House (condo) Loan To Foreigner Holding Work Permit

[ttechguy]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

[jlelouer]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

Unfortunately, evey bank will tell you the same thing. Unless you have the resident permit, you can't get a home loan in Thailand (forbidden by Bank Of Thailand regulation).

That being said, i managed last month to get 3 proposals from 3 different banks for a home loan (i have the same profile as you and will transfer my condo very soon), for loans of 50%, 60% and 70% of the condo purchase price over 10 or 15 years. So it's possible, even if I'm not quite sure how they manage to do it as it's supposed to be forbidden...

Good luck to you!

[triplegee]

jlelouer - thanks for the info. Just to confirm, you were provided with proposals by 3 banks who were prepared to accept 50%, 40% and 30% downpayments? Can I ask you 2 questions?

1. Which 3 banks?

2. What was the value of your condo?

Thanks,

GG

[jlelouer]

I'm sorry I can't tell you with which bank I signed as I'm transferring very soon and you'll understand i don't want to jeopardize it . They agreed on a loan of 70% worth 1.3M over 10 years. The 50% proposal came from LH Bank.

[ttechguy]

I am foreigner working in Bangkok for more than 3 years (with work permit).

That being said, i managed last month to get 3 proposals from 3 different banks for a home loan (i have the same profile as you and will transfer my condo very soon), for loans of 50%, 60% and 70% of the condo purchase price over 10 or 15 years. So it's possible, even if I'm not quite sure how they manage to do it as it's supposed to be forbidden...

Good luck to you!

Thats what it happened, when my friend went to LH bank (4 months ago), they said, that they need atleast 2 years of work permit, 40% upfront and can loan only 1.5 MB. Now they said, they changed the rules. It really hard to predict the things.... and I believe its up to banks to decided and play the game!

Can you suggest from which banks you got the proposals? so that I try with those? or want me to PM?

Cheers!

[triplegee]

No problems - I understand, thanks for the assistance!

GG

[BangkokWildcat]

Try HSBC on Rama IV road (opposite Lumpini Park).....see the following link.....http://www.thaivisa.com/forum/Buying-Condo...it-t278777.html

[ttechguy]

Try HSBC on Rama IV road (opposite Lumpini Park).....see the following link....

Thanks for that, HSBC give loans based on local savings? or we must use FETE?

[jlelouer]

I went to see HSBC. They can't provide any loan unless you have the resident permit. The other solution proposed by the HSBC employee was that I open a "premium" account which would allow me to get a loan with them. The condition is to deposit 2Mthb cash that you can't move during the loan. So the employee told me with a smile:"of course this solution is notreally helping you as you are willing to lend 2Mthb..."

[ttechguy]

I went to see HSBC. They can't provide any loan unless you have the resident permit. The other solution proposed by the HSBC employee was that I open a "premium" account which would allow me to get a loan with them. The condition is to deposit 2Mthb cash that you can't move during the loan. So the employee told me with a smile:"of course this solution is notreally helping you as you are willing to lend 2Mthb..."

Yah.... if you already have 2 MB in hand... why we need Loan again

[skybluestu]

Try krungsri.com, I remember reading an article in the BKK post that said they offer loans to foreigners wishing to buy condos.

[BangkokWildcat]

I went to see HSBC. They can't provide any loan unless you have the resident permit. The other solution proposed by the HSBC employee was that I open a "premium" account which would allow me to get a loan with them. The condition is to deposit 2Mthb cash that you can't move during the loan. So the employee told me with a smile:"of course this solution is notreally helping you as you are willing to lend 2Mthb..."

Sorry but this is INCORRECT. You don't have to have a resident permit....I don't have one and I got my loan last month. I do have a work permit and you do need one of these.

I suspect you must have talked to someone who didn't know what they were doing. By the way, it's not called "Premium" but "Premier".....Did you go upstairs and talk to a Premier Relationship Manager? Did you get the document that tells you about their loan application requirements? I suspect you didn't. Also, the requirement is 3mm THB to open a Premier Acct. not 2mm (unless they changed it the last few months).

