It Seems Easy To Get A Condo Loan?

[actiondell4]

I was looking on the thailand property guide website.

And i noticed a advert from Bangkok Bank advertising housing loans to foreigners,im pretty sure it was a loan of 70% of the property.

It didnt say the interest rate.

im interested in getting a loan to buy a studio in jomtien beach,has anyone used BB for a loan and do you know of anyother Thai bank willing to lend for a mortgage to a farang not living in thailand.

i wouyld like to borrow for a studio,rent it out and pay it off.

[thaigene2]

About a year and a half ago they pulled the plug - just prior to that you had to go through their Singapore Branch and it was basically 50% down, the rest was repayable in something like 8 years, but then they raised the minimum purchase price to 12 million baht. Then they shut it down entirely..they were concerned about changing visa rules, fluctuating currencies and anti-foreigner (on the part of the Govt) investment sentiment.

You really need to talk to them personally down there to find out the latest. One Loans Officer there told me their head office in Bangkok caved in to political sentiments and the Bank of Thailand's concerns about foreign speculators on the currency...I'd be interested to know if anything has changed.

[trajan]

Previously I received in the mail (in Bangkok) a brochure and loan application from UOB Bank Thailand entitled "Own Your Dream Condo in Thailand!" this is obviously targeted at expats in Thailand ...

it enclosed a name card "Yupadee Boonchawal" (Manager, Secured Products Division) head office at 191 South Sathorn Road (I think thats the Robot building?) 02-2343-4747

(P.S. Im not recommending or endorsing them, just passing along information I received)

FAQs

Q1. What are the benefits of a UOB International Home Loan-Thailand?

• Financing of up to 70% of the purchase price or valuation price (whichever is lower)

• Attractive interest rates

• Choice of loan currency: SGD or USD

• Repayment period of up to 20 years

Q2. What type of properties can I purchase with the loan?

Freehold condominiums for owner occupation or investment purposes in Thailand.

Q3. What are the interest rates offered?

• Loan in SGD: SGD Prime Lending Rate (currently 5.00%) + 1.00% = 6.00% p.a.

• Loan in USD: USD Prime Lending Rate (currently 8.25%) + 0.50% =8.75%p.a.

Q4. What is the maximum loan amount that I can borrow?

The maximum loan amount that you can borrow is up to 70% of the purchase price or valuation price (whichever is lower). In terms of dollar value, the maximum loan amount is SGD 1,000,000 or USD 600,000.

Q5. What is the maximum loan repayment period?

The maximum loan repayment period is 20 years or up to the point when the borrower with the highest income turns 65 years old.

For example, if the borrower with the highest income is 50 years old now, the maximum loan repayment period is 15 years.

Q6. Is there any fee involved in the loan application?

A processing fee of SGD 3,000 or USD 2,000 is payable upon the acceptance of letter of offer.

For amendment of loan application/re-processing after the approval of the facility, an amendment fee of SGD 150 or USD 100 will be applicable.

Q7. Can I get an in-principle approval for my loan?

Yes, you can obtain an in-principle approval for your loan that is valid for three months from the approval date. This is subject to a fee of SGD 100 or USD 100 and only one in-principle approval will be granted for each application.

Q8. Are there any cancellation charges?

The cancellation fee is 1.50% of the approved loan amount.

Q9. Am I allowed to do a loan prepayment?

Prepayment of loan is allowed, subject to a flat fee of 1.50% of the prepaid loan amount.

Q10. Do I have to pay for expenses such as legal fees, valuation fee, fire insurance or any other charges?

All expenses including legal fees, mortgage costs, remittance charges, annual valuation fee and fire insurance premium shall be borne by the borrower(s).

Q11. Am I eligible?

UOB International Home Loan – Thailand is open to Singapore citizens, Singapore Permanent Residents or foreigners aged 21 and above with a minimum income of USD 65,000 or SGD 100,000 per annum.

Q12. How do I apply?

To apply, please complete the UOB International Home Loan – Thailand application form and submit it with the following documents:

Copy of Singapore NRIC (front and back) / or Passport (with valid expiry date) of all applicants

Signed copy of the Sales & Purchase Agreement (Reserve Agreement)

Original income documents:

For Salaried: - Employer’s letter addressed to UOB confirming position, years of service and remuneration OR - Recent Income Tax returns OR - Latest computerised pay-slip OR - Latest 6 months’ bank statements

For Self-employed: - Company registration AND - List of shareholders AND - Latest 6 months’ bank statements And - Recent 2 years’ Income Tax returns

Standby Letter of Credit (SBLC) Application Form (from Bank)

Consent form for credit bureau checks for applicants residing in Thailand (if applicable)

Deed poll/certificate of name change (if name differs from NRIC/Passport)

Other documents upon request

Q13. Who can I contact to take up the UOB International Home Loan-Thailand?

