Thai Home Mortgage Loans

[PhuketAmerican]

I have been renting for 3 years and now have the opportunity to buy a modest size house in Phuket with several apartments, an office, and swimming pool attached for only a few million baht. I want to act now and buy it out right. My plan is to use bank financing and I have found one list of requirements that foreigners must meet certain condition which I meet since I have been employed here full time.

Does anyone here have experience with getting a few million baht of home financing with a thai bank? I am also looking into borrowing from a US bank in $$ but could be expensive to pay back.

[ToddinChonburi]

Are you married to a Thai ? not sure how you can buy if not. Contact a Laywer to cover your butt.

[PhuketAmerican]

I am married to a Thai, we got married in the USA and I am going to BKK to get the translated copy of our marriage certificate approved to get our marriage registered here. She earns >20k THB/month and has a home food business that makes 15-25k every month as well.

I plan to apply to SCB and Krungsri Bank (where I was able to get a credit card) for a 20 year home loan with 10% down.

[ToddinChonburi]

Sounds like you have a good plan ahead maybe you can find a very good contractor to inspect the building for you to avoid to many headaches in the future. Electrical , plumbing , windows , roof .

[PattayaPhom]

Thai MMR is about 7.5%...surely you could get cheaper from US.

[PhuketAmerican]

Can you get US mortgages to buy property in Thailand? I live here full time and I am paid in baht. If anyone has experience getting a foreign mortgage to a house in Phuket let me know...could get 3.5% in USA but have to hope fx rate dont collapse, since Id have pay back dollars.

[blackcab]

Thai MMR is about 7.5%...surely you could get cheaper from US.

I doubt the OP will get MRR. Perhaps MRR +3 to +5%.

[MobileContent]

Can you get US mortgages to buy property in Thailand? I live here full time and I am paid in baht. If anyone has experience getting a foreign mortgage to a house in Phuket let me know...could get 3.5% in USA but have to hope fx rate dont collapse, since Id have pay back dollars.

You can get a mortgage in Singapore if you are an expat in Thailand, paid a minimum of 12,000 S$ but you still have to pay 50% down plus the property development must be a high value development.

I know an expat in Phuket that bought a villa on Koh Yao and he financed around 300,000 S$ and payed 50% down-payment.

Another US citizen bought a property on Sukhumvit at 14 million Baht and he took a mortgage of 9 million Baht but he is employed by J&J in Singapore. HK banks too give mortgages for expats but they are mainly for HNI.

[trogers]

"...the opportunity to buy a modest size house in Phuket with several apartments, an office, and swimming pool attached for only a few million baht"

When the price is that cheap, be wary of an illegitimate land title.

[Rdrokit]

I am married to a Thai and got a house loan through a Thai bank (Krung Thai). I had to put down 50% and prove I had an income to make payments. First 3 months, no interest than .25% interest increase each month until it reached 5.25%. Paid it off in 6 years.