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Mortgage for Thai Citizen

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I have a friend that has an unsecured loan on 1 million baht and pays 25k baht a month to service the loan.  She will have to sell her land cheap in order to pay this loan off.  I asked her why she did not just get a 20-year mortgage for her land. She didn't really know what that was.  Is there a mortgage industry here in Thailand and if so, what banks or institutions provide funding for home mortgage loans?  Thank you!

  • 1 month later...

trying to get  a feel for the basics of what a first time home purchaser needs to arrange to qualifit y for bank loan financing. - not one of the big developers. it is an existing house, in Surathani town. listed privately for 1.79 million baht. only thing  I am interested in, is there a standard % of a deposit ( i mean equity) that the buyer has to have?.Tia.

All Thai banks offer mortgages to Thai citizens with real employment.

 

The 'real employment' is usually the problem, if the bank can't see evidence of 6 months wages, they won't give you a mortgage.

4 minutes ago, paddypower said:

trying to get  a feel for the basics of what a first time home purchaser needs to arrange to qualifit y for bank loan financing. - not one of the big developers. it is an existing house, in Surathani town. listed privately for 1.79 million baht. only thing  I am interested in, is there a standard % of a deposit ( i mean equity) that the buyer has to have?.Tia.

For Thai citizens an income of 25kbht a month will get them a 1M5 home loan. Normal minimum deposit is 10%, interest rate is 6.05%.

to be clear, when you write 1M5 did you mis key 5 instead of MM......i.e. did you mean 1.5MM or something else? tia                easily confused.:)

  • 4 weeks later...
  • Author

yes, "real" employment is a problem. especially for the rural people who go to the cities with a skill just for a seasonal job.  i suggested they make deposits into the bank of their earnings so this can be used as a record of employment even if they are contracted. will this help?

 

how about blacklisted (or blocklisted)? this will automatically eliminate them from a loan at a bank.  has anyone worked through the process of removing a person from this list?

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