Criteria For Buying Condominium In Thailand ?

[ahsiao]

Dear admin and other fellow members, good day to all of you. Recently i am confused with a problem arising from buying a condominium in bangkok.

2 years ago i made a booking for a condo unit in RatchadaphISEK rOAD, during that time the sales mentioned that i could own and buy the condo. I have been staying in Bangkok for 5 years holding a work permit and NON-IMM visas and i owned a company in bangkok.

Recently, the condo is completed and the Land and title deeds office told me that i need to xfer the exact purchase price or more to buy the condo and i could not use my work permit to apply for a loan in bangkok. I am lost now and do not know what to do. I am married to a thai wife so i asked if it's possible to include both of our names in the deeds, but he insist that since there is a foreigner name in it , i still have to xfer the full amount over.

Is there any solutions to this? I have been working for 5 years and have paid all my taxes too, why can't i own a condo even with my thai's wife name in it?

Any experts out there with a opinion? I really need all the helps and suggestions i can get.

sincerely,

ahsiao

Edited June 2, 2008 by ahsiao

[pkrv]

Dear admin and other fellow members, good day to all of you. Recently i am confused with a problem arising from buying a condominium in bangkok.

2 years ago i made a booking for a condo unit in RatchadaphISEK rOAD, during that time the sales mentioned that i could own and buy the condo. I have been staying in Bangkok for 5 years holding a work permit and NON-IMM visas and i owned a company in bangkok.

Recently, the condo is completed and the Land and title deeds office told me that i need to xfer the exact purchase price or more to buy the condo and i could not use my work permit to apply for a loan in bangkok. I am lost now and do not know what to do. I am married to a thai wife so i asked if it's possible to include both of our names in the deeds, but he insist that since there is a foreigner name in it , i still have to xfer the full amount over.

Is there any solutions to this? I have been working for 5 years and have paid all my taxes too, why can't i own a condo even with my thai's wife name in it?

Any experts out there with a opinion? I really need all the helps and suggestions i can get.

sincerely,

ahsiao

Hi ahsiao - If the condominium is in your name or joint names, the money to purchase the unit must come from overseas. If necessary send money out and bring it back into Thiland AND specifically stated to pay for the unit. Sorry its boring but this is how it appears to work for people in your situation.

Your only problem is the funds MUST come from overseas to buy a condominium full stop. The condo will then be yours, possibly freehold (not leashold you should check) and in your name or joint name. I supose you could put the condominium completly in your wifes name and pay with Thai funds, but that is very much a personal decision.

[jbaldwin]

There is one possible solution be I think loans are expensive.

Go to Bangkok Bank. They can offer mortgages based on your Thai income. However, they will make the loan in hard currency from their branch in Singapore. This money can then by transfer to Thailand to make the Condo purchase.

[jingjingna]

Yes, they will/might do that if your Condo is wirth Nine million Baht or so, even then you'll only get a mortgage of 70%.

[gusgorman]

Siam Commercial Bank will also look at 70% motgages for ex-pats with at least 3 years work permit. One thing some one mentioned before which is crucial is the freehold issue.Being a condo i wuld hope you have a freehold title as this would be normal for a foreigner. If it is leasehold you will not get a loan from any bank almost anywhere.

[ahsiao]

guys thanks for the suggestions, i will see what to do next. appreciate it