In my case I opened my "Premier" account (before depositing 3mm THB) so I don't think that's necessarily a requirement to start the account.....especially if you are attempting to get a loan. I did later transfer that amount in but only for a short time. However, after getting my loan, I used all that amount in my purchase and I'm still a Premier Account (at least until my loan is repaid) and have only a few thousand baht left in the account now. I've been told that my loan makes me a Premier Account status.

Jlelouer, your post / information is inaccurate.......I advise you to go back and go directly upstairs to the Premier Account Dept. They will greet you at top of the escalator and ask them to talk to a Premier Account Relationship Mgr. You will get better results this time and more accurate information. Better yet, ask for Khun Thirachot (my manager) as he's very good and fluent in English.

Edited July 23, 2009 by BangkokWildcat

[jlelouer]

Okay, it's Premier and not Premium... and now it's 3Mthb to open one and not 2Mthb... But what i stated is correct, if you want a loan from HSBC, you need either a resident permit, either a premier account with a balance of 3Mthb on it (otherwise you have to pay penalties).

My point was that I didn't have neither a resident permit nor 3Mthb cash, so i could not expect to get a loan with them.

[BangkokWildcat]

Okay, it's Premier and not Premium... and now it's 3Mthb to open one and not 2Mthb... But what i stated is correct, if you want a loan from HSBC, you need either a resident permit, either a premier account with a balance of 3Mthb on it (otherwise you have to pay penalties).

My point was that I didn't have neither a resident permit nor 3Mthb cash, so i could not expect to get a loan with them.

Who told you this? Did a Premier Acct. Relationship Mgr. tell you this?...or "some employee..". Again, I am not sure you are correct about must having a resident permit OR 3mm THB (and thus being a Premier Acct.). Once again, I opened my Premier Account without this........only a small deposit. I can't remember if at that time I promised to bring in more cash (but I don't think I did) as the ONLY reason for my visiting HSBC was to get a loan. I did bring in the cash later though.....

Again, were you told this by a Premier Acct. Relationship Mgr. on the second floor? At any rate, I'm still a Premier Account, with a mortgage AND have only a few thousand baht in my account so again, your information about must keeping this amount (2mm or 3mm) in after your loan is incorrect too.

I'm not going to argue this anymore. For those reading this who have work permits and want to check out their options, I strongly suggest you take the time to personally check out HSBC and not rely just on posters for your information (myself included).

Kind regards and good luck to the OP on getting your loan.

[jlelouer]

That's what they told me. And check their website, you'll find the same information as what i'm telling you. You are supposed to get fined if you don't keep the average balance at 3M.

http://www.hsbc.co.th/1/2/hsbcpremier-en/premier-account

http://www.hsbc.co.th/1/2/personal-en/loan/homeloan

Cheers.

[katabeachbum]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

[jlelouer]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

Like I said, I found 3 banks allowing me to make a housing loan in my name without collateral. So it's possible.

[BangkokWildcat]

That's what they told me. And check their website, you'll find the same information as what i'm telling you. You are supposed to get fined if you don't keep the average balance at 3M.

http://www.hsbc.co.th/1/2/hsbcpremier-en/premier-account

http://www.hsbc.co.th/1/2/personal-en/loan/homeloan

Cheers.

Not sure why (didn't check) their website is stating this unless they've actually just lowered this requirement. Anyways, it's not always true (the "fine") and my case is a clear example. I believe that the Relationship Mgrs. have a lot of leeway as to whether they impose the "service charge" (not fine) or not. Anyways, I've been assured by my Mgr. that the loan entitles me to Premier status (makes sense b/c I'm paying them interest, loan fee etc.) and there is no service charge for low balance (even when my outstanding loan balance goes below the minimum threshold). I will take him at his word until otherwise. They seem to have ability to waive fees (has been done on many of my transactions) and are able to make decisions on requirements, etc.

You never did answer my question......Did you ever talk to a Relationship Manager? I am assuming not since you never answered this. Or if you did, maybe they disqualified you out for some reason.

Edited July 24, 2009 by BangkokWildcat

[ttechguy]

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

Thanks for the suggestion.

But I don't prefer this, and I am sure and have seen some foreigner getting loan. I have eye witness friend.. who got proposal from LH bank 4 months back on 60%..

