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Abrak
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We have had a number of topics on here discussing property acquisitions in Thailand. Many people of wondered whether mortgage finance is available.
The good news is that there are a number of financial houses offering mortgages to expats. The bad news is that you do need to be a resident rather than a visitor and you do need to have a valid work permit.
For people that qualify, I believe that probably the best deal comes from AIA - Thailand's largest life insurance company.
They are offering a 15 year, fixed rate mortgage of 5.99% to an amount equivalent to 60% of the value of the property purchased.
If anyone knows of any better deals, please let me know.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 7:17 pm on Aug. 23, 2005
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thailife
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the trick in the u.s. has been to get a 80% loan and then piggy back it with a 20% home equity loan at the same time and then.. you get a house for ZERO down !!!!! and you ownder why people talk about a 'bubble". Add to this the teaser rates on ARM's and people are getting in to homes with zero down ans and 4% rates... but that was last year.... rates ar ehigher now, around 6...... as a last resort to keep the economy afloat look for financial institutions to get a little more creative to get more loans out there and for less down............ the last gasp of of a troubled economy.. create credit.....................
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 7:25 pm on Aug. 23, 2005
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Thumper
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I went through this last year trying to get a mortgage for my house. Even though I'm a resident with a work permit it was quite difficult. The AIA deal Abrak speaks of sounds pretty reasonable, I've yet to hear of a better deal.
I was able to get a 12 year loan for 100% of my house cost from a Thai Bank but that was only after significant involvment of some rather influencial Thai friends who know some of the senior executives at the bank. Even then it was very difficult.
I too would be intrested to know if anyone else has managed to get a mortgage or knows of any deals like the AIA offer.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 7:53 pm on Aug. 23, 2005