Condo mortgage with a WP and good salary

[tomazbodner]

12 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.

Was that before the law which stated that all the funds for purchase must come from abroad, or did the bank somehow get that sorted by bringing funds in? Krungsri is owned by MUFG which is Japanese, but I was not aware they were at all giving loans to foreigners, unless on PR, and even there they were only willing when buying directly from developer.

[tomazbodner]

On 10/3/2022 at 6:14 AM, arick said:

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

Banks don't give loans for the houses to foreigners. You can buy house for cash, but you can't buy land that the house is standing on, as that must be owned by a Thai person, or a Thai company with at least 51% of ownership and voting rights in the name of Thais.

 

So you buy a house which is sitting on some Thai's land, which you could only legally lease for 30 years, and any agreements longer than that are not in any way enforceable - so no back to back agreements.

 

Sir, buying such a house is a definition of wasting money.

[Kalorymetr]

Yeah PR is an option, not this year though, perhaps next.

 

Would it be possible to have my GF take a loan and then me just take it over from her for free?

[donx]

4 hours ago, Kalorymetr said:

Yeah PR is an option, not this year though, perhaps next.

 

Would it be possible to have my GF take a loan and then me just take it over from her for free?

My understanding is no, this won't work. For instance, I read on threads in this forum that even those that inherit a condo from a non-Thai relative must either sell the condo or bring in funds from abroad matching the value of the condo according to the land office's assessed value.

 

And the situation you propose requires changing the listing of the condo to be within 49% foreign ownership allocation instead of being a Thai owned property. I don't know if it would be possible once you have PR, but it certainly wouldn't be possible without PR or citizenship. 

[eia310e]

10 hours ago, tomazbodner said:

Was that before the law which stated that all the funds for purchase must come from abroad, or did the bank somehow get that sorted by bringing funds in? Krungsri is owned by MUFG which is Japanese, but I was not aware they were at all giving loans to foreigners, unless on PR, and even there they were only willing when buying directly from developer.

I took out the mortgage from BAY in year 2000 and paid it off in 2015.  I'm not sure if they were already owned by MUFG at the time.   I am not aware if they brought the funds in from overseas, it was not discussed.  As far as I know, the process was about the same as for any Thai citizen.  I just included the work permit docs, company contract with the mortgage application.  I don't recall there was any particular delay or confusion by the bank staff, it seemed to proceed pretty smoothly and quickly.  I purchased the condo from the original owner, a Thai citizen, not the developer.  I don't have PR, just have the work permit.  If I am able I will stop by the bank this weekend and ask about the process today.

[Kalorymetr]

13 hours ago, donx said:

My understanding is no, this won't work. For instance, I read on threads in this forum that even those that inherit a condo from a non-Thai relative must either sell the condo or bring in funds from abroad matching the value of the condo according to the land office's assessed value.

 

And the situation you propose requires changing the listing of the condo to be within 49% foreign ownership allocation instead of being a Thai owned property. I don't know if it would be possible once you have PR, but it certainly wouldn't be possible without PR or citizenship. 

Oh okay, I guess I won't be investing money here until these laws change then. Thanks for the info.

[donx]

14 hours ago, eia310e said:

I took out the mortgage from BAY in year 2000 and paid it off in 2015.  I'm not sure if they were already owned by MUFG at the time.   I am not aware if they brought the funds in from overseas, it was not discussed.  As far as I know, the process was about the same as for any Thai citizen.  I just included the work permit docs, company contract with the mortgage application.  I don't recall there was any particular delay or confusion by the bank staff, it seemed to proceed pretty smoothly and quickly.  I purchased the condo from the original owner, a Thai citizen, not the developer.  I don't have PR, just have the work permit.  If I am able I will stop by the bank this weekend and ask about the process today.

I think I read that you obtained a loan for a condo that you purchased with your Thai partner. Is it possible that you are not listed on the chanote and that it is your Thai partner that is the sole owner of the condo? I have read about foreigners being guarantors of loans for Thai partners. Such a purchase wouldn't require the funds to come from abroad thus allowing for the foreigner (who isn't actually the owner) to obtain a mortgage.

[eia310e]

9 hours ago, donx said:

I think I read that you obtained a loan for a condo that you purchased with your Thai partner. Is it possible that you are not listed on the chanote and that it is your Thai partner that is the sole owner of the condo? I have read about foreigners being guarantors of loans for Thai partners. Such a purchase wouldn't require the funds to come from abroad thus allowing for the foreigner (who isn't actually the owner) to obtain a mortgage.

Both my wife and I are on the chanote.  At the time I took out the loan, I understood it was the BOI sponsored work permit which allowed it.  I did not look into it at the time since I got the loan.  A side note, in order to vote on condo matters, (at the annual meeting) I needed to be listed on the chanote.  I did not know this at the time, but it was one of the items the condo association required.

[Millian]

On 10/3/2022 at 9:32 PM, 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. 

Is this correct?  The same rules about % of foreigner owned properties can apply to houses, not just Condos?

And what do you mean by area? A gated Mooban?  

So that would mean that pretty much any new house in a housing development would  be allowed to be owned by foreigner, as its pretty unlikely that more than 49% of houses would already, if ever, be foreigner owned.

 

This seems at odds to what every other bit of info out there states, foreigner can only own condoes, not houses.

 

Do you have sources that give more info?

Or are you talking about the way you can do it buy setting up a company to buy it with 51% share holders being Thais?

Edited October 10, 2022 by Millian

[smutcakes]

On 10/6/2022 at 6:55 AM, eia310e said:

Both my wife and I are on the chanote.  At the time I took out the loan, I understood it was the BOI sponsored work permit which allowed it.  I did not look into it at the time since I got the loan.  A side note, in order to vote on condo matters, (at the annual meeting) I needed to be listed on the chanote.  I did not know this at the time, but it was one of the items the condo association required.

Well of course, how else does any condominium govern who can vote? You cannot have passersby walking off the street to vote of course you need to be an owner. (or below)

 

You actually don't need to be on a chanote, your wife if she is on the chanote can give you a POA.

[sead]

On 10/10/2022 at 7:07 AM, Millian said:

Is this correct?  The same rules about % of foreigner owned properties can apply to houses, not just Condos?

And what do you mean by area? A gated Mooban?  

So that would mean that pretty much any new house in a housing development would  be allowed to be owned by foreigner, as its pretty unlikely that more than 49% of houses would already, if ever, be foreigner owned.

 

This seems at odds to what every other bit of info out there states, foreigner can only own condoes, not houses.

 

Do you have sources that give more info?

Or are you talking about the way you can do it buy setting up a company to buy it with 51% share holders being Thais?

Gated areas is correct 

[Millian]

Do you have a source for that.

 

I cannot find any information online to suggest that.