Residency Permit Holder Looking For Mortgage

[matt268]

Hi. I remember reading with great interest a gentleman here on the forum who gave a solid run down of how to apply and recieve his residency permit. he also mentioned that once you had your residency permit, it would make life alot easier to get a mortgage to purchase property (leasehold land).....Can anyone give me any information as to which bank he was referring to, because to be very honest, until today, l have not seen a great benefit of having a residency permit when wishing to purchase a house (not condo)...thanks alot...

[lopburi3]

If you check the pinned items under useful information at top of this topic believe you will find the long thread on PR that you remember.

http://www.thaivisa.com/forum/index.php?showtopic=74654

[gusgorman]

Hi. I remember reading with great interest a gentleman here on the forum who gave a solid run down of how to apply and recieve his residency permit. he also mentioned that once you had your residency permit, it would make life alot easier to get a mortgage to purchase property (leasehold land).....Can anyone give me any information as to which bank he was referring to, because to be very honest, until today, l have not seen a great benefit of having a residency permit when wishing to purchase a house (not condo)...thanks alot...

I have work permit and have been looking into this exact thing and Siam Comercial bank told me just last week they are considering Farang mortgages this year as a trial run up to 70% of value according of course to how long you have held the work permit, time of service with company and earnings as you would expect. I am no sure if the residency increases this to be honest.

[Tomkagai]

Hi. I remember reading with great interest a gentleman here on the forum who gave a solid run down of how to apply and recieve his residency permit. he also mentioned that once you had your residency permit, it would make life alot easier to get a mortgage to purchase property (leasehold land).....Can anyone give me any information as to which bank he was referring to, because to be very honest, until today, l have not seen a great benefit of having a residency permit when wishing to purchase a house (not condo)...thanks alot...

I have work permit and have been looking into this exact thing and Siam Comercial bank told me just last week they are considering Farang mortgages this year as a trial run up to 70% of value according of course to how long you have held the work permit, time of service with company and earnings as you would expect. I am no sure if the residency increases this to be honest.

SCB have approved in-direct morgages to farangs in the past, My wife even though she doesnt work was approved for a 100% morgage based on me being guarantor on the loan, ie they wanted 12 months payslips from me, WP and letter from my company..Another collegue tried the same thing through the same bank and branch a few months later and was told the bank laws had changed and they couldnt give him the loan...so this change seems to be a change back to what was already in existance...

Even if SCB allows direct farang morgages upto 70% still dont see how this could be applied to properties other than condo's, as a property other than a condo still needs to be in a Thai name, in other words you are trying to get a loan on something you can never own, from a banks perspective sure they would see this loan as high risk...

[KamnanT]

I obtained a mortgage on a condo from HSBC's Bangkok Branch. Initially I was offered same terms & conditions as a Thai applicant (up to 70% of independent valuation, up to 20-year amortization), but during the approval process they decided that as a foreigner I could only be offered a 12-year term. Downside is that HSBC's mortgage offer is not particularly competitive on interest rate. I'm paying 6.75% for the first two years, then MLR - 0.25 after that. Domestic banks are offering introductory rates as low as 3% for the first year. More info at http://www.hsbc.co.th/1/2/personal-en/loan/homeloan.