nullx8 Posted January 26, 2011 Share Posted January 26, 2011 is there a list out there (hopefully build on experiences) of Financial Institutions offering Credits for Foreigners to Buy Condo's ? (with or without thai counterpart) thanks alot .. Link to comment Share on other sites More sharing options...
HampiK Posted January 29, 2011 Share Posted January 29, 2011 i'm not sure, but i was thinking that it isn't possible for a foreigner. Because he have to show, that the whole amount for the condo came from outside thailand. if he use a credit from a thai bank, then he can't show of the whole amount from outside thailand... But let's look, if someone have information about this... Link to comment Share on other sites More sharing options...
nullx8 Posted January 29, 2011 Author Share Posted January 29, 2011 i'm not sure, but i was thinking that it isn't possible for a foreigner. Because he have to show, that the whole amount for the condo came from outside thailand. i dont think so, if you live, work earn and spend money inside of thailand .. how can you import $$ ? makes only sense for investemt types. Link to comment Share on other sites More sharing options...
clinique Posted January 29, 2011 Share Posted January 29, 2011 If you are referring to Thai financial institutions - there is no list becasue they wont lend to foreigners in their own right. If you are referring to Foreign financial institutions - the ones in Thailand may help you but you likely have to be an existing customer of theirs overseas for them to offer credit in Thailand. Additionally there are foreign based institutions who lend to expats for purchase of overseas real estate in certain countries - of which Thailand is not one. But if you have real estate overseas they may be able to help you with credit which would then come to Thailand as cash for the purchase as is required by law. Link to comment Share on other sites More sharing options...
katabeachbum Posted January 29, 2011 Share Posted January 29, 2011 If you are referring to Thai financial institutions - there is no list becasue they wont lend to foreigners in their own right. If you are referring to Foreign financial institutions - the ones in Thailand may help you but you likely have to be an existing customer of theirs overseas for them to offer credit in Thailand. Additionally there are foreign based institutions who lend to expats for purchase of overseas real estate in certain countries - of which Thailand is not one. But if you have real estate overseas they may be able to help you with credit which would then come to Thailand as cash for the purchase as is required by law. Bangkok Bank and Siam Commercial Bank lend money to foreigners to buy condo. Its done in their Singapore branches in Singapore dollars and up to 50% of value as I recall. Link to comment Share on other sites More sharing options...
clinique Posted January 29, 2011 Share Posted January 29, 2011 If you are referring to Thai financial institutions - there is no list becasue they wont lend to foreigners in their own right. If you are referring to Foreign financial institutions - the ones in Thailand may help you but you likely have to be an existing customer of theirs overseas for them to offer credit in Thailand. Additionally there are foreign based institutions who lend to expats for purchase of overseas real estate in certain countries - of which Thailand is not one. But if you have real estate overseas they may be able to help you with credit which would then come to Thailand as cash for the purchase as is required by law. Bangkok Bank and Siam Commercial Bank lend money to foreigners to buy condo. Its done in their Singapore branches in Singapore dollars and up to 50% of value as I recall. Not sure about SCB (which I beleive was actually out of their LA office) , but BBL ceased that service about 2-3 years ago. Link to comment Share on other sites More sharing options...
nullx8 Posted January 29, 2011 Author Share Posted January 29, 2011 well i called Kasikorn Bank .. they told me IF Married to thai .. they do that. where the actual "owner" is either both person or just one of them. Link to comment Share on other sites More sharing options...
clinique Posted January 31, 2011 Share Posted January 31, 2011 well i called Kasikorn Bank .. they told me IF Married to thai .. they do that. where the actual "owner" is either both person or just one of them. yes thats right, Thai banks will extend creditr to 'married couples' if one is aforeigner. BUT that was not your original question. you asked about credit for foreigners only.. there is none.unless you get married to aThai and then the credit is given to them with you as a guarantor or coborrower - also not so easy. Link to comment Share on other sites More sharing options...
