02098888 Posted January 2, 2016 Share Posted January 2, 2016 Hello everyone, I had bought a condo in BKK and it is clean without any debts. I am currently deciding to open a small business in BKK, thus I may need some capital. The question I have is, except the condo, I don't have work or any bank account in Thailand for now. May I apply mortgage with just the condo I bought and my passport? Or will I have to marry a Thai girl and take a job in Thailand, get working visa first? From a single foreigner with a condo he just bought. Link to comment Share on other sites More sharing options...
Langsuan Man Posted January 3, 2016 Share Posted January 3, 2016 No, not based upon what you have posted. You "may" be able to use it as a "collateral" but if in the farang quota I can't see any bank as wanting it even as collateral since it can only be sold to another farang As for getting married, she had better have a good job, good credit history, and / or something to put up as collateral other than your condo And I hope you have a really in demand skill that will enable you to get a job that comes with a work permit Good luck, but you have a lot more deciding to do Link to comment Share on other sites More sharing options...
thaitero Posted January 3, 2016 Share Posted January 3, 2016 No, not based upon what you have posted. You "may" be able to use it as a "collateral" but if in the farang quota I can't see any bank as wanting it even as collateral since it can only be sold to another farang As for getting married, she had better have a good job, good credit history, and / or something to put up as collateral other than your condo And I hope you have a really in demand skill that will enable you to get a job that comes with a work permit Good luck, but you have a lot more deciding to do Bolded Not true,, Link to comment Share on other sites More sharing options...
trogers Posted January 3, 2016 Share Posted January 3, 2016 Deciding factor is a steady stream of income showing your ability to pay off the mortgage. Only pawnshops consider the value of the collateral without looking at income. Link to comment Share on other sites More sharing options...
RBOP Posted January 4, 2016 Share Posted January 4, 2016 I tried to get a mortgage through SCB on my paid for already condo #1 to help buy my by condo#2. The bank flat out told me the laws changed a while ago and foreigners can not get mortgages. Link to comment Share on other sites More sharing options...
expat_4_life Posted January 4, 2016 Share Posted January 4, 2016 No, not based upon what you have posted. You "may" be able to use it as a "collateral" but if in the farang quota I can't see any bank as wanting it even as collateral since it can only be sold to another farang As for getting married, she had better have a good job, good credit history, and / or something to put up as collateral other than your condo And I hope you have a really in demand skill that will enable you to get a job that comes with a work permit Good luck, but you have a lot more deciding to do Bolded Not true,, Agree, in fact, you can sell to whomever you want, foreigner or Thai. This may not hold true of a condo project/building which has reached the 49% foreign owned threshold and held in a Thai name if selling to a foreigner. Link to comment Share on other sites More sharing options...
KamnanT Posted January 4, 2016 Share Posted January 4, 2016 I tried to get a mortgage through SCB on my paid for already condo #1 to help buy my by condo#2. The bank flat out told me the laws changed a while ago and foreigners can not get mortgages. I have had two mortgages from local banks - HSBC Thailand in 2007 and UOB in 2010. Both were normal, baht-denominated, variable-rate mortgages. Both banks initially said "no foreigners" but both eventually agreed because I have PR. My wife (non-Thai, also with PR) were joint mortgagees, as the properties were jointly owned. No Thai guarantors required, just proof of local income. Link to comment Share on other sites More sharing options...
Mr Wonderful Posted January 4, 2016 Share Posted January 4, 2016 I tried to get a mortgage through SCB on my paid for already condo #1 to help buy my by condo#2. The bank flat out told me the laws changed a while ago and foreigners can not get mortgages. MBK does foreigner mortgages but they might require an income / work permit. Also meotgages in Thailand are extremely expensive. Nothing under 6-8 percent pa Foreign quota condos can be sold to foreigners or Thais. Thai quota condos can be sold to foreigners if the quota is available on the day of transfer. Link to comment Share on other sites More sharing options...
dotpoom Posted January 4, 2016 Share Posted January 4, 2016 No, not based upon what you have posted. You "may" be able to use it as a "collateral" but if in the farang quota I can't see any bank as wanting it even as collateral since it can only be sold to another farang As for getting married, she had better have a good job, good credit history, and / or something to put up as collateral other than your condo And I hope you have a really in demand skill that will enable you to get a job that comes with a work permit Good luck, but you have a lot more deciding to do Bolded Not true,, Not sure why you say a bank can only sell to another Farang... they can sell it to a Thai person also.(provided they have the money, of course). Link to comment Share on other sites More sharing options...
bazza40 Posted January 4, 2016 Share Posted January 4, 2016 No, not based upon what you have posted. You "may" be able to use it as a "collateral" but if in the farang quota I can't see any bank as wanting it even as collateral since it can only be sold to another farang As for getting married, she had better have a good job, good credit history, and / or something to put up as collateral other than your condo And I hope you have a really in demand skill that will enable you to get a job that comes with a work permit Good luck, but you have a lot more deciding to do Bolded Not true,, Might as well be true, if he sells to a Thai he'll get a considerably lower price for it. Link to comment Share on other sites More sharing options...
Langsuan Man Posted January 4, 2016 Share Posted January 4, 2016 Everyone agrees that condos in the farang quota are more expensive than those not in the farang quota. Therefore if a bank is going to use a "free and clear" condo as security for a loan that they are going to make it is only logical that they will want to sell it at a price at or close to the amount that they lent. So if the OP defaults on the loan and the bank is forced to sell the asset they are going to have to sell it to a farang at a higher price to get their money back. Yes, they can sell it to a Thai and loose money, are banks in the business to loose money? I think not Link to comment Share on other sites More sharing options...
steven100 Posted January 4, 2016 Share Posted January 4, 2016 you will have two chances ..... buckleys & none !! Link to comment Share on other sites More sharing options...
KittenKong Posted January 4, 2016 Share Posted January 4, 2016 Everyone agrees that condos in the farang quota are more expensive than those not in the farang quota. Only in buildings where the farang quota is sold out. There are many buildings where this is not the case, and in those there is no difference at all in price. (Except in as much as most people will inflate an asking price if they think they can sell to a farang.) Link to comment Share on other sites More sharing options...
Nomyai Posted January 4, 2016 Share Posted January 4, 2016 Any lender will say show me the incum! This is troll. Who gets a gf to be able to qulaify for mortgage....Got to be a joke! Link to comment Share on other sites More sharing options...
crazykopite Posted January 5, 2016 Share Posted January 5, 2016 The banks would undervalue your property to protect themselves , especially the government banks !!!! Link to comment Share on other sites More sharing options...
Paul944 Posted January 8, 2016 Share Posted January 8, 2016 Easy, to get capital just sell the condo. Link to comment Share on other sites More sharing options...
Mudcrab Posted January 21, 2016 Share Posted January 21, 2016 How did you buy the condo? No Thai bank account yet the money must be brought in from overseas to be able to purchase. Might have a bit of trouble if you ever want to sell it and repatriate the cash. Link to comment Share on other sites More sharing options...
02098888 Posted January 21, 2016 Author Share Posted January 21, 2016 Hello, thank you all for the advice. btw I transferred my money oversea from my country, so I didn't open an account in bkk Link to comment Share on other sites More sharing options...
02098888 Posted January 21, 2016 Author Share Posted January 21, 2016 Hello, thank you all for the advice. btw I transferred my money oversea from my country, so I didn't open an account in bkk Link to comment Share on other sites More sharing options...
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