Home Loans For Foreigners

[russianrobert]

Is it possible to obtain a morgage for an apartment for a foreigner in Bangkok?

If so which banks are offering them and are the rates reasonable?

I am here on a retirement extension

[pschef]

I did buy my house on a loan from SCB, but a joint acc with Thai wife. That was quite a few years ago

[DoctorD]

Is it possible to obtain a morgage for an apartment for a foreigner in Bangkok?

If so which banks are offering them and are the rates reasonable?

I am here on a retirement extension

We got a small mortgage in my husband's name for buying a condo, from SCB Thonglor. We are both working here at a university, with WP and non-imm B visas. It wasn't very difficult but there were, strangely, age restrictions. The loan couldn't extend beyond my husband's 65th birthday for some reason.

Regards,

Sally

[henryalleman]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

[Naam]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

the question is not stupid Henry and YES as a foreigner you CAN own a house in your name. my wife and me are foreigners and we DO own a house in our name. what we canNOT own in our name is land.

[Electra]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

the question is not stupid Henry and YES as a foreigner you CAN own a house in your name. my wife and me are foreigners and we DO own a house in our name. what we canNOT own in our name is land.

Indeed, and about as useful as owning a car but not the wheels......

Incidentally, that should read " my wife and I..."

[zorro1]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

the question is not stupid Henry and YES as a foreigner you CAN own a house in your name. my wife and me are foreigners and we DO own a house in our name. what we canNOT own in our name is land.

Indeed, and about as useful as owning a car but not the wheels......

Incidentally, that should read " my wife and I..."

What Naam is saying is you can own the land but not in your name. Not like a car without wheels at all , countless farang own property here, just not in their own name and not necessreaily in their thai wife's name either

Edited August 16, 2009 by zorro1

[Electra]

Thank you but I don't need you to interpret posts for me. I am well aware of the laws prevailing and as such my metaphor is very much a point.

[zorro1]

Thank you but I don't need you to interpret posts for me. I am well aware of the laws prevailing and as such my metaphor is very much a point.

please except my deepest apologies will pop you on ignore that should help. Thanks also for pointing out the correct pronunciation but I'm sure the poster didn't need your interpretation either.... "Incidentally, that should read " my wife and I..." English teacher with attitude perhaps?

[mark5335]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

Your question is not totally relevant to the OP's question, in that his enquiry relates to buying an apartment. If such apartment is registered as a condominium he may be entitled to own the condo unit in his own name if the purchase monies are transferred in foreign currency from overseas, and the particular condo does not breach the 49% total foreign ownership limit. Borrowing from a local bank would not be possible, however, borrowing offshore may be possible depending upon the size of the OP's recurring monthly retirement income, age, and personal wealth (however, quite frankly I reckon loan approval would be unlikely).

[Electra]

Thank you but I don't need you to interpret posts for me. I am well aware of the laws prevailing and as such my metaphor is very much a point.

please except my deepest apologies will pop you on ignore that should help. Thanks also for pointing out the correct pronunciation but I'm sure the poster didn't need your interpretation either.... "Incidentally, that should read " my wife and I..." English teacher with attitude perhaps?

Judging by your riposte I must assume that English is not your first language either. Whilst garbled syntax may excuse some posts I must say that yours in this instance is not one of them.

Place on ignore if you must but in my experience ignorance is seldom bliss.

[Naam]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

the question is not stupid Henry and YES as a foreigner you CAN own a house in your name. my wife and me are foreigners and we DO own a house in our name. what we canNOT own in our name is land.

Indeed, and about as useful as owning a car but not the wheels...... Incidentally, that should read " my wife and I..."

my wife and me live quite comfortably since years in our house without wheels.

incidentally, english is my third language and if you master another half a dozen languages as fluently as i do you have my permission to open your big mouth again.

[MMT]

Hi, does anybody know if it is possible for me, a foreigner who owns a condo in bkk, to borrow money from a bank against the value of the condo?

Thanks.

[KimCM]

Hello DoctorD,

i have the same profil than you and your husband and i would like to have, if you can, more information about your case.

When you talk about a small mortgage how much it was, is there a maximum? if you have any other details which could help me, please don't hesitate

Thank you in advance

Kim

Is it possible to obtain a morgage for an apartment for a foreigner in Bangkok?

If so which banks are offering them and are the rates reasonable?

I am here on a retirement extension

We got a small mortgage in my husband's name for buying a condo, from SCB Thonglor. We are both working here at a university, with WP and non-imm B visas. It wasn't very difficult but there were, strangely, age restrictions. The loan couldn't extend beyond my husband's 65th birthday for some reason.