I think what changed is, the condominium act - Non resident should get clearance from FETF, so the most Bank loan employees are not aware of work around of opening non-resident Thai Baht account and transferring money in and out. If we can try to explain this and get them convince... it may work.

It's so obvious, foreigners earn more than Thai's do - so some kind of guarantee that they can pay back atleast.

Edited July 24, 2009 by MySiam

[ttechguy]

That's what they told me. And check their website, you'll find the same information as what i'm telling you. You are supposed to get fined if you don't keep the average balance at 3M.

http://www.hsbc.co.th/1/2/hsbcpremier-en/premier-account

http://www.hsbc.co.th/1/2/personal-en/loan/homeloan

Cheers.

Not sure why (didn't check) their website is stating this unless they've actually just lowered this requirement. Anyways, it's not always true (the "fine") and my case is a clear example. I believe that the Relationship Mgrs. have a lot of leeway as to whether they impose the "service charge" (not fine) or not. Anyways, I've been assured by my Mgr. that the loan entitles me to Premier status (makes sense b/c I'm paying them interest, loan fee etc.) and there is no service charge for low balance (even when my outstanding loan balance goes below the minimum threshold). I will take him at his word until otherwise. They seem to have ability to waive fees (has been done on many of my transactions) and are able to make decisions on requirements, etc.

You never did answer my question......Did you ever talk to a Relationship Manager? I am assuming not since you never answered this. Or if you did, maybe they disqualified you out for some reason.

What I see the point is, I can't open premier account which need 2 or 3 MB.... so.. HSBC is eliminated ...

[katabeachbum]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

Like I said, I found 3 banks allowing me to make a housing loan in my name without collateral. So it's possible.

Have you signed with your passportnumber (not a co ltd) a contract for a home loan, registered in your Chanote and funds been transfered? If not, I dont see it happening

[katabeachbum]

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

Thanks for the suggestion.

But I don't prefer this, and I am sure and have seen some foreigner getting loan. I have eye witness friend.. who got proposal from LH bank 4 months back on 60%..

I think what changed is, the condominium act - Non resident should get clearance from FETF, so the most Bank loan employees are not aware of work around of opening non-resident Thai Baht account and transferring money in and out. If we can try to explain this and get them convince... it may work.

It's so obvious, foreigners earn more than Thai's do - so some kind of guarantee that they can pay back atleast.

If the bank of thailand would allow farang to have homeloans, the condomarket would explode and thais wouldnt be able to buy.

Happy if I m wrong. I ll go to the bank too

[ttechguy]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

Like I said, I found 3 banks allowing me to make a housing loan in my name without collateral. So it's possible.

Have you signed with your passportnumber (not a co ltd) a contract for a home loan, registered in your Chanote and funds been transfered? If not, I dont see it happening

Housing and Condo is bit different, a foreigner can have 100% ownership on his name with Condo, but when coming to Home (which is also ownership of land), it MUST be under company name... I mean... if you are not married to Thai...

[katabeachbum]

Have you signed with your passportnumber (not a co ltd) a contract for a home loan, registered in your Chanote and funds been transfered? If not, I dont see it happening

Housing and Condo is bit different, a foreigner can have 100% ownership on his name with Condo, but when coming to Home (which is also ownership of land), it MUST be under company name... I mean... if you are not married to Thai..

Homeloan is a bankterm, its the name of a loan to purchase condo or house for residential purpose (non commercial). Interest is controlled by government, and there are special conditions for the initial 3 years.

If any farang have been able to get this in own name/condo-chanote/transfered funds, I v been wrong here. But also very happy.

For a co ltd its not a problem to finance property if finances are good, but high interest (commercial).

[jlelouer]

I am foreigner working in Bangkok for more than 3 years (with work permit).

I am planing to buy a Condo, how I can apply for loan? I can pay up to 40% upfront. I am single and not married.

When I went to LH bank, they said that if I get Thai wife, then only I can get loan, is it same for every bank in Thailand?

Any suggestion to get a loan for single chap living in Bangkok?

Not legal according to thai law.

