Obtaining A Mortgage For A Condo

[oucherism]

Is it possible for a farang to get a mortgage in Thailand. Im interested in buying a condo in Bangkok. I have a work permit, Non imm B visa and a Thai bank account.

[billaaa777]

You left out the important part. Do you have any money?

[prighas]

I posted a similar question not a long time ago. Please have a look at the following discussion - it should help answer your question.

http://www.thaivisa.com/forum/index.php?showtopic=95474

[oucherism]

Is it possible for a farang to get a mortgage in Thailand. Im interested in buying a condo in Bangkok. I have a work permit, Non imm B visa and a Thai bank account.

[oucherism]

No money, was going to pay with rice and peas......

[Nadia 2]

Can the non-residents get a mortgage?

1 - If non-residents work in Thailand and have appropriate documents (a work permit or a long-term contract), some banks in Thailand will approve a mortgage loan.

2 - Non-residents who do not work in Thailand are ineligible.

3 - Due to clause 1, non-residents must acquire an FET form.

In order to apply for a mortgage, there are a few policies, terms, and conditions among various banks and financial institutes. Generally, the maximum credit limit for foreigners is approximately 50% of appraised value, which will be evaluated by a bank as a part of the application process.

The money must be transferred from overseas in any foreign currency. This amount must not be less than the selling price because the purchaser needs to obtain a document named FET form or a credit advice for each payment from the beneficiary bank and this certificate has to be shown to the Land department in order to register the condominium.

Normally, the appraised value is lower than the selling price. If the purchaser wants to cover the selling price, the borrower must provide the remaining between selling price and mortgage loan. For example, suppose a condominium unit costs Baht 5 Million and the mortgage loan is approved at Baht 3 Million, the remaining (Baht 2 Million) may be deducted from transferred money from overseas or funds that already exist in Thai Baht.

For example: If a Condo unit costs 5,000,000 baht the borrower needs to transfer the full 5 million from overseas and deposit the money in his/her Thai bank account until the transfer of the ownership is finished. After that, the money can be transferred back in full or can be used to pay the outstanding balance of the transaction, depending on the purchaser arrangement

source

[astral]

This may give you some food for thought.