Chinese Citizen Obtaining a Bank Loan to Buy a Condo.

[healthbkkbkk]

Hello,

A woman I know asked me if she could obtain a Banque Loan to buy a Condominium.

She is a Chinese Citizen and has a Work Permit and Job here in Bangkok.

I know Occidentals cannot obtain loans but is it different for an Asian/Chinese Citizen?

Thanks

[ezzra]

It's a lot more complicated than that, the best will be to go to her bank and ask what

are the requirements to get a bank loan for a condo, there are too many details and possibilities

to cove in one reply,, go to the and talk to the loan officer there...

[KamnanT]

As a "temporary resident", your friend would have to demonstrate that the funds for her condominium purchase had been transferred from outside of Thailand before the Land Titles Office would register ownership in her name. This is one reason that local mortgages are difficult for temporary residents to obtain.

Edited May 3, 2014 by KamnanT

[Maroon Watcher]

You can buy a condo in Manila and london - even if you don't enter the country

... so why not here?

Edited May 3, 2014 by Maroon Watcher

[bkk75]

No local banks will absolutely positively 200% undeniably will not lend expats money for condos period.

She could try to get loan from UOB Singapore through dealings with UOB Thailand but they are very strict and have many conditions.

Your friend better have a high paying salary and the condo better be relatively expensive. However the conditions of the loan are terrible.

If she's serious about buying a condo it's better she save up till she has enough or she marries a thai.

[Soutpeel]

No local banks will absolutely positively 200% undeniably will not lend expats money for condos period.

She could try to get loan from UOB Singapore through dealings with UOB Thailand but they are very strict and have many conditions.

Your friend better have a high paying salary and the condo better be relatively expensive. However the conditions of the loan are terrible.

If she's serious about buying a condo it's better she save up till she has enough or she marries a thai.

Your talking absolute rubbish, SCB offered me a loan for a condo not so long ago, banks in Thailand will offer money to expats if they have a decent credit history in Thailand, a landed property, no for obvious legal reasons, a condo is not an issue if you qualify

[Greg Nixon]

I know this may not be of help to the enquiring Chinese citizen but it may help others. It is my understanding that although foreigners may not own property, they can hold mortgages. That means if they have a source of funds on a monthly basis such as rent money or pension money etc, the could virtually own the property. For example let us say that a foreigner has an income of 90,000 THB every month. His Thai wife or partner could ask them for a mortgage of let us say 1.8 million THB. The rental income is 12,000 THB as an example. The wife owns the property but must pay the mortgage holder ( foreigner) for the property every month in this case 12,000 THB. If the payment is not forthcoming there would be a foreclosure. As long as the foreigner can trust the partner everything should go smoothly. After 25 years the wife would own the property but the mortgage holder would have received approximately 3.5 million THB in this theoretical case.

This could act as an insurance policy for your Thai wife if you willed the mortgage to your wife upon your death. She would own the property and would no longer have to pay the mortgage and have the income from the property. A good strategy to help a loving and loyal wife.

[healthbkkbkk]

Thanking everyone for their kind considerations and taking the time to reply.

I sent her to a Taiwanese friend who has bought up several condos here who should be able to set her in the right direction.

Thanks again.

[uptheos]

You can buy a condo in Manila and london - even if you don't enter the country

... so why not here?

This is a trick question......right?

[Soutpeel]

I know this may not be of help to the enquiring Chinese citizen but it may help others. It is my understanding that although foreigners may not own property, they can hold mortgages. That means if they have a source of funds on a monthly basis such as rent money or pension money etc, the could virtually own the property. For example let us say that a foreigner has an income of 90,000 THB every month. His Thai wife or partner could ask them for a mortgage of let us say 1.8 million THB. The rental income is 12,000 THB as an example. The wife owns the property but must pay the mortgage holder ( foreigner) for the property every month in this case 12,000 THB. If the payment is not forthcoming there would be a foreclosure. As long as the foreigner can trust the partner everything should go smoothly. After 25 years the wife would own the property but the mortgage holder would have received approximately 3.5 million THB in this theoretical case.

This could act as an insurance policy for your Thai wife if you willed the mortgage to your wife upon your death. She would own the property and would no longer have to pay the mortgage and have the income from the property. A good strategy to help a loving and loyal wife.

A foreigner cannot legally have a mortgage on a landed property in their own name, you cannot "will" a mortgage anyway

[mortenaa]

A foreigner cannot legally have a mortgage on a landed property in their own name, you cannot "will" a mortgage anyway

How was the technical setup with your loan with SCB? The condo / property in your name?

I have a loan with UOB in Singapore, and quite happy with it. Still cheaper compared to Thai banks.

[Soutpeel]

A foreigner cannot legally have a mortgage on a landed property in their own name, you cannot "will" a mortgage anyway

How was the technical setup with your loan with SCB? The condo / property in your name?

I have a loan with UOB in Singapore, and quite happy with it. Still cheaper compared to Thai banks.

On the landed property, the mortgage is in the Mrs name and I am guarantor on mortgage through SCB

On the loan offer for a condo from SCB, I didn't take them up on it, but they told me everything can be in my name, this wasn't a branch office BTW, this was the main office at SCB park so pretty sure what they are saying is correct

[healthbkkbkk]

A foreigner cannot legally have a mortgage on a landed property in their own name, you cannot "will" a mortgage anyway

How was the technical setup with your loan with SCB? The condo / property in your name?

I have a loan with UOB in Singapore, and quite happy with it. Still cheaper compared to Thai banks.

On the landed property, the mortgage is in the Mrs name and I am guarantor on mortgage through SCB

On the loan offer for a condo from SCB, I didn't take them up on it, but they told me everything can be in my name, this wasn't a branch office BTW, this was the main office at SCB park so pretty sure what they are saying is correct

When I opened at SCB a long time ago they sent me an International Representative from their headquarters.

There is a lot they can do that isn't generally told to the public or that branch staff is aware of.

I have learned not to worry too much when I am refused something at a branch because a call to their main offices usually brings a positive result.

[Globalist]

You can buy a condo in Manila and london - even if you don't enter the country

... so why not here?

This is a trick question......right?

Indeed no problems whatsoever buying a condo in Thailand without entering Thailand.

As to the OP question on mortgage in Thailand, I believe it is up to each financial institution, but most likely the terms will not be very attractive for foreigners in Thailand. If full cash payment is not possible, then an option - if there is room for it - is to take out an extra mortgage another of one's owned properties elsewhere, e.g. in one's home country.

[Tywais]

Some argumentative posts removed. Try to stay on topic and a little less aggressive.