In Singapore, please call our 24-hour Customer Service hotline at 1800 2222 121.

In Thailand, please contact the following UOB (Thai) branches:

Amarin Plaza Branch

500 Amarin Plaza 1st Floor

Ploenchit Road Pathum Wan

Bangkok 10500

Tel: 0-2252-6292-3 / 0-2251-8579 /

0-2251-0896 / 0-2256-9045-6

Fax: 0-2252-7871

Business Hours:

Mon-Fri 08:30-17:00

Sat 11:00-17:00

Sathorn 1 Branch

191 South Sathorn Road Sathorn

Bangkok 10120

Tel: 0-2343-3000

Fax: 0-2287-2973-4

Business Hours:

Mon-Fri 08:30-15:30

Sathorn 2 Branch

179/3 Bangkok City Tower

1st Floor South Sathorn Road Sathorn

Bangkok 10120

Tel: 0-2679-5700-2

Fax: 0-2679-5703

Business Hours:

Mon-Fri 08:30-15:30

Sukhumvit 25 Branch

1 Ban Chang Glass House Building

1st Floor Sukhumvit 25 Road Klong Toey

Bangkok 10500

Tel: 0-2258-0270-1 / 0-2258-9330-2

Fax: 0-2258-4582

Business Hours:

Mon-Fri 08:30-15:30

Sukhumvit 26 Branch

690 Sukhumvit Road, Klong Toey,

Bangkok 10110

Tel: 0-2620-3888-90

Fax: 0-2260-5312

Business Hours:

Mon-Fri 08:30-15:30

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[thaigene2]

I'll follow this up too - thanks

[typist]

You really need to talk to them personally down there to find out the latest. .I'd be interested to know if anything has changed.

they still promote the loans on their website:

http://www.bbl.co.th/Bangkok+Bank/Personal...nts/default.htm

Same here - I'd be interested to know if anyone has spoken to them recently.

[elsarobert111]

Hi, we will be out of debt this month, but I have found out recently that paying off your debt won’t really change your credit until you start to rebuild, so I want to go ahead and start to see what kind of home loans/ VA loan I can be approved for. However, I want to know if applying and being denied or applying too many times will affect my credit. When you apply for a home loan does it affect your credit? Please let me know if you have any info. Thanks

[backflip]

"Hi, we will be out of debt this month, but I have found out recently that paying off your debt won’t really change your credit until you start to rebuild, so I want to go ahead and start to see what kind of home loans/ VA loan I can be approved for. However, I want to know if applying and being denied or applying too many times will affect my credit. When you apply for a home loan does it affect your credit? Please let me know if you have any info. Thanks"

Comedy relief, and we appreciate it. Just to make sure you know where you've posted, this forum is for real estate in Thailand. The VA doesn't make loans for the purchase of property in Thailand.

[bigcat]

Previously I received in the mail (in Bangkok) a brochure and loan application from UOB Bank Thailand entitled "Own Your Dream Condo in Thailand!" this is obviously targeted at expats in Thailand ...

I went to UOB (Asoke branch) and was told they don't do mortgages for foreigners unless it's in joint name with a Thai spouse. This is also consistent with their website, which puts one of the qualifications for mortgages as "Thai nationality." I'd be interested to know if this is the case, since, as we know, what one person says isn't always right.

I also went to BBL at Asoke and was told that some rules have changed, and I'd need to pay 40-50% downpayment with a repayment period of max. 10 years. Again this seems to jar with some of the posts in this thread. Anyone with better/reliable information?

As a result of all this, a friend has offered to buy a condo and have me repay the "loan" over a number of years. Even this is complex -- see my new topic on this if any ideas.

FYI, I have been living in Thailand for 8 years, all work-permitted, have salary slips for all my jobs, and even bought a car on HP with no problems.

[bigcat]

You really need to talk to them personally down there to find out the latest. .I'd be interested to know if anything has changed.

they still promote the loans on their website:

http://www.bbl.co.th/Bangkok+Bank/Personal...nts/default.htm

Same here - I'd be interested to know if anyone has spoken to them recently.

That page seems to be not working any more. All I can find is this: http://www.bangkokbank.com/Bangkok+Bank/Pe...Questions.htm#8

...which contradicts what I was told (see my earlier reply) at BLL in Asoke. But of course, their website might be out of date. Or the bank's advisor was wrong in what he told me...