Thai getting a mortgage

[RAZZELL]

My sister-in-law (Thai) wants to buy a condo.

I think she has already been approved for a mortgage in the 3-4m range.

But she seems to think this is only for "new builds". Does this sound right? (It could've been for a particular development as we only had a short chat about it).

Is it just as easy to get a mortgage on a "used" condo as a new one?

RAZZ

[MeowBundit]

If she approved already, there is no difference. This is a cash and it will be payed to seller. But generally bank will look what kind of property will be purchased. So, a little bit strange if she not approved to already specified condo unit...

[Rdrokit]

If she is approved than she can buy new or used BUT the bank will come out and inspect the property to make sure what it is worth.

[RAZZELL]

Many thanks.

RAZZ

[Senechal]

The question is 'where' did she get approved? If she received approval for builder financing from a major developer like Sansiri, it may well only apply to one of their new projects.

[RAZZELL]

I think it would be easier if i asked her exactly !

RAZZ

[SDM0712]

Depends by what she means "approved". It is likely someone at a bank has just looked at her salary and said she could probably get a loan for x baht. Normally they wouldn't know for sure until the mortgage process has been completed, which is ;

1. Apply for the loan by giving a contract to purchase and original size copy of the title doc to the bank to support the application.

2. The bank will send the surveyor around

3. The local branch manager will approve and send to the head office for them to also approve

I am finding this process is taking an usually long time, the longest case so far for my firm was 3 months from start to stop.

Looking at the way the OP has been written it sounds as if this lady may have gone to a new development site that has a deal with a bank to lend and the rep may have said that she would get approval for a loan to purchase one of their condos.

SDM

Edited April 4, 2014 by SDM0712