Bangkok Bank Singapore Not Loan To Foreigner

[moomee]

Hi,

We live in Singapore and my wife is Thai. We are intested in buying a condo in Pattaya, North Point from Raimond Land to be specific. I just hung up the phone from Bangkok Bank Singapore Branch about taking a loan for foreignner buying property in Thailand.

They have supended such loan. According to them, it will be until at least middle of next year they will evaluate the offer again. What is our option now? Is it still possible to buy. I was inform just last week from Raimond that I can borrow. But it is not. Lucky I check first otherwise I will lose my deposit.

Let me know if you have been in the situation. We really like to buy and able to put down about 30%.

Thanks,

[jimmybkk]

Try UOB. Last I heard they were also offering mortgage loans to foreigners.

Would you put the condo in your wife's name? If so try with the local banks in Thailand - no need for the money to come from overseas in foreign currency if it's in her name.

[bkkjames]

Hi,

We live in Singapore and my wife is Thai. We are intested in buying a condo in Pattaya, North Point from Raimond Land to be specific. I just hung up the phone from Bangkok Bank Singapore Branch about taking a loan for foreignner buying property in Thailand.

They have supended such loan. According to them, it will be until at least middle of next year they will evaluate the offer again. What is our option now? Is it still possible to buy. I was inform just last week from Raimond that I can borrow. But it is not. Lucky I check first otherwise I will lose my deposit.

Let me know if you have been in the situation. We really like to buy and able to put down about 30%.

Thanks,

I would suggest to you to pressure Raimon Land to find out which bank's overseas lend to foreigners, if they are interested in selling units here to farangs that is. They were spouting about it when it was announced so maybe they can find you an alternate bank.

[jimmybkk]

That's what I'm telling the guy. There were 2 - Bangkok Bank and UOB (United Overseas Bank) - that were offering loans to foreigners out of Singapore. If Bangkok Bank's stopped doing it he should try UOB.

[Gravelrash]

There is a website offering finance on certain condos in Chiang Mai, assuming of course you want a condo in Chiang Mai, admittedly doesn't have the class of Pattaya.

[bashley]

I contacted UOB bank and was told it has the facility to offer finance for foreigners to buy condos, however their minimum loan was in the region of 4-5 million baht. Anything less they were not interested.

[moomee]

I contacted UOB bank and was told it has the facility to offer finance for foreigners to buy condos, however their minimum loan was in the region of 4-5 million baht. Anything less they were not interested.

Can I please let me have the contact number of the UOB. I need to make dicision quickly. Many thanks,

[jimmybkk]

I understand Northpoint is sold out of foreign quota. Assuming that you'll be buying in your wife's name why not get your wife to call her local Thai bank and see if they would consdider a loan to her with you acting as guarantor.

If you're buying at Northpoint I doubt that UOB's minimum loan amount mentioned by a previous poster will come into effect: take a look at uob.com.sg

[torrenova]

I assure you there is no need to rush ! In this market sales are stagnating and no-one is rushing to buy into condos where the value has already been taken by people who got in years ago. Buying into the latter stages of a condo's development and sales is not going to make you any money and could lose you some. Better wait for a resale from a distressed seller.

If you have assets outside Thailand then a bank in that country may be willing to advance funds, mortgaged not on the Thai property but on the one in their country.

[thaigene2]

Hi,

We live in Singapore and my wife is Thai. We are intested in buying a condo in Pattaya, North Point from Raimond Land to be specific. I just hung up the phone from Bangkok Bank Singapore Branch about taking a loan for foreignner buying property in Thailand.

They have supended such loan. According to them, it will be until at least middle of next year they will evaluate the offer again. What is our option now? Is it still possible to buy. I was inform just last week from Raimond that I can borrow. But it is not. Lucky I check first otherwise I will lose my deposit.

Let me know if you have been in the situation. We really like to buy and able to put down about 30%.

Thanks,

That's very interesting. Last time they did that was 2-3 weeks before the last coup. At the time they told me the situation was very unstable (and then admitted there was concern about 'foreigners' in the political climate at that time). Do they smell something or know something? Remember what happened last time? The coup unleashed the hi-so ultra-nationalists and the Foreign Business Act..is this a repeat? Remember who runs and owns these big Thai banks - they are the super-rich-hi-so-guanxi-connected - the upper 5% of Thai society.

