Australian non tax resident- non-financial issues.

[Neeranam]

I am in the process of getting mortgage at 7.0% interest from Bangkok bank.

Does anyone have any warnings or good things to say about this bank?

One question I am confused with is what happens if we can pay more one month than the 20,000 asked for. Does this come off the end of the mortgage or the start. I hear that banks in the West take it off the end. I am a bit worried that they charge the full amount even if I pay it back earlier than the 20 years. The manager did explain it to me but I don't know if I believe him.

[Huayrat]

How did you manage to get a mortgage? This is my plan eventually aswell.. Did you have to put a deposit down and is it in your wives name or yours?... Be careful with paying off early as it probably still means you pay the full amount.. I'd double check that ifu was you..

[Dario]

I can only say good things about this bank.

I got a mortgage for a new townhouse in Bangkok Don Muang little over 20 years ago. Getting a mortgage as a foreigner at that time was unheard of, but I managed anyway as the project owner was a good friend of the bank manager. Only, I started at a much higher interest. It was 11% floating at that time, but then was up to 15,5% most of the time. Lucky you! Amazing Thailand ... Here, it really depends on the bank manager.

[Neeranam]

I can only say good things about this bank.

I got a mortgage for a new townhouse in Bangkok Don Muang little over 20 years ago. Getting a mortgage as a foreigner at that time was unheard of, but I managed anyway as the project owner was a good friend of the bank manager. Only, I started at a much higher interest. It was 11% floating at that time, but then was up to 15,5% most of the time. Lucky you! Amazing Thailand ... Here, it really depends on the bank manager.

Likewise, the owner of the building company is the vice-president of a bank, not bangkok bank. He knows other bankers well.

[Neeranam]

How did you manage to get a mortgage? This is my plan eventually aswell.. Did you have to put a deposit down and is it in your wives name or yours?... Be careful with paying off early as it probably still means you pay the full amount.. I'd double check that ifu was you..

I have been married to a Thai for over 12 years. I had to show Work Permit, yellow house book etc.

Krung Thai were going to give it but at the last moment said they only would give 50% to a foreigner.

[aurelius]

If you pay more they reduce the principal outstanding which reduces the term of the loan. This benefits the customer by reducing the total interest paid over the life of the loan.

[STRETTIG]

After all the Horror stories about finacing in Thailand here some good experience:

we went trough this mortgage issue about 1,5 years ago. first we got indication of low rates at the Government Housing bank, but later on they put more and more obstacles in the way; it was clearly visible that they are not interested in working with foreigners. second option was UOB, and that went surprisingly well. we paid 35% down and got 65% financed, actually they even offered more.

Interest rate 5,1% fixed for 3 years, then up to MLR minus some Points, actually it would be 6,4%

Paperwork was reasonable, and certainly the main work was done by the Lady from our Mo Baan (Kanda Park Rama 2)

House is in Name of my wife, financing was on my wife and me. We have a Company here since some years with reasonable records, that surely helped

Advantage is that at UOB you can pay whatever you can afford above the fixed min. payment. We certainly make use of this as Long as we are in the low interest range.

Every month you see directly what has been paid back, and interest is only calculated monthly on the remaining mortgage. so a very fair and transparent bank.

Any questions / informations required let me know

[pancakeman]

If you pay extra per month, then they take it off the principle. There is generally no penalty for early repayment (unless it's a refinancing within the first few years)

Watch out for the upfront insurance cost at Bangkok Bank, that's where they get you.