radiola Posted May 27, 2011 Share Posted May 27, 2011 I wonder if that is possible. Becuase I want to buy a condo, but i dont want to risk 800000 bht if something goes wrong. Is there a way to loan from bank for 20 years and pay back monthly? Link to comment Share on other sites More sharing options...
beano2274 Posted May 27, 2011 Share Posted May 27, 2011 Do you have the correct Visa, a WP? These things would help, but am not so sure you would get a loan. Link to comment Share on other sites More sharing options...
ESB7 Posted May 27, 2011 Share Posted May 27, 2011 So you want a loan of 800k over 20 years, paying back about 4k a month...........why does Thailand attract such people............. Link to comment Share on other sites More sharing options...
supaprik Posted May 27, 2011 Share Posted May 27, 2011 So you want a loan of 800k over 20 years, paying back about 4k a month...........why does Thailand attract such people............. definite "high roller" but in answer to the ops question......in theory you can get a loan, I know of others that once meeting the banks lending requirements do get loans. The banks tend to require a higher down payment though ( around 30% I am told ) but for sure it is "do able " Link to comment Share on other sites More sharing options...
beano2274 Posted May 27, 2011 Share Posted May 27, 2011 is the hotel Internet so bad that you want to buy a condo now? You must have a big deposit to put down Link to comment Share on other sites More sharing options...
beano2274 Posted May 27, 2011 Share Posted May 27, 2011 Like I said it also depends on your status in Thailand, working or not. Link to comment Share on other sites More sharing options...
ESB7 Posted May 27, 2011 Share Posted May 27, 2011 So you want a loan of 800k over 20 years, paying back about 4k a month...........why does Thailand attract such people............. definite "high roller" but in answer to the ops question......in theory you can get a loan, I know of others that once meeting the banks lending requirements do get loans. The banks tend to require a higher down payment though ( around 30% I am told ) but for sure it is "do able " So 800k less a 30% deposit leaves 560k over 20 years, thats just over 2k monthly payments........ Link to comment Share on other sites More sharing options...
gregb Posted May 27, 2011 Share Posted May 27, 2011 (edited) The only way to do it, even if you have PR, is with a Thai guarantor. So, if you are doing it because you don't want to put your money at risk, please be aware that you will leave some poor Thai on the hook while you make your escape. And without PR, the only way you can really get a loan on one is to be married. Of course, without PR, the condo has to be in the name of your Thai spouse until such time as you have completed payment, at which point, depending on your province, you may be able to get your name added to the chanote. And a joint ownership between a foreigner without PR and his spouse will not be in the 49% foreign holding classification. That means, in the event of divorce, you have a mess, and could be forced to sell the unit. However you look at it, an individual in Thailand is going to be left holding the bag. The bank is not going to give you the money without this assurance. If you have PR, then this individual could be anyone, and at least the condo can be in your name and only your name. If you don't have PR, the best you can hope for is joint ownership with a Thai, and that only after the mortgage is paid off. Until then, it will be Thai only. The above applies to loans from banks within Thailand. In years past, certain banks like Bangkok Bank were willing to write loans out of their Singapore office for farangs working in Thailand, using the Thai property as collateral. It is my understanding this practice has been stopped, but it may still be possible under the right circumstances. Edited May 27, 2011 by gregb Link to comment Share on other sites More sharing options...
radiola Posted May 27, 2011 Author Share Posted May 27, 2011 what is PR?? i am only a tourist, dont work here Link to comment Share on other sites More sharing options...
cardholder Posted May 27, 2011 Share Posted May 27, 2011 So you want a loan of 800k over 20 years, paying back about 4k a month...........why does Thailand attract such people............. definite "high roller" but in answer to the ops question......in theory you can get a loan, I know of others that once meeting the banks lending requirements do get loans. The banks tend to require a higher down payment though ( around 30% I am told ) but for sure it is "do able " So 800k less a 30% deposit leaves 560k over 20 years, thats just over 2k monthly payments........ I like your bank ! Understate the capital repayment by 333 Baht and don't charge interest - where do I sign ? Link to comment Share on other sites More sharing options...
beano2274 Posted May 27, 2011 Share Posted May 27, 2011 what is PR?? i am only a tourist, dont work here Then forget it your chances have just gone to zero. Link to comment Share on other sites More sharing options...
Soutpeel Posted May 27, 2011 Share Posted May 27, 2011 what is PR?? i am only a tourist, dont work here Permanent Resident.... To answer you question based on the facts given....in a nutshell...you havent got a hope in h*ll via a Thai bank getting a loan in your name....even with a Thai guarantor, WP etc etc. Being married you still will not be able to get loan in your own name, the loan still needs to be in a Thai name A Thai national can get a mortgage with a foreigner acting as a guarator but not the other way around. Link to comment Share on other sites More sharing options...
