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Which banks offer the best condo mortgage rates to foreigners?


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I would like to buy a condo but I don’t have much money at all for a down payment. Are there any zero down condo loans available for foreigners? 

As a foreigner, how long of a mortgage can I get? 20 years? 30 years?

 

Thanks for any info you can give me. 

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Never heard of it. I'm a private banking customer of Thai banks and own multiple properties and buildings in Bangkok. Of course I have extensive experiences in getting mortgages from Thai banks and th

You obviously aren't a serious investor or haven't bought property before. Be that as it may....   You can negotiate anything and everything directly with the seller! No money down, no probl

Drop into a branch of the National Credit Bureau with ID and a small amount of cash, takes 30 mins or so and available in English or Thai.   Find your nearest branch here https://www.ncb.co.

Thai banks don't give mortgages to foreigners.  There was an outfit offering private financing...terms weren't good.  Singapore banks have done it, but there was a minimum of 4 million and you needed serious proof of income (possibly tax returns).

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36 minutes ago, moontang said:

Thai banks don't give mortgages to foreigners.  

I had one with SCB. Admittedly a few years ago. I then remortgaged the same property with them some years later to buy a second unit.

 

It was not without its own unique Thainess. When it came to transferring the deeds back into my name, they could not find the deeds!!

Edited by MRToMRT
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15 minutes ago, MRToMRT said:

I had one with SCB. Admittedly a few years ago. I then remortgaged the same property with them some years later to buy a second unit.

 

It was not without its own unique Thainess. When it came to transferring the deeds back into my name, they could not find the deeds!!

Were you working here with a WP?  I have never seen or heard of a Thai bank offering mortgages to foreigners, but some of the branches make their own rules, that is for sure.  Never seen a developer/builder offer financing to foreigners, either..would be a great way for them to clear inventory.

Edited by moontang
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35 minutes ago, moontang said:

Were you working here with a WP?  I have never seen or heard of a Thai bank offering mortgages to foreigners, but some of the branches make their own rules, that is for sure.  Never seen a developer/builder offer financing to foreigners, either..would be a great way for them to clear inventory.

I have a work permit if that would make it easier.

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1 hour ago, morning glory said:

I have a work permit if that would make it easier.

You may want to look at your Thai credit bureau report, that would make a difference.  Assuming you have had accounts in your name.

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15 hours ago, moontang said:

Were you working here with a WP?  I have never seen or heard of a Thai bank offering mortgages to foreigners, but some of the branches make their own rules, that is for sure.  Never seen a developer/builder offer financing to foreigners, either..would be a great way for them to clear inventory.

 

They do if you have PR. The issue isn't the banks themselves but rather the Section 19 of the 2008 Condominium Act which says the following;

 

Section 19 Aliens (foreigners) and juristic persons regarded by law as aliens (foreign) may hold ownership of an apartment if the are the following:

  1. Aliens permitted to have residence in the Kingdom under the Immigration law;
  2. Aliens permitted to enter into the Kingdom under the investment promotion law;
  3. Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;
  4. Juristic persons which are aliens under the Announcement of the National Executive Council No.281 dated November 24 (current section 4 Foreign Business Act), B.E. 2515 and have obtained promotion certificate under investment promotion law;
  5. Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

 

Source: https://www.samuiforsale.com/law-texts/new-thailand-condominium-act-2008.html

 

I have mortgages from both Kasikorn and SCB and in applying for them never felt that I was treated any differently than a Thai citizen. Basically they will have an appraisal done on the property, check your income, account movement etc. and and force you to buy a basic life insurance policy covering the loan amount. That's about it.

 

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Thai banks don't give mortgages to foreigners.  There was an outfit offering private financing...terms weren't good.  Singapore banks have done it, but there was a minimum of 4 million and you needed serious proof of income (possibly tax returns).

Yes a decade or more ago there were several Thai Banks, including Bangkok Bank offering that. The Thai bank would hold the mortgage over the property and their Singaporean subsidiary would extend the loan in Singapore dollars which got around point 5 of the above. As you say the terms and conditions were horrible and there was also currency risk as the mortgage repayments were in SGD but the asset (and probably the mortgagors income) was in THB.

 

As far as I recall the Ministry of Finance warned those banks that they were pushing the envelope and I don't think any major Thai banks offer those offshore mortgages anymore.

 

 

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14 hours ago, moontang said:

You may want to look at your Thai credit bureau report, that would make a difference.  Assuming you have had accounts in your name.

How to do that?

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4 minutes ago, Crossy said:

 

Drop into a branch of the National Credit Bureau with ID and a small amount of cash, takes 30 mins or so and available in English or Thai.

 

Find your nearest branch here https://www.ncb.co.th/

 

IIRC you can also do it by post.

Thanks

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You say you don't have much money,  but want to make a large purchase.  What happens when your employment suddenly ends. (It can happen). Who pays the mortgage? 

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11 minutes ago, BTB1977 said:

You say you don't have much money,  but want to make a large purchase.  What happens when your employment suddenly ends. (It can happen). Who pays the mortgage? 

 

Fact is there is no chance he will get a mortgage without a large down-payment. 

 

Thai banks are actually very strict with mortgages, more so than Western banks. This is the reason why there are so many condos for sale from developers. People pay a booking fee and when it's time to get a mortgage they simply get rejected, so the unit is back with a developer. Just went through mortgage with a wife yesterday as we took a 3.5 million loan in her name. No 20 or 30 year mortgages if you are over 40. 

 

18 hours ago, beachproperty said:

Just find a seller who is willing to finance the whole amount for the length of period you want.

 

Absolutely hilarious.

 

Are we talking about loan sharks?

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