Mortgage Loan Registration

[lingua101]

Folks,

I need to ask about this "Mortgage Loan Registration". The bank told me that I need to register the mortgage loan to the Ministry of Finance and pay 1% of the mortgage amount and ask me to check witht the developer,

I asked the developer and it seems they have no clue at all about this.

I thought this is not specifically only for foreigner. am I right?

Any idea when I should do it and where?

Thanks in advance.

[Mario2008]

A mortgage is nomally noted on the chanote and registered at the land office, where you indeed pay tax to register it

Not sure how it goes regarding a condo, but suspect it will also be at the local land office.

[lingua101]

A mortgage is nomally noted on the chanote and registered at the land office, where you indeed pay tax to register it

Not sure how it goes regarding a condo, but suspect it will also be at the local land office.

Ok so this is for ALL mortgage right including Thai. So I can do it at the same day of transfer.

Also, I am very confuse with reply I got from my developer, may be English issue:

"Along the process the loan should be done before the transfer date because you have to change the cheque, that got from bank loan, with the title deed (normally customer have to made payment to developer before the ownership transfer is happened).

"

I took it that he means that I need to get the check from the bank and pay them in full (my part and bank loan) before the transfer can happen. I am very sure even for Thai loan, the bank will not give out the money first right?

My understanding form my banker, I need to remit the non-loan amount to the developer and then on the day of transfer, the bank will cut a cashier order in the morning, and we meet up at Land Office at 1pm. The bank give the check to the developer, and the transfer is done, and they will take the title deed from me.

Am I correct? I thought this should be quite normal process. I do not understand why the developer does not understand it.

[Mario2008]

I believe your banker has it right.

Yo all show up at the land office and the money is given there after the mortgage is registrated. If you seell the property the same is done, you all show up at the landoffice, the bank gets their money and the mortgage is removed.

[BEVUP]

So he has all the money so why doesnt he transfer the deed which would have the bank as the lender

I know Developers will not transfer if they are providing the finance till all paid

So the question would be . Why is the bank not demanding this as they need calatural against loan