Can a foreigner get a mortgage in Thailand?

[Cbr150r]

Meanwhile, on the question of the Thai wife passing away, a farang husband who inherits land, let's say with a house, in that manner is required under Thai law to sell the land with a reasonable period of time, which seems to get interpreted at somewhere between 6 and 12 months by various people in various places. But I've never heard anyone say any longer than one year.

Same applies to condo unless foreigner qualifies to transfer condo to their name. To qualify one must transfer cash in. Others have said it's possible to obtain the transfer slip by somewhat shady means and some have said you can work out a deal with your bank to transfer in and the out again right away. I don't have experience with either.

Edited February 4, 2015 by Cbr150r

[Don Mega]

AFAIK, condos in Thailand can be bought by and held in the name of an individual foreigner owner -- provided the units are available for sale to foreigners.

It's land that cannot be, except in a few limited circumstances.

Agree but add one thing about buying a condo. The foreigner must bring in the money from overseas in order to qualify. This is well documented. Way around it is if one has citizenship. Not sure if PR negates this requirement.

Or work here and can show a work permit.

[Soutpeel]

AFAIK, condos in Thailand can be bought by and held in the name of an individual foreigner owner -- provided the units are available for sale to foreigners.

It's land that cannot be, except in a few limited circumstances.

Agree but add one thing about buying a condo. The foreigner must bring in the money from overseas in order to qualify. This is well documented. Way around it is if one has citizenship. Not sure if PR negates this requirement.

My understanding is from people who have bought condo's from money earned from working in Thailand is that provided you can show a work permit then the money doesn't need to come from overseas

[TallGuyJohninBKK]

I was talking to Standard Chartered the other day, and asked the question.

Their answer was, they would not issue a condo purchase loan to me myself, but they would allow me to guarantee a loan for my wife.... albeit, with a 10% lower loan to value ratio that what they'd otherwise give for the same property.

[trajan]

AFAIK, condos in Thailand can be bought by and held in the name of an individual foreigner owner -- provided the units are available for sale to foreigners.

It's land that cannot be, except in a few limited circumstances.

Agree but add one thing about buying a condo. The foreigner must bring in the money from overseas in order to qualify. This is well documented. Way around it is if one has citizenship. Not sure if PR negates this requirement.

I'm single. I have bought (and sold) several condo units in my own name (as a foreigner). No need to bring in funds from outside Thailand (just used baht I have earned onshore), BUT I have a PR book (permanent residence book).

On my very first condo, HSBC Thailand (back when they serviced retail customers) lent me about 75% of the purchase price and placed a mortgage on the title deed, but the interest rate was a bit high (~7%) but I managed to pay it off very early (by accelerating payments).

I have also got a mortgage loan from UOB Thailand for a different condo, but also managed to pay it off early. Still have the mortgage on it to have an emergency home equity line of credit with relatively low interest rate (if I ever draw down on it). It only costs Baht 300 to keep the home equity line of credit account alive.

I have always been advised by the banks that if I had a Thai passport or a PR book then no need to show remittance of funds into Thailand to put the condo title deed into my own name (and this has been the case in actual practice).

However, they consistently advise that if I only had a work permit book, then funds need to be remitted into Thailand to place the title deed into my own name (even if I have substantial earnings onshore). This is confirmed by my company lawyer (as well as outside retained law firms).

[MrPatrickThai]

On 2/1/2015 at 10:45 PM, Soutpeel said:

On a landed property no chance via a Thai bank in your own name

On a condo possibly

I got a mortgage in my name on a house with land, from KTB,

[funandsuninbangkok]

2 minutes ago, MrPatrickThai said:

I got a mortgage in my name on a house with land, from KTB,

Interesting. Please provide more details.  Nationality, age, rate, etc.

 

Thanks

[cacahootie]

Since this topic rose from the dead, I'll add my question in here in the vain hope of resuscitating conversation.  I am a US citizen, currently here on Tourist Visas.  I have regular income from the US.  My girlfriend and I are considering buying a house (please spare me any advice you may have on the wisdom of that endeavor).  We visited a few sales galleries today and the consensus was that we would not be able to be financed because my girlfriend has no employment income here.  I'm willing to cosign (or guarantee) on the loan.  Does anyone have recent experience on this and can recommend a particular branch or bank?  UOB kept coming up as an option in our discussions.  I see also SCB mentioned frequently, and perhaps Bangkok Bank.  My girlfriend is with Krungthai Bank.  She has good credit, having paid off personal loans, cars, and a couple previous mortgages on her farmland and home in Isaan.  Obviously I can go to a few branches and see what's up, but I was hoping some people might have recent relevant experience.  Thanks.

