Mortgage Interest Rates

[ChenMatt]

Hi Everyone,

I am hoping to get some advice here.

My house will be built finish in April 2014. I already have a pre approval from UOB for a loan of 5 million THB but I am wondering if there are other banks that offer loans to foreigners. The reason I am asking is because I am hoping to get a better rate than UOB though I need to quantify that I dont know about UOB's rate now. The only reason I went with UOB is out of convenience since they are the financing bank for the development. My family and I dont live in Thailand, we will only visit for holidays so the next time I visit, I have a short window to get the paperwork done. I have not applied to nor asked about other banks before so to make a financially prudent decision, I ought to shop around for rates.

If this helps:

UOB approved my loan based on the fact that I am the guarantor and my Thai wife is the owner/mortgagor.

My income is all overseas and my wife have never worked/paid tax in Thailand for the last 10 years.

Thank you so much

[Falcon]

If you already have a mortgage arranged through UOB I would leave it at that and just carry on with it as they offer the lowest mortgage rate here right now at around 3.2% while other banks are 7% and more. UOB offer a good deal.

[4skin]

If you already have a mortgage arranged through UOB I would leave it at that and just carry on with it as they offer the lowest mortgage rate here right now at around 3.2% while other banks are 7% and more. UOB offer a good deal.

Any links or more info on the 3.2% mortgage rate? Would be a great deal indeed but the effective rates listed on the web site are closer to 6%..

UOB mortgage rates:

http://www.uob.co.th/promotions/loan_homeloan_en.htm

With MLR at UOB currently at 7.4% ( https://www.efinancethai.com/otherfin/loan.aspx )

[ChenMatt]

Hi All,

Can I ask if someone had taken up a home loan recently and what is the interest rate?

BKK Bank offering some promotions:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Loans/UsefulInfo/Pages/Default.aspx

[ChenMatt]

Hi All,

Need to ask something for your opinion please:

I got approval from SCB for 70% and approved for 30 years loan.

First 2 years fixed at 4%, thereafter MMRR - 1.5% = 6.6%.

What confuses me is the monthly repayments stay the same for 22 years and 6 months. The bank staff told me their calculations are different but I completely cannot comprehend.

-Why is the fixed and floating interest the same repayment amount?

-Why am I approved for 30 years but the loan ends in 22 years 6 months?

The bank staff said everyone is approved like this - are there any TV members can share their experience with this?

I am assuming that first 2 years interest should be lower and also, if the loan is over 30 years, the monthly repayments is lower than 22 years months.

The bank staff also said I am paying interest over 30 years but my loan finishes earlier "due to their calculations"..

I am completely confused and he cannot speak English and my wife is not financially inclined to understand as well.

I really hope someone here can shed some light please!

[Mickey Cohen]

Nobody to explain?

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[Mickey Cohen]

Did u get the loan?

How muCh u pay everymonth?

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[Chuckles78]

3.2%... nice. Is it a reliable bank?

[RandomSand]

google this: rule of 78