Bank Loans

[kishore]

Hi,

I am working in thailand and want to buy condominium. which banks will provide loans for foreigners. please share your experience.

[mallyrd]

I would say that no Thai Bank will give an expat such a loan unless there are exceptional circumstances. src="http://static.thaivisa.com/forum/public/style_emoticons/default/sad.gif">

[aussiebebe]

Some other threads on this forum (you'll have to search) have this information already. Some posters said that HSBC would give a mortgage of 75% of a property's value providing you had a savings account with more than the property's value. Given the monthly HSBC service charges and pathetic interest rates, I can't see why anyone would do this and not just buy the condo in cash.......? perhaps that's the real question.

Even if you could get a mortgage, the interest (5 or 6%) would be hard to justify - better to buy cash.

If you do a google search, you'll find some sites saying that Tisco might offer, but as their website isn't in English I wouldn't hold my breath.

I'm sure this has been discussed before, just read the old threads.

My experience of asking banks is that most will give a mortgage for a condo or house to a foreigner's Thai spouse, if they meet salary requirements and the property is in their name, the foreigner can be the guarrantor.

If you're not married, not being able to get a condo mortgage isn't the end of the world, most condo's don't appreciate due to over-supply of the market anyway, and can be a millstone if and when you move between jobs, which is enevitable for most people. Being single, you can save more of your salary than you'd think, quite quickly, look at the Revenue department's website to see the tax allowances http://www.rd.go.th/publish/6045.0.html, specifically Life insurance premium, Approved provident fund contributions, Long term equity fund.

[bob4you]

Best bet is to find a seller to provide owner financing. Negotiate Down Payment and interest rate and length of contract.

[InterestedObserver]

If you expect to buy the condo in your foreign name, there are foreign exchange rules to adhere to before the land office will transfer ownership. I assume you are not a permanent resident.

[Archimedes]

Bangkok Bank used to have an expatriate financing option via its Singapore Branch. (Up to 70% of the condominiums value). I don't know if they still have it but you can try to check around.

[stgrhe]

Some posters said that HSBC would give a mortgage of 75% of a property's value providing you had a savings account with more than the property's value.

HSBC would only lend to properties in metropolitan Bangkok.

[fletchsmile]

Bangkok Bank used to have an expatriate financing option via its Singapore Branch. (Up to 70% of the condominiums value). I don't know if they still have it but you can try to check around.

Bangkok Bank pulled it. UOB I believe still do, Standard Chartered also. Generally it's more expensive than onshore funding, and as such is mainly useful for larger amounts, otherwise fees quickly eat into what you pay