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Which banks offer the best condo mortgage rates to foreigners?


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Many sellers who own the place outright are carrying back loans now.  Some great deals out there negotiate your own terms.  Zero down I do not see as possible most want at least 50% down.

Edited by bkk6060
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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.

Work permit wont help you.  You still have to bring the full amount into the country as foreign currency with proof. PR will waive that requirement. 

Try looking at the rental cost vs. the purchase cost and calculate how many years you could rent it for the purchase price... and then think if you will still be wanting to be in that place / job / country in xx years.

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To me it seems a really bad idea to buy a condo if you don't have any more for a bit of downpayment to be honest. Sounds like if sh*t hits the fan, you'd be in big trouble. Or do you have some pension and plan to pay the mortgage with your pension? I guess in that case you have some security in terms of income.

 

The only mortgage in Thailand that I found was MBK guarantee, but they require a 50% downpayment and it seems the costs are really high. Not very attractive. Seems to me this company has virtually no risk and can basically print money with those terms. 

 

https://mbkg.co.th/en

 

They do claim to be very easy in accepting people though. Don't need work permits and such. 

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1 hour ago, Pravda said:

 

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. 

 

 

Absolutely hilarious.

 

Are we talking about loan sharks?

Owner finance is very common due to the fact the mortgages are almost impossible to obtain for foreigners. 
I wanted to buy a property for 5mil. The wife and I offered 3mil deposit with a  combined income of 100K a month but we were still knocked back. Financed through the owner for 3 years at 3% with a balloon payment at the end. Far better deal than the banks anyway 

Edited by MadMuhammad
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21 minutes ago, MadMuhammad said:

Owner finance is very common due to the fact the mortgages are almost impossible to obtain for foreigners. 
I wanted to buy a property for 5mil. The wife and I offered 3mil deposit with a  combined income of 100K a month but we were still knocked back. Financed through the owner for 3 years at 3% with a balloon payment at the end. Far better deal than the banks anyway 

But, who is going to service the loan?   What if the owner croaks?  I can't see the land office arbitrating a case of he paid/she paid..

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It's called vendor finance but always heavily favors the vendor and they will have a repossession clause built in if you default twice and all your equity vanishes. Most of the buyers are so excited to get a "loan" they will take any terms offered as majority have bad credit ratings or bankrupt etc. Or in the case of thailand there is no credit. 

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On 10/13/2020 at 3:13 PM, 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!!

How does that work, you cant own a foriegn quota condo unless the funds come from overseas, if a Thai bank lends you funds its not foreign currency.

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37 minutes ago, sitti said:

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 this is the first time I heard of financing through the owner. Either you're not explaining it right or shady way of getting a loan. Even there is such thing, it would be completely unregulated, zero protection to buyer, which the owner can easily screw the buyer. How can you possibly be perfectly certain that owner will transfer you the property after you paid off this so called mortgage through the owner. Unless you're talking about condo company partnering with a bank, and they offer pre-arranged mortgage to qualified potential buyer. But even then buyer would still have to go through bank's process. Nobody should do any type of loan with anybody but real banks. 

 

How do you own Thai property without the funds coming from overseas ? Do the Thai banks borrow the money outside Thailand.

Or are you talking about owning 49% of a company that borrows and owns property

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1 hour ago, Peterw42 said:

How do you own Thai property without the funds coming from overseas ? Do the Thai banks borrow the money outside Thailand.

Or are you talking about owning 49% of a company that borrows and owns property

I have Thai citizenship. Before I had the citizenship, I had to rely heavily on my Thai family.

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7 hours ago, sitti said:

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 this is the first time I heard of financing through the owner. Either you're not explaining it right or shady way of getting a loan. Even there is such thing, it would be completely unregulated, zero protection to buyer, which the owner can easily screw the buyer. How can you possibly be perfectly certain that owner will transfer you the property after you paid off this so called mortgage through the owner. Unless you're talking about condo company partnering with a bank, and they offer pre-arranged mortgage to qualified potential buyer. But even then buyer would still have to go through bank's process. Nobody should do any type of loan with anybody but real banks. 

 

The transfer is done on the day the deposit was paid and there is a note made on the rear of the chanote that the property is under finance. We signed a contract with included stipulations that should we be later than 30 days on any payment or the final balloon payment all monies pairs to the owner will not be refunded and we will lose all rights to the property. 
I spoke to quite a few people a few people that have gone through the process and I was also advised by my lawyer, hence insisting the property was transferred into my wife’s name in the first instance. It is a legal and common way for foreigners to buy property. 
We also have the option to payout the mortgage early with no penalty. 
 

https://remthailand.asia/making-owner-finacing-a-viable-option/

 

 

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7 hours ago, madmen said:

It's called vendor finance but always heavily favors the vendor and they will have a repossession clause built in if you default twice and all your equity vanishes. Most of the buyers are so excited to get a "loan" they will take any terms offered as majority have bad credit ratings or bankrupt etc. Or in the case of thailand there is no credit. 

We had the property transferred on the date of execution of the contract but we do have the repossession clause in our contract. I have the funds to pay the loan in its entirety but I make far more investing in stocks than the 3% I pay in interest. I’ll never be in the position to default so it’s out Something I have to worry about.

We also have a ‘early payout’ clause where we can pay the total balance owning minus any future interest payments. I’m happy with our deal 

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