Can You Get A Loan To Buy A Condo?

[thaigene2]

Okay..I want to buy a condo, but I don't have enough money overseas to import the 100% required by the land registry to issue the Thor Thor 3's. (If you don't know what this means, you should stop reading now..)

I've heard so many conflicting stories from both lawyers and bankers and condo owners, that I have no idea what is true.

What I do know is this:

IN ORDER TO REGISTER THE PROPERTY IN THE NAME OF A FOREIGNER, the law states the foreigner must import 100% of the purchase price of the condo to acquire the Thor Thor 3's (the slip the receiving bank in Thailand issues once the wire transfer(s) have been received from abroad). You cannot, legally, just save up your Thai baht and go buy the condo if you are a foreigner.

Some foreigners do this..and some manage to get bank loans from bankers who don't know the law. But then what? Legally, the owners are now in limbo-land, because they've paid for the condo (so the seller is happy), but (again 'legally') they can't register the property in their name..because no Thor Thor 3.

Anybody know the TRUE story about whether you can get a loan here AND legally register the condo in your (foreigner) name?

[เพลง]

I think you only need to prove that the funds originated from abroad (TT3) if, well, the funds actually DID originate from abroad. AFAIK there's nothing to stop you buying with funds generated within Thailand, however should you wish to sell the condo and take the funds OUT of the country you may be face some problems.

[Bobcat]

Yes you can if you are a permanent resident of Thailand. Otherwise, the funds must come from abroad before you will be entitled to register the condo in your name.

[mbkudu]

xxxxxxxxxduplicate post

Edited November 17, 2005 by mbkudu

[mbkudu]

The Bangkok Bank branch in Singapore has been offering mortgages for foreigners to buy condos in Thailand for awhile now. On Stick's websight there is a recent interview with the MD of Sunbelt Asia. He states that Hampton's International, a British broker will start offering mortgages of 70% of the loan

on a condo in Thailand for 30 years and assets in other countries can be used as collateral. Sounds like things might be loosening up.

[steveromagnino]

Critical issue is whether you can get your name on the land registry document; supposedly you need to Tor Tor 3 for that (since replaced with some new form). Supposedly without that, then you will have problems; the issue being that the land registry won't accept your application and put you down as the owner.

However, currently I have, and I know at least one other person who has done the same thing as me on my advice; gone and had no issue at all with getting registered as the owner without 100% foreign financing. However, the balance was financed by a mortgage funded within Thailand by a local bank (not the same banks either).

Both of us have work permits.

Justification is that the money is being earned as a result of working in Thailand, so that is also acceptable. Not sure if it is the law, or what, but there you have it. Actually, now that I think about it, not even my deposit had a TT3; jeez. But I did have the line that I had made the money here, and had the length of workpermit and bank balance to prove it.

I cannot visualise any problems when selling the condo concerned, but cannot guarantee it. I never have had problems moving fairly significant amounts of money out of Thailand before, but then again I flash a nice smile and doors open, such are the benefits of having nice teeth see?

Then again, don't intend to shift the money back to a small pacific island state run by a manish looking woman at this stage next to a bunch of former convicts, so I guess I can stay here :-)