in her name you need to dump it fast... In a year and that I presume includes probate.

 

I don't see why you even respond to my post,  I'm asking a question to the poster who said foreigners can own land and a home. 

I don't have to dump anything it isn't in my name I gave up my right willingly at the Land office! 

Your comment should go to the poster who claim foreigner can owned land and house! 

[ThailandRyan]

2 hours ago, bkk6060 said:

Foreigners are "purchasing" land and house.  Sorry folks, you don't actually "own" it.

You own the house, but the land is a different story.  A leasehold for 30 years or setting up a company which is not truly legal.  Leasehold unless your married to a Thai who then owns the land, but yes a foreigner can own the house on the property.

[ThailandRyan]

7 hours ago, Peterw42 said:

 

 

Foreigners can only own condos, Foreigners cannot own a house/land.

 

 

 

Yes a foreigner can own a house, the land would be on a leasehold. Just like buying a house in Mexico, except there it is a 99 year lease, or like in the US when you buy a house on BLM land where you lease the land from the BLM.

 

1. In case of a foreigner buying real estate in Thailand, the ownership of a house can be registered and transferred separately from the land where the house is built;
2. The transfer procedure must be in accordance with the Thailand Civil and Commercial Code;
3. The transfer must be in writing;
4. The transfer must be registered with the Land Department's branch or provincial office.

Sale and transfer of ownership of an existing building separate from the land requires the current owner and buyer of the house to strictly conform with the standard procedure at the Land Office.

Edited October 3, 2022 by ThailandRyan

[sead]

3 hours ago, thailand49 said:

Please provide information or legal based for your position. 

As noted I know about Condos I have purchased both put all in my wife name because there is nothing here I would ever want to own.

What you are saying goes against opinions here ever written in the majority?!

 

Same as condominium you have areas with hundreds of houses where the same rules apply with the 51/49 percent. Meaning you can have a house in your name. 

[sead]

8 hours ago, Peterw42 said:

 

 

Foreigners can only own condos, Foreigners cannot own a house/land.

 

 

 

Can own house. Can not own land. You don't call those houses with 51/49 a condo do you?

[Kalorymetr]

16 hours ago, arick said:

Don't buy a condo! Waste money. Buy a house 

Thank you, no.

 

2 hours ago, eia310e said:

I have bought two condos and taken out mortgages on both of them.  I did not bring any money from overseas for the deposit or any of the payments.  Wife is Thai and is on the title deed of current condo.  I do have a BOI work permit, which I believe is why I did not need any funds from overseas.  The banks seem to be familiar with it, as there were no hassles for either condo. 

How about you share banks names buddy as that was my original question

 

Rest of you:

 I asked about which banks are best to ask for condo mortgage, and you discuss house ownership.. Less drinking mates.

Edited October 3, 2022 by Kalorymetr

[Kalorymetr]

10 hours ago, n8sail said:

Maybe someone can correct me, but as I understand it, in order for the land department to put the condo in a foreigner's name, the capital must be shown to have come from outside Thailand.  There is a special form used to show this when the money is transferred into Thailand before the purchase can go through.

 

I am also purchasing a condo in the next few weeks (waiting to see if baht will actually break 40/1 for USD, looking very likely now).  I have been here 9+ years, paid some salary by Thai company, the balance outside of Thailand.  Near as I can tell, even with salary much higher than OP's 200k/month, without involving a Thai national it is basically impossible to get a mortgage here.

 

For foreign purchases of real property, cash is king.  Save up, then buy.  You don't need millions and millions of baht to buy a reasonable small condo here.  I would also suggest don't buy anything more than you can comfortably lose should the proverbial feces hit the fan here some day.

 

INRE buying house over a condo, sure that would be great.  I don't love condos, but I am not willing to jump through the illegal hoops necessary to own land/house here.  With coming regime change, who knows what will happen.  It's extremely unlikely that they'll clean up that situation, but there is still a chance.  However, it is VERY unlikely that they'll ever change the foreigner condo-ownership rules as they depend too much on Chinese investments to build such condos.

It's so sad this country treats working people that contribute to economy same as tourists, no rights here. Thanks for the reply, I was hoping that maybe, there was some exemption for BOI work permits or some salary threshold to reach.

 

I actually have funds to buy the condo with cash, but I rather buy in one of the EU countries instead. I wanted to leverage my working here to get a cheap loan.

[thailand49]

 

 

6 hours ago, sead said:

Same as condominium you have areas with hundreds of houses where the same rules apply with the 51/49 percent. Meaning you can have a house in your name. 

OK,  the real answer you don't <deleted> know! 