Edited September 12, 2017 by cacahootie
typo

[MrPatrickThai]

10 hours ago, funandsuninbangkok said:

Interesting. Please provide more details.  Nationality, age, rate, etc.

 

Thanks

48 y/o British, working, with a WP for 20 years. Long time ago but I think it was 4-5 % for the first 2/3 years then 7% after. Deeds are my wife's name, of course but she doesn't work. 

[bkk75]

On 2/4/2015 at 9:52 PM, Soutpeel said:

My understanding is from people who have bought condo's from money earned from working in Thailand is that provided you can show a work permit then the money doesn't need to come from overseas

 

Correct..I have done this.  You only need a WP and open a special non-interest non-resident account at Bangkok Bank (HQ).  You have to provide a lot of paperwork salary slips, etc.  The Land Department will accept this without having to remit funds outside and back in to which you will lose in currency exchange.

[bkk75]

On 9/12/2017 at 6:58 PM, cacahootie said:

Since this topic rose from the dead, I'll add my question in here in the vain hope of resuscitating conversation.  I am a US citizen, currently here on Tourist Visas.  I have regular income from the US.  My girlfriend and I are considering buying a house (please spare me any advice you may have on the wisdom of that endeavor).  We visited a few sales galleries today and the consensus was that we would not be able to be financed because my girlfriend has no employment income here.  I'm willing to cosign (or guarantee) on the loan.  Does anyone have recent experience on this and can recommend a particular branch or bank?  UOB kept coming up as an option in our discussions.  I see also SCB mentioned frequently, and perhaps Bangkok Bank.  My girlfriend is with Krungthai Bank.  She has good credit, having paid off personal loans, cars, and a couple previous mortgages on her farmland and home in Isaan.  Obviously I can go to a few branches and see what's up, but I was hoping some people might have recent relevant experience.  Thanks.

 

It's a personal decision on your end but you know you have no rights to house if the relationship goes sour (which often is the case...read the forum of personal stories).  Why not get a condo and that way it is in your name.

[MrPatrickThai]

1 hour ago, bkk75 said:

 

It's a personal decision on your end but you know you have no rights to house if the relationship goes sour (which often is the case...read the forum of personal stories).  Why not get a condo and that way it is in your name.

You do have rights, just make a pre-nuptial agreement.

[bkk75]

7 minutes ago, MrPatrickThai said:

You do have rights, just make a pre-nuptial agreement.

They're not married....

[MrPatrickThai]

2 minutes ago, bkk75 said:

They're not married....

OMG, there's one born every minute!

[bkk75]

5 minutes ago, MrPatrickThai said:

OMG, there's one born every minute!

OMG don't be an ass!

[colinneil]

7 minutes ago, MrPatrickThai said:

OMG, there's one born every minute!

 

2 minutes ago, bkk75 said:

OMG don't be an ass!

Now now children,play nice or i will take your toys away.

[YT3k72Em]

On 9/12/2017 at 6:58 PM, cacahootie said:

Since this topic rose from the dead, I'll add my question in here in the vain hope of resuscitating conversation.  I am a US citizen, currently here on Tourist Visas.  I have regular income from the US.  My girlfriend and I are considering buying a house (please spare me any advice you may have on the wisdom of that endeavor).  We visited a few sales galleries today and the consensus was that we would not be able to be financed because my girlfriend has no employment income here.  I'm willing to cosign (or guarantee) on the loan.  Does anyone have recent experience on this and can recommend a particular branch or bank?  UOB kept coming up as an option in our discussions.  I see also SCB mentioned frequently, and perhaps Bangkok Bank.  My girlfriend is with Krungthai Bank.  She has good credit, having paid off personal loans, cars, and a couple previous mortgages on her farmland and home in Isaan.  Obviously I can go to a few branches and see what's up, but I was hoping some people might have recent relevant experience.  Thanks.

With neither yourself or your girlfriend having employment and Thai based income, the chances of getting a mortgage are slim to none.

 

Here's some other options.

1. Rent (just do the calculation of how many years you could rent for the purchase price you are looking at and then try and convince yourself otherwise)

2. Pay cash

3. Build on one of those pieces of land your girlfriend owns.