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BANGKOK 20 January 2019 23:46

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Hi All,


I am applying for PR. Some have suggested having PR allows an expat to access favorable mortgage / home loan terms for buying a condo (as a home, not investment).


Can anyone comment if this is true?



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Any leading institution will look favouably on a person's financial and residence status so it surely would be a benefit. Banks have different  lending criteria so it's a case if looking for the best deal

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Yes it's true. Whereas in order to purchase a condo in Thailand, a foreigner is ordinarily required to prove that the funds were remitted from abroad, the Condominium Act specifically excludes Permanent Residents from this requirement.


This means that you can apply for a mortgage from a Thai bank on the same terms as a Thai citizen.


As far as the law is concerned it doesn't matter whether the condo(s) are for investment or as a residence.

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Yes. Without PR you will find it very hard to get a mortgage/loan. For non-PR holders the only way is to get a mortgage in country outside Thailand - that's possible, but costly and limited through Bangkok Bank Singapore/Shanghai or UOB. There could be other banks with international presence. Such loans generally had minimum of 10 million baht and maximum 5 year duration. They were also quite a lot higher on the interest rate than domestic loans, and were based in currency of the country where they were issued.


Non PR holders require all the funds to be transferred from abroad and receive a form from the bank in order to be able to buy.


As a PR holder you would no longer have this requirement and could use local earnings to buy a condo that can be sold in foreign name. So no change in what you can buy, just that you don't need funds from abroad.


It will still not be easy to actually get a loan from a bank in Thailand. Certainly not as easy as it would have been for a Thai in the same situation. There is a possibility to get it done though. Whether it's approved is up to bank you apply at. As a general rule, the bank where your salary was being deposited for years and has a good amount already on account would be a good choice.

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