House (condo) Loan To Foreigner Holding Work Permit

[jlelouer]

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?

The money I transferred IN has been sent back to where it came from as it was just to get the FETF. And of course the bank loan amount has not been transferred to me but directly to the developer. They are not such fools

[BangkokWildcat]

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?

Last time and I'm done with this thread.....kind of hard to help people when they don't understand your posts.

I opened my Premier Account without the 3mm or 2mm THB b/c my intent was to get a loan. Later on, I happened to bring over 3mm THB (just happened to be that amount that I had overseas) which met one of the requirements to be Premier status. Now I no longer have 3mm on deposit (or even 30,000thb) and only have my loan. They told me that as long as I have the loan, I will keep my Premier status without having to pay any fees or maintain a 3mm or 2mm or whatever minimal balance.

My point is that before you can say 100% no to HSBC, you need to get your butt over there in person and discuss this with one of their Premier Account Relationship Managers. My suspicion is that if you are creditworthy and intend to get a loan, you may not have to have a minimal balance first BUT I can't say 100% that is the case or not. I think you should get firsthand confirmation from the source (HSBC) first before writing this option off. I suspect that these Managers have the discretion to make judgment calls on who they can let bypass any minimum deposit rules. Maybe I'm wrong but you won't know unless you actually check in person.

Enough said and good luck with your purchase. It's hard enough for farangs here as it is and the only reason for my posts is to let others benefit from my firsthand (and very recent) experience.

Good luck.

[ttechguy]

The money I transferred IN has been sent back to where it came from as it was just to get the FETF. And of course the bank loan amount has not been transferred to me but directly to the developer. They are not such fools

That makes a lot of sense.

So, the banks are not giving loans because, if the foreigner need 100% ownership with their name on work permit, the Condominium act required FETF. So that's the reason that banks can't give the Loan as they can't get the FETF. If you can manage to get that FETF, the banks are happy to give.

This is giving a lot of information and work around...

[ttechguy]

Last time and I'm done with this thread.....kind of hard to help people when they don't understand your posts.

I opened my Premier Account without the 3mm or 2mm THB b/c my intent was to get a loan. Later on, I happened to bring over 3mm THB (just happened to be that amount that I had overseas) which met one of the requirements to be Premier status. Now I no longer have 3mm on deposit (or even 30,000thb) and only have my loan. They told me that as long as I have the loan, I will keep my Premier status without having to pay any fees or maintain a 3mm or 2mm or whatever minimal balance.

My point is that before you can say 100% no to HSBC, you need to get your butt over there in person and discuss this with one of their Premier Account Relationship Managers. My suspicion is that if you are creditworthy and intend to get a loan, you may not have to have a minimal balance first BUT I can't say 100% that is the case or not. I think you should get firsthand confirmation from the source (HSBC) first before writing this option off. I suspect that these Managers have the discretion to make judgment calls on who they can let bypass any minimum deposit rules. Maybe I'm wrong but you won't know unless you actually check in person.

Enough said and good luck with your purchase. It's hard enough for farangs here as it is and the only reason for my posts is to let others benefit from my firsthand (and very recent) experience.

Good luck.

Thanks for double crystal clear info, I got your point... walk in first and get the Info.. I will do that.. thanks

[BangkokWildcat]

Last time and I'm done with this thread.....kind of hard to help people when they don't understand your posts.

I opened my Premier Account without the 3mm or 2mm THB b/c my intent was to get a loan. Later on, I happened to bring over 3mm THB (just happened to be that amount that I had overseas) which met one of the requirements to be Premier status. Now I no longer have 3mm on deposit (or even 30,000thb) and only have my loan. They told me that as long as I have the loan, I will keep my Premier status without having to pay any fees or maintain a 3mm or 2mm or whatever minimal balance.

My point is that before you can say 100% no to HSBC, you need to get your butt over there in person and discuss this with one of their Premier Account Relationship Managers. My suspicion is that if you are creditworthy and intend to get a loan, you may not have to have a minimal balance first BUT I can't say 100% that is the case or not. I think you should get firsthand confirmation from the source (HSBC) first before writing this option off. I suspect that these Managers have the discretion to make judgment calls on who they can let bypass any minimum deposit rules. Maybe I'm wrong but you won't know unless you actually check in person.

Enough said and good luck with your purchase. It's hard enough for farangs here as it is and the only reason for my posts is to let others benefit from my firsthand (and very recent) experience.

Good luck.

You are very welcome and good luck with your purchase!! :-) It can be a real pain in the butt but if you do end up going the HSBC Mortgage route, they will take extremely good care of you and should be smooth sailing (once all the paperwork / documentation is done that is). They will help you prepare all docs needed and then their lawyer will go to the land office with you on the date of transfer.

Thanks for double crystal clear info, I got your point... walk in first and get the Info.. I will do that.. thanks

[ttechguy]

I talked to one of the Krungsri Bank Manager through one of my Thai friend, the manager said.. that they need some one to Guarantee.

My friend didn't asked that manager... what kind of Guarantee they want.

I presume it's something that they need a Thai partner to guarantee...

[ttechguy]

Ok, today Morning I went to HSBC to talk about premier and house loan.

To get a loan you must have Premier account, Minimum balance is 3 MB.

And the Minimum amount of loan they should give 1.5 MB (I need only 1 MB as I am paying 600K), and that 1.5 MB should be ~60% of total value.

The representative guy is very friendly and professional, when ever he is talking about numbers, he always get confirms from other officer.

He did said that "Bangkok Bank" is having the facility of foreigner loan and also check there, I walked to the Bangkok bank branch just near to that. There is a girl with over make-up and with broken English said "I need wife Thailand to give loan". I Said thanks... and walk away