My advice would be to wait a while - this place is getting really unstable. Let the factions finish their feud. The property market is hurting too, so why not hang around for a while and see what happens? Global credit crunch, etc..too many variables

[snookium]

Hi,

We live in Singapore and my wife is Thai. We are intested in buying a condo in Pattaya, North Point from Raimond Land to be specific. I just hung up the phone from Bangkok Bank Singapore Branch about taking a loan for foreignner buying property in Thailand.

They have supended such loan. According to them, it will be until at least middle of next year they will evaluate the offer again. What is our option now? Is it still possible to buy. I was inform just last week from Raimond that I can borrow. But it is not. Lucky I check first otherwise I will lose my deposit.

Let me know if you have been in the situation. We really like to buy and able to put down about 30%.

Thanks,

Guess I am in the same boat with you. Now looking for loan bridging in singapore.

Thinking for buying a condo in BKK.

I do not need to borrow so much money. I am just looking at the loan at up to 2 million babt. Any bros kindly posted more info or PM me.

Secondly, what if wife not working and is it possible to use her name and put me as guarantor if we do not looking at the condo but apartment instead.

Some info that i found... copy and paste it.

http://www.nationmultimedia.com/2008/05/29/headlines/headlines_30074212.php

BUYING A CONDO

BBL scheme woos foreigners

By Ekarin Bumroongpuk

The Nation

Published on May 29, 2008

Expats can get loans from its S'pore branch

It is not uncommon for foreigners to buy a condominium in Thailand, but so far it has been quite difficult for them to seek a mortgage.

That is set to change.

Expats who want to own condominiums in Thailand can now ask for mortgages through Bangkok Bank's Singapore branch, but the initial process can be done at branches in Thailand. Bangkok Bank (BBL) is the only bank offering such a facility to foreigners.

Under the current law, foreigners are not allowed to own land but they can own a condominium if not more than 49 per cent of the units are foreign owned. For example, if there are 100 units in a condominium project, only 49 units can be sold to foreigners.

However, the Bank of Thailand (BOT) does not allow banks in Thailand to lend directly to foreigners. Expatriates wanting to own a condominium have had to transfer their money from overseas, or save in order to buy, which may take a long time and waste money on rental costs before they can get their new homes.

BBL requires borrowers to buy homes priced at least US$300,000 (Bt9.64 million) or equivalent, while offering a credit line of around 70 per cent of the price but not lower than $200,000 or equivalent.

Loans will be given in three currencies, US dollars, Singapore dollars, and euros.

The mortgage rates depend on the currency. They are: US dollars - prime lending rate (5.0 per cent) plus 1.5 per cent per annum, or 6.5 per cent; Singapore dollars - prime lending rate (6 per cent) plus 1.5 per cent, or 7.5 per cent; and euros - prime lending rate (6.5 per cent) plus 1.5 per cent, or 8 per cent. These rates are as of last Monday.

The maximum term of a loan is 20 years but the term plus the borrower's age shall not be over 65 years.

Because lending to foreigners involves high risk and there are few competitors, the bank cannot lend more than 70 per cent of the purchase price.

The bank also needs to quote floating interest rates, while the property asset will be pledged as loan collateral.

Borrowers also have to pay $2,000 in front-end fees, which are payable in two stages.

There is a non-refundable $200 fee when submitting a loan application, and the remaining $1,800 is to be paid when the letter of offer is accepted.

If there are any amendments after loan approval, the borrowers must pay $120. There are also prepayment fees, which are charged at 1.5 per cent of the prepaid amount and a cancellation fee, which is charged at 1.5 per cent of the loan approval amount.

Other expenses, including legal costs, valuation fees, fire insurance premiums and others must also be paid by borrowers. Documents required are a completed mortgage loan application form; copy of identification card (front and back) or the essential pages of the passport; signed copy of sales and purchase agreement or reserve agreement; a bank's reference letter addressed to BBL to confirm the banking relationship and type of account, size of loan and deposits with the bank; the last six months' bank statements; and a credit bureau report from the country of residence.

Individuals earning a monthly salary need an employer's letter addressed to BBL, confirming position, period of experience, and remuneration; income tax returns from the last two years; the last six months' computerised pay-slips; and a work permit for those working in Thailand.

Self-employed individuals need the last two years' balance sheets as well as a profit and loss statement and the last two years' income tax returns.

Foreigners looking for a second home and who are interested in this mortgage can ask for more information at the bank's head office.

Everything will be done in Thailand through BBL's cooperation with its branch in Singapore. If all required documents are submitted correctly, the approval process may take only two weeks. Customers do not need to travel to Singapore as the bank will process the application.

Edited October 18, 2008 by snookium