You got areas in a bathroom where rules applies guy seat down and blow smoke out of the behind.  SMF! 

 

[eia310e]

8 hours ago, Kalorymetr said:

Thank you, no.

 

How about you share banks names buddy as that was my original question

 

Rest of you:

 I asked about which banks are best to ask for condo mortgage, and you discuss house ownership.. Less drinking mates.

The first one was many years ago, it was East Asian bank (or something like that), but they were taken over I think, at least they don't exist today.  The second mortgage was from Bank Ayudhya, also many years ago.  In both cases I was on work permit from BOI promoted company.  I remember that was a key point.  Sorry I don't have a more recent experience to refer to.

[n8sail]

14 hours ago, Kalorymetr said:

It's so sad this country treats working people that contribute to economy same as tourists, no rights here. Thanks for the reply, I was hoping that maybe, there was some exemption for BOI work permits or some salary threshold to reach.

 

I actually have funds to buy the condo with cash, but I rather buy in one of the EU countries instead. I wanted to leverage my working here to get a cheap loan.

I have BOI 2 year work permits and Non-B Visas, on my 5th one now.  I have yet to see any benefit for having this type of work permit other than that I have to renew half as often as normal work permits.  2x 900k+ Baht car loans, couple million baht in taxes paid and....  nothing.  Still have to pay tourist prices at a national park!

 

There are the new 'LTR'  Long Term Resident Visas, which may eventually allow the holder to buy 1 rai of land with very significant investment in Thailand.  You may eventually qualify for the #4 "Skilled Professional" type they will offer.  Something worth considering as you gain more experience and salary in your field of expertise.   I would qualify but unfortunately my industry does not fall under one of the approved "Targeted Industries" for this type of Visa.    Thanks, Thailand!

 

https://ltr.boi.go.th/index.html#pri

 

6 hours ago, eia310e said:

The first one was many years ago, it was East Asian bank (or something like that), but they were taken over I think, at least they don't exist today.  The second mortgage was from Bank Ayudhya, also many years ago.  In both cases I was on work permit from BOI promoted company.  I remember that was a key point.  Sorry I don't have a more recent experience to refer to.

Sounds like in your original post you had help of a Thai National as well as they were on the title, so that was also probably a key point.  At any rate, still good information.

I suspect for the OP and certainly for me, I'd like to keep Thais, even trustworthy ones that I know well, out of my finances.  Nothing against Thai people, I'd do the same in my home country.  Certainly something against the Thai government, though!

[Kalorymetr]

Yup, I will convert to this new visa as it offers flat tax rate which I would benefit from. I will wait for others to test it out first, no rush.

 

Quote

I suspect for the OP and certainly for me, I'd like to keep Thais, even trustworthy ones that I know well, out of my finances.  Nothing against Thai people, I'd do the same in my home country.  Certainly something against the Thai government, though!

Exactly, having anyone else on my property deed is a big nono. I won't play the govs game of transferring my life savings onto Thai citizen. 

Worst case I just won't spend the money here.

 

Edited October 4, 2022 by Kalorymetr

[tomazbodner]

On 10/2/2022 at 8:59 PM, Kalorymetr said:

Is this even possible? Has anyone done it?

As a foreigner without a permanent residence, your options are very limited. If you are Singaporean, you can try UOB bank. Some others are offered loans by Bangkok Bank, but beware such loans are SGD/USD based, not in THB, and have considerably higher interest than local loans for Thais.

 

The issue is that if you have no PR, all the funds must come from abroad for you to be able to own condo in your name. So local banks with exception of CIMB (not a great deal of lending from them that I'd notice), UOB and Bangkok Bank, other local banks do not have branches overseas. UOB loan is issued in Singapore and from what I know is only for Singaporean citizens. Bangkok Bank is issued in US, based in USD, but not sure whether only for US citizens.

 

In either case, a transfer needs to be done into Thailand and the statement of funds from abroad needs to be presented to land office to register chanote (house registration) to your name as a foreigner. Without that, you won't be able to make a transfer.

 

However if you are not Indian or Chinese (many of them apply each year so it's more difficult and expensive given 100 applications per nationality), speak some Thai, aren't in dire need of a condo right now, and can wait a few years, your job is stable and legal, you could apply for permanent residency in December, probably get it in a year to 18 months, wait a year or so, then knock on doors of Thai local banks (UOB, SCB, Krungsri) for a local loan. Difference in interest is large. Local loans are THB nominated with annual interest rates from about 3% per year up (before about 2.x% but they just got bumped up yesterday), vs. 10-15% per year and short repayment period for the "farang" loans. That's for first 3 years. After that it's higher but often Thais will refinance after 3 years. Not sure a foreigner can.