ESB7 Posted May 27, 2011 Share Posted May 27, 2011 So you want a loan of 800k over 20 years, paying back about 4k a month...........why does Thailand attract such people............. definite "high roller" but in answer to the ops question......in theory you can get a loan, I know of others that once meeting the banks lending requirements do get loans. The banks tend to require a higher down payment though ( around 30% I am told ) but for sure it is "do able " So 800k less a 30% deposit leaves 560k over 20 years, thats just over 2k monthly payments........ I like your bank ! Understate the capital repayment by 333 Baht and don't charge interest - where do I sign ? Guesstimate!!!......... Link to comment Share on other sites More sharing options...
monekyface Posted May 27, 2011 Share Posted May 27, 2011 can't the OP establish a company, get the work permit, then apply for the loan? with 30% down and good credit back home i have heard UOB does such loans on condos. Link to comment Share on other sites More sharing options...
cardholder Posted May 27, 2011 Share Posted May 27, 2011 Guesstimate!!!......... Understood . Academic really because I doubt that the OP has a deposit. For the record a 25% deposit of 200k would leave 600k to be financed over 20 years (at, say 10%) = 5,790 Baht p.m. Link to comment Share on other sites More sharing options...
monekyface Posted May 27, 2011 Share Posted May 27, 2011 oh i forgot- maximum term is 60-(your age) , in other words you have to be 59 years old or less when the loan is fully repaid. Link to comment Share on other sites More sharing options...
Soutpeel Posted May 27, 2011 Share Posted May 27, 2011 can't the OP establish a company, get the work permit, then apply for the loan? with 30% down and good credit back home i have heard UOB does such loans on condos. Good credit back home means absolutely nothing...its exactly that "back home" Not sure about UOB process....but the Thai banks....will not give a Farang a mortgage in their own name, even with a WP, company etc, however believe it may be possible to get a loan in the name of a company with a 49/51 Thai majority ownership, but think even then a Thai national's name would need to be on the loan. The OP IMHO has two options...cough up the 800k cash or say where he is... Why doesnt the OP apply for a mortgage/personal loan is his home country and get the cash that way, but I can well imagine the banks response when he tells them he is using the money to buy a condo in Thailand.... Link to comment Share on other sites More sharing options...
monekyface Posted May 27, 2011 Share Posted May 27, 2011 good information Soutpeel. i heard from a realtor that when the Singapore branch of Bangkok Bank did these loans they needed a credit report from the client's home country but i do not know that to be fact and surely don't know how much weight these were given if they were required. also i do know that BB Singapore has stopped doing these loans as i recently e-mailed them about it. curious if anyone has any recent info on foreigners buying condos here. Link to comment Share on other sites More sharing options...
quiksilva Posted May 27, 2011 Share Posted May 27, 2011 (edited) Local bank lending is difficult, but there's at least one firm offering foreigners hire purchase agreements, for up to 30 years. Min value 3million (no maximum) Max loan amount 70% Max term 30 years Interest rate MLR + 2.5% Importantly their arrangement satisfies BOT Regulations for buying condominiums (i.e. they bring in the cash from overseas etc). Google "hamptonsadvance" (note I dont work their nor have any interest in their firm, but the structure looks promising although interest rate is high, but I felt was worth sharing so others can make their own investigations) Edited May 27, 2011 by quiksilva Link to comment Share on other sites More sharing options...
Soutpeel Posted May 27, 2011 Share Posted May 27, 2011 Local bank lending is difficult, but there's at least one firm offering foreigners hire purchase agreements, for up to 30 years. The "firm" concerned is not a Thai bank or Financial institution, will not be called a mortgage but most likely a personnel loan's and would think the interest rates will be significantly higher than preveiling bank mortgage rate..... Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 27, 2011 Share Posted May 27, 2011 Even if the OP could get a mortgage what difference is he/she hinting at if things go wrong? Link to comment Share on other sites More sharing options...
bino Posted May 27, 2011 Share Posted May 27, 2011 The Bank of Thailand has a special division for people like the OP- the Tourist credit department. It is even managed by a nice foreign lady, Mrs. Helen Waite. So- if you want a mortgage in Thailand, go to Helen Waite! Link to comment Share on other sites More sharing options...
appleman_thai Posted May 27, 2011 Share Posted May 27, 2011 Like all things with Banks it all depends on your individual circumstances...... I was able to get a mortgage to buy a Bangkok Condo 5 years ago..... but I was working in Thailand at the time for a number of years for a European company - WP, PR etc So it is possible - but not easy. When I left Thailand I continued to pay off the mortgage by just renting out the condo.... I got my mortgage thru SCB over 20 years, 70% mortgage provided. HTH Link to comment Share on other sites More sharing options...
radiola Posted May 27, 2011 Author Share Posted May 27, 2011 so how much will the bank take if ai get a mortgage? lets say the condo costs 800 000 bht Link to comment Share on other sites More sharing options...
Jaidii Posted May 29, 2011 Share Posted May 29, 2011 The Bank of Thailand has a special division for people like the OP- the Tourist credit department. It is even managed by a nice foreign lady, Mrs. Helen Waite. So- if you want a mortgage in Thailand, go to Helen Waite! Link to comment Share on other sites More sharing options...
trogers Posted May 29, 2011 Share Posted May 29, 2011 ...but i dont want to risk 800000 bht if something goes wrong I wonder what form the risk takes in the OP's mind... Link to comment Share on other sites More sharing options...
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