Mortgage for Thai Citizen

[TimLMT]

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!

[DrJoy]

Home Loan Refinance - KASIKORNBANK

[paddypower]

On 6/13/2024 at 11:49 PM, DrJoy said:

Home Loan Refinance - KASIKORNBANK

 

[paddypower]

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.

[BritManToo]

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.

[BritManToo]

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%.

[paddypower]

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.:)

[TimLMT]

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?