Get a girlfriend, and she can borrow. have her sign a lease and a prepurchase/presale before paying downpayment. have her sign one more set valid 2years and 11 months later. Make sure her id card is valid for 6 years. Do not register her in tabien baan.

its not 100%, but if you want to buy, I dont see a safer solution. maybe someone else does?

Like I said, I found 3 banks allowing me to make a housing loan in my name without collateral. So it's possible.

Have you signed with your passportnumber (not a co ltd) a contract for a home loan, registered in your Chanote and funds been transfered? If not, I dont see it happening

Indeed, I signed the loan with my passport number/WP. So I will pay the developer with 30% from my pocket, and 70% from the bank. HOWEVER, I made a transfer from abroad of the full purchase price of the condo to get the Foreign Exchange Transaction form required to be able to have my name on the title deed.

[joncl]

I went to see HSBC. They can't provide any loan unless you have the resident permit. The other solution proposed by the HSBC employee was that I open a "premium" account which would allow me to get a loan with them. The condition is to deposit 2Mthb cash that you can't move during the loan. So the employee told me with a smile:"of course this solution is notreally helping you as you are willing to lend 2Mthb..."

Sorry but this is INCORRECT. You don't have to have a resident permit....I don't have one and I got my loan last month. I do have a work permit and you do need one of these.

I suspect you must have talked to someone who didn't know what they were doing. By the way, it's not called "Premium" but "Premier".....Did you go upstairs and talk to a Premier Relationship Manager? Did you get the document that tells you about their loan application requirements? I suspect you didn't. Also, the requirement is 3mm THB to open a Premier Acct. not 2mm (unless they changed it the last few months).

In my case I opened my "Premier" account (before depositing 3mm THB) so I don't think that's necessarily a requirement to start the account.....especially if you are attempting to get a loan. I did later transfer that amount in but only for a short time. However, after getting my loan, I used all that amount in my purchase and I'm still a Premier Account (at least until my loan is repaid) and have only a few thousand baht left in the account now. I've been told that my loan makes me a Premier Account status.

Jlelouer, your post / information is inaccurate.......I advise you to go back and go directly upstairs to the Premier Account Dept. They will greet you at top of the escalator and ask them to talk to a Premier Account Relationship Mgr. You will get better results this time and more accurate information. Better yet, ask for Khun Thirachot (my manager) as he's very good and fluent in English.

Correct and if you have a Premier account in another country with HSBC this is / can be taken into account. A great service by HSBC.

[ttechguy]

Indeed, I signed the loan with my passport number/WP. So I will pay the developer with 30% from my pocket, and 70% from the bank. HOWEVER, I made a transfer from abroad of the full purchase price of the condo to get the Foreign Exchange Transaction form required to be able to have my name on the title deed.

This is getting somewhere.... So you made the full transfer from abroad to get FETF, which means you borrowed from someone to just show? or the bank loan amount is transferred to get FETF?

[ttechguy]

Correct and if you have a Premier account in another country with HSBC this is / can be taken into account. A great service by HSBC.

So, if I have premier account in any other country (which is less than 2MB of minimum balance), I get the loan from HSBC?

[katabeachbum]

Like I said, I found 3 banks allowing me to make a housing loan in my name without collateral. So it's possible.

Have you signed with your passportnumber (not a co ltd) a contract for a home loan, registered in your Chanote and funds been transfered? If not, I dont see it happening

Indeed, I signed the loan with my passport number/WP. So I will pay the developer with 30% from my pocket, and 70% from the bank. HOWEVER, I made a transfer from abroad of the full purchase price of the condo to get the Foreign Exchange Transaction form required to be able to have my name on the title deed.

Very interesting. Will your bank have security in your Chanote or any other security. Whats the interest like?

Edit Has the funds been borrowed in Thai baht?

Edited July 24, 2009 by katabeachbum

[joncl]

Correct and if you have a Premier account in another country with HSBC this is / can be taken into account. A great service by HSBC.

So, if I have premier account in any other country (which is less than 2MB of minimum balance), I get the loan from HSBC?

Yes but most other countries require the equivalent of approx. 5milo Baht or more at least mine did when I opened them, however in some countries you can have securities (shares etc) as the deposit in the account which may or may not help you.