Soutpeel Posted January 31, 2011 Share Posted January 31, 2011 well i called Kasikorn Bank .. they told me IF Married to thai .. they do that. where the actual "owner" is either both person or just one of them. there is none.unless you get married to aThai and then the credit is given to them with you as a guarantor or coborrower - also not so easy. Not true, you dont need to be married..I co-signed on a loan for Mrs Soutpeel before she was Mrs Soutpeel, at the time she wasnt working and the bank considered my income only, had to provide WP + letter from company + 12 months pay slips and considering the normal runaround around you get dealing with anything "official" in Thailand the process was easy and took about 6 weeks from application to final signature Link to comment Share on other sites More sharing options...
nullx8 Posted January 31, 2011 Author Share Posted January 31, 2011 clinique, Soutpeel guess you both are "right" (and well this is what this thread is about .. (digging experiences) Not true, you dont need to be married Yes .. SIam Commercial bank replied my email very detailed about this, explaing that if have CHildren .. hen the marriage isn't really required. but they will need the Thai counterpart alone is the owner of the property. there is none.unless you get married to aThai and then the credit is given to them with you as a guarantor or coborrower - also not so easy. also true .. as this is exactly what Kasikorn Stated. so it seems is up to the regulation of the bank how they solve and secure the law issues. Soutpeel, about the timing ... my GF bought a house about 1 year ago .. (also Kasikorn bank) it took the same time as you stated ... the confirmation was quickly there (about 2 weeks) but until everything done .. it took almost the same time Link to comment Share on other sites More sharing options...
Soutpeel Posted February 1, 2011 Share Posted February 1, 2011 but they will need the Thai counterpart alone is the owner of the property. In Thai name, but the "owner" is actually the bank until the loan is paid off.... Link to comment Share on other sites More sharing options...
katabeachbum Posted February 1, 2011 Share Posted February 1, 2011 clinique, Soutpeel guess you both are "right" (and well this is what this thread is about .. (digging experiences) Not true, you dont need to be married Yes .. SIam Commercial bank replied my email very detailed about this, explaing that if have CHildren .. hen the marriage isn't really required. but they will need the Thai counterpart alone is the owner of the property. there is none.unless you get married to aThai and then the credit is given to them with you as a guarantor or coborrower - also not so easy. also true .. as this is exactly what Kasikorn Stated. so it seems is up to the regulation of the bank how they solve and secure the law issues. Soutpeel, about the timing ... my GF bought a house about 1 year ago .. (also Kasikorn bank) it took the same time as you stated ... the confirmation was quickly there (about 2 weeks) but until everything done .. it took almost the same time as far as I know, BOT does not allow the banks to lend to foreigners to purchase property. Thats why some Thai banks started lending from other country branches. But they can lend to foreigners wife/GF (and foreigner becomes guarantor) based on foreigners income Land&House prosess purchase/loan/transfer within a week. All others are kinda slow Link to comment Share on other sites More sharing options...
Amir Posted March 4, 2011 Share Posted March 4, 2011 (edited) well i called Kasikorn Bank .. they told me IF Married to thai .. they do that. where the actual "owner" is either both person or just one of them. yes thats right, Thai banks will extend creditr to 'married couples' if one is aforeigner. BUT that was not your original question. you asked about credit for foreigners only.. there is none.unless you get married to aThai and then the credit is given to them with you as a guarantor or coborrower - also not so easy. Actually that's not true, at least not lately as spend just the last 2 month at banks for a home loan with my wife. Married to a Thai you can not make a "couple" (co borrower) credit nor get your name on the house. However, the foreigner can be the "plakan" (insurance) and not the guaranty (it seems that these 2 words are different when you talk to banks) and therefore your (the foreigners) income is absolutely not influencing the amount of credit your thai wife will be able to take on HER credit. Once the bank has evaluated and concluded the credit situation of your wife and how much she will get, they will check that the "insurance" (you) has money in case of... That's at least what most of the headoffices told us when they called us. Added to this, as long as you don't receive a letter in your mail box stating that the loan has been pre-approved officialy... don't believe anything what the employes (Customer service, finance expert, branch manager,...) which are actually sales people tell you. Some say no problem you can get 90% and you find out that anyway the bank's policy says otherwise: Kasikorn, for new houses, gives only 50-60% in case of a foreigner beeing the insurance. SBC goes upto 90% for a new house. (I just spent the last 2 month running with my wife from bank to bank). Edited March 4, 2011 by Amir Link to comment Share on other sites More sharing options...
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