What Loans Are Available To A Foreigner In Thailand?

[CMTourist]

Credit cards are fairly easy to get with a work permit.

Car loans are easy enough with a Thai guarantor and decent down payment

What kind of loans can you get say to buy a condo if you have a work permit and adequate salary and can put down a decent deposit?

[jambco984]

Are you married?

Do you have someone who can co-sign?

It is difficult but I know guys who have got mortgages in the past but it involved going around in circles a lot wifes name yadda yadda.

50% down from my research seems to do the trick.

I am interested to hear folks replies as I could try to get a mortgage with my wife soon.

[NewlyMintedThai]

I received two mortgages when I was on a work permit. No wife. 20% down. Helps to be a good long-term customer, and helps if the company you work for is also a good customer.

[BEVUP]

Dont want to pinch topic but heres another scenario

Ok with ANZ now for a long time in Auss

Now they have just recently opened up in Thailand

So what would be the chances of me getting a loan ( hopefully at 6 percent like Auss ) With a third deposit & putting house up as collateral

[lemoncake]

I received two mortgages when I was on a work permit. No wife. 20% down. Helps to be a good long-term customer, and helps if the company you work for is also a good customer.

was it before or after you received residency and citizenship?

[NewlyMintedThai]

I received two mortgages when I was on a work permit. No wife. 20% down. Helps to be a good long-term customer, and helps if the company you work for is also a good customer.was it before or after you received residency and citizenship?

Before. First one was before I even had PR. 15-year term max.

[NewlyMintedThai]

Dont want to pinch topic but heres another scenario

Ok with ANZ now for a long time in Auss

Now they have just recently opened up in Thailand

So what would be the chances of me getting a loan ( hopefully at 6 percent like Auss ) With a third deposit & putting house up as collateral

Unless it is a fully-functioning retail branch and not just a rep office...nil.

[lemoncake]

I received two mortgages when I was on a work permit. No wife. 20% down. Helps to be a good long-term customer, and helps if the company you work for is also a good customer.was it before or after you received residency and citizenship?

Before. First one was before I even had PR. 15-year term max.

I am sure the second one was easier

I must say though, i have WP and have bought a car, now buying a bigger bike, all finance and not a big deal to get it.

i am thinking after few years of paying it off, bank would not have a problem to do a mortgage for me.

Of course i could be wrong, but do not see a reason for them to decline if one has been customer and pays loan on time.

[NewlyMintedThai]

Agreed.

Just be aware that the bank's appraisal of your property value will likely be significantly less than what you're paying for it -- thus the loan amount you'll get may not be as much as you had hoped.

[lemoncake]

NewlyMintedThai, on 23 Feb 2013 - 16:10, said:

Agreed.

Just be aware that the bank's appraisal of your property value will likely be significantly less than what you're paying for it -- thus the loan amount you'll get may not be as much as you had hoped.

Yeah, thanks for the tip,i think it works same in every country, though in Thailand it is interesting how bank determines the value

[NewlyMintedThai]

NewlyMintedThai, on 23 Feb 2013 - 16:10, said:

Agreed.

Just be aware that the bank's appraisal of your property value will likely be significantly less than what you're paying for it -- thus the loan amount you'll get may not be as much as you had hoped.

Yeah, thanks for the tip,i think it works same in every country, though in Thailand it is interesting how bank determines the value

Well, the upside is that the land department's appraisal is usually even lower -- meaning less tax to pay on transfer.