Regards,

Sally

[fletchsmile]

For a Condo:

1) From Thai and some foreign banks onshore in Thailand: Relatively easy to borrow in a Thai wife's name guaranteed by you, if you have a good job and work permit etc, even if she is a housewife with no income. The condo will be in her name. That has advantages and disadvantages. Technically you do not need to be married, but that siginificantly weakens your application, as banks like to see formal commitment.

2)From some foreign offshore banks with a Thailand office as well as an office in say SG, HK. They will lend from SG and HK in foreign currency. They will also lend to you in your own name and the condo in your own name. You usually have to be a private banking client or reasonable amount of money with them. Think USD 1mio. Advantages: your name, some very low rates in USD/SGD etc. Disadvantages: greater complexity means its not workable for small amounts so banks don't bother as it ends up expensive for both you and the bank.

In case 1 the funds go to a Thai so can be borrowed onshore in THB. In case 2 because money comes from offshore this fulfils the key obstacle of bringing money in from overseas.

For remorgaging existing properties the same need to bring funds in from overseas for a foreigner applies, so makes it difficult.

There are exceptions to the above.

Other "finance providers" do have solutions, eg via hire purchase style agreements. Generally they are more expensive on interest rates. You also have less comeback to them compared to a bank, if they were to do something untoward, as they are less regulated.

[aridion]

Where is Electra's attitude coming from? Having a bad day, are we?

[fletchsmile]

maybe a stupid question.

As a foreigner you can't own land or an house in your own name, so how you can get a loan for something you can't own.

I don't talk about property in your wife's or GF name.

the question is not stupid Henry and YES as a foreigner you CAN own a house in your name. my wife and me are foreigners and we DO own a house in our name. what we canNOT own in our name is land.

Indeed, and about as useful as owning a car but not the wheels......

Incidentally, that should read " my wife and I..."

Thank you but I don't need you to interpret posts for me. I am well aware of the laws prevailing and as such my metaphor is very much a point.

My dear Electra, as you have corrected our good friend Naam's usually excellent command of English as a non-native speaker, and you obviously have an interest in English, please allow me to help your own command of English a little.

It would be more accurate to describe your example as an "analogy" rather than a metaphor. One can indeed literally own a car without the wheels. Metaphors are usually used for where the case does not literally apply. You may also like to look up the word "simile" as well, as people like yourself often confuse the three. A better analogy therefore might be that it would be like buying a car and renting or leasing the wheels. Probably not an ideal solution and first choice, but indeed a workable one

Please forgive any typos as an old wizard with new technology.

[Soutpeel]

For a Condo:

1) From Thai and some foreign banks onshore in Thailand: Relatively easy to borrow in a Thai wife's name guaranteed by you, if you have a good job and work permit etc, even if she is a housewife with no income. The condo will be in her name. That has advantages and disadvantages. Technically you do not need to be married, but that siginificantly weakens your application, as banks like to see formal commitment.

2)From some foreign offshore banks with a Thailand office as well as an office in say SG, HK. They will lend from SG and HK in foreign currency. They will also lend to you in your own name and the condo in your own name. You usually have to be a private banking client or reasonable amount of money with them. Think USD 1mio. Advantages: your name, some very low rates in USD/SGD etc. Disadvantages: greater complexity means its not workable for small amounts so banks don't bother as it ends up expensive for both you and the bank.

In case 1 the funds go to a Thai so can be borrowed onshore in THB. In case 2 because money comes from offshore this fulfils the key obstacle of bringing money in from overseas.

For remorgaging existing properties the same need to bring funds in from overseas for a foreigner applies, so makes it difficult.

There are exceptions to the above.

Other "finance providers" do have solutions, eg via hire purchase style agreements. Generally they are more expensive on interest rates. You also have less comeback to them compared to a bank, if they were to do something untoward, as they are less regulated.

Although not disagreeing with the overall information given, would like to comment on one point RE Technically married....etc etc" from personal experience with SCB

1. You do not need to be married (technically or not)

2. It does not significantly weaken your application at all

The reasons are very simple in the case of a Farang being a guarantor, its actually him/her being assessed by the bank, not the Thai national.

Mrs Soutpeel received a 100% mortage from SCB for nearly THB 4.0 million, with me as the gurarantor, this was before she became Mrs Soutpeel, and was not working.

It was a realtively easy process

[Soutpeel]

My dear Electra, as you have corrected our good friend Naam's usually excellent command of English as a non-native speaker, and you obviously have an interest in English, please allow me to help your own command of English a little.

It would be more accurate to describe your example as an "analogy" rather than a metaphor. One can indeed literally own a car without the wheels. Metaphors are usually used for where the case does not literally apply. You may also like to look up the word "simile" as well, as people like yourself often confuse the three. A better analogy therefore might be that it would be like buying a car and renting or leasing the wheels. Probably not an ideal solution and first choice, but indeed a workable one

Please forgive any typos as an old wizard with new technology.

....."English" Teachers with handbags at dawn....