Can I get a mortgage for a house here?

[LuckyLucas]

Hello All

 

I've been working here for a while with a healthy bank account. I'm loathe to change my English pounds into baht. can I get a mortgage for a house here. A friend said I cannot - it would need to be a corporate loan to a set-up company...

 

Can anyone shed any light? 

 

regards to all on here nonetheless 

 

LL

[Minnehaha]

No, sorry to say that you will not find it possible to get mortgage. Thai banks do not do this for foreigners. 

Unless your salary is 200.000 + and beed doing it while at big company. 

There is one company that can do it but only for certain buildings. It is called MBK just like the mall.

Also you can tru UOB who can do. 

But the interest rates for anything is rather highrr than market. 

Good luck. 

 

Bottom line : Thai govt and banks dont really want farang business, are not interested to fairly offer product based on merit. They dont have the mechanisms to evaluate the upside or manage anything.

 

Banks have a monopoly with no foreign banks and like things that way. Why wouldnt they? 

Govt views non Thai citizens as less than and it can be explained number of ways. Fascist. Lazy. Incompetent. Take your pick 

 

[phantomfiddler]

I got a loan to buy a property here, with no problem at all, after forming a Thai company. The bank owned the property (can you see the inbuilt safety factor here ?) until the loan was paid off. Make sure there is no early payment penalty clause, and to be safe just never quite pay off the loan until you are 100% sure you are "in good hands" :)

[tryasimight]

4 hours ago, Minnehaha said:

No, sorry to say that you will not find it possible to get mortgage. Thai banks do not do this for foreigners. 

Unless your salary is 200.000 + and beed doing it while at big company. 

There is one company that can do it but only for certain buildings. It is called MBK just like the mall.

Also you can tru UOB who can do. 

But the interest rates for anything is rather highrr than market. 

Good luck. 

 

Bottom line : Thai govt and banks dont really want farang business, are not interested to fairly offer product based on merit. They dont have the mechanisms to evaluate the upside or manage anything.

 

Banks have a monopoly with no foreign banks and like things that way. Why wouldnt they? 

Govt views non Thai citizens as less than and it can be explained number of ways. Fascist. Lazy. Incompetent. Take your pick 

 

ANZ do business banking here.....they are very much a foreign bank.

[ericthai]

7 hours ago, Minnehaha said:

Bottom line : Thai govt and banks dont really want farang business, are not interested to fairly offer product based on merit. They dont have the mechanisms to evaluate the upside or manage anything.

 

Banks have a monopoly with no foreign banks and like things that way. Why wouldnt they? 

Govt views non Thai citizens as less than and it can be explained number of ways. Fascist. Lazy. Incompetent. Take your pick 

 

you are so negative about Thailand. I was able to get a loan for my foreign owned company from a Thai bank and we got allot of support from the Thailand ministry of science and technology in which they helped us develop new products. Citi bank is in Thailand and that is a foreign company.

[impulse]

12 hours ago, phantomfiddler said:

I got a loan to buy a property here, with no problem at all, after forming a Thai company. The bank owned the property (can you see the inbuilt safety factor here ?) until the loan was paid off. Make sure there is no early payment penalty clause, and to be safe just never quite pay off the loan until you are 100% sure you are "in good hands" :)

 
The OP alluded to a reluctance to do the company thing.

 

The devil's in the details.  Just out of curiosity, who owns the 51% of your company?  

 

[bluuskii]

It is possible but may take some shopping around.

 

I got one with UOB 5 years ago..don't work in thailand and thai wife neither...At the time they called my office to verify the details of my employment..gave 20% down.

 

 

[Minnehaha]

On 8/17/2017 at 2:27 AM, ericthai said:

you are so negative about Thailand. I was able to get a loan for my foreign owned company from a Thai bank and we got allot of support from the Thailand ministry of science and technology in which they helped us develop new products. Citi bank is in Thailand and that is a foreign company.

Congratulations.

Ho many of those foreigners in Thailand looking to do mortgage have the support of a company from their home country? 60% ? 

How bout ... 3%

 

Getting a mortgage to buy a home is next to impossible for vast majority of foreigners who would probably be eligible in their home country. 

 

[Minnehaha]

On 8/17/2017 at 3:20 PM, bluuskii said:

It is possible but may take some shopping around.

 

I got one with UOB 5 years ago..don't work in thailand and thai wife neither...At the time they called my office to verify the details of my employment..gave 20% down.

 

 

Let me guess:

you had a US$ account in Singapore with UOB and they granted a loan which was directed to UOB Thailand and the money was sent to Thailand and converted to Thai Baht and then looks like it is from UOB Thailand. I have seen this. Like you, the person did not work in Thailand. 

How is this a typical situation? It is not. 

 

Definition of typical situation: a person who works in Thailand and has a decent salary of 180,000 Baht per month with a Thai company or foreign company for a couple years who wants to buy a house and get mortgage? 

[bluuskii]

33 minutes ago, Minnehaha said:

Let me guess:

you had a US$ account in Singapore with UOB and they granted a loan which was directed to UOB Thailand and the money was sent to Thailand and converted to Thai Baht and then looks like it is from UOB Thailand. I have seen this. Like you, the person did not work in Thailand. 

How is this a typical situation? It is not. 

 

Definition of typical situation: a person who works in Thailand and has a decent salary of 180,000 Baht per month with a Thai company or foreign company for a couple years who wants to buy a house and get mortgage? 

Nope don't have a US$ account in Singapore and never banked with UOB before..All they asked for was my employment contract and verified the details and whatever else the bank does behind the scenes to approve the loan, it was thereafter approved.

 

 

[Minnehaha]

7 hours ago, bluuskii said:

Nope don't have a US$ account in Singapore and never banked with UOB before..All they asked for was my employment contract and verified the details and whatever else the bank does behind the scenes to approve the loan, it was thereafter approved.

 

 

Wow. So easy.

I can't believe how wrong I was.  Thanks for clarifying this issue for us all