Buying A Condo In Bangkok

[ukexile]

Has anyone done this? If so, did you arrange a mortgage and how did that go and what does the mortgage agreement look like?

If you were considering a condo in BKK, where would it be? And in what kind of price range? And how about the legtalities - anything which stands out and a particular ball ache / hurdle?

I am thinking one bedroom/livingroom/kitchen/good balcony and views.

Wifey (thai) and I are getting increasingly bored in the UK, especially after 14 years in Thailand, so rather than come home each night to sit around and spending the weekends fannying around, we are starting to buy property on the cheap, renovate and turn a profit. The plan is to filter the profit into a BKK condo, if poss, through a local mortgage. And if that isn't possible then to buy for cash in a couple of years.

Any advice on buying a condo would be most appreciated.

cheers

[Xonax]

I am not a specialist, but to my knowledge, mortgage for foreigners is normally not offered here, but has occasionally been seen in a few overpriced luxury projects.

Thai citizens can obtain a mortgage of up to 100% for new condo´s and up to 80% for second hand condo´s. For second hand condo´s, the mortgage is not based on the purchase price, as the bank will valuate their own price of the condo. Mortgage offered can not be more than around 4 times the documented annual income. The interest rate is around 6-7% p.a. in Thailand, so you may consider to loan the money abroad and pay in cash.

[zorro1]

firstly your about to get numerous replies about why not to invest here mostly by people who cant afford it so ignore them.

Buying a condo is very simple compared to the west. No lawyers required for either of my condos. There are some fees such as transfer fees which are around 3.3% from memory it may have changed.

If the condo is to go in your name then you wont be able to finance as they dont lend to westerners. Im not sure how you will go putting it into wifeys name as the bank may want to see employment and capacity to pay.

cash is no problem of course. Im sure recent buyers will update you better and all the best with your new move

[mortenaa]

I just got a mortgage through UOB. Time consuming process (compared to Europe), but absolutely doable. The loan itself is in USD with prime rate.

[zorro1]

I just got a mortgage through UOB. Time consuming process (compared to Europe), but absolutely doable. The loan itself is in USD with prime rate.

thats interesting, was it in your name only?

Edited October 12, 2011 by zorro1

[zorro1]

Just found the link for International loans inc. Thailand.

http://www.uob.com.sg/personal/loans/property/uob_international_home_loan_thailand.html

[mortenaa]

thats interesting, was it in your name only?

Yes, in my name only. I did some research and found the UOB option best for me. But also other banks do provide some financing for foreigners. Its not heavily advertised though.

[Kananga]

Bangkok Bank also loan to foreigners for Thailand property purchases, based out of their Singapore branch.

[BangkokWildcat]

When I bought in June of 2009, UOB had temporarily stopped loaning to Farangs and the only bank I found was HSBC....THANKFULLY....they have been awesome! Took incredibly good care of me.

I guess UOB has since done a 180 and loaning to Farangs again.....so you have at least 2 options...both of them would be better than any Thai bank IMHO...especially Bangkok Bank!

[RonLee]

I am a MBA student here in Bangkok looking for Internship Opportunities with a English Speaking Real Estate Brokerage - If anyone can suggest a good real estate company in Bangkok I would really appreciate any referrals. I have set up a website to highlight my experience at www.BangkokRealEstateAgent.com

thats interesting, was it in your name only?

Yes, in my name only. I did some research and found the UOB option best for me. But also other banks do provide some financing for foreigners. Its not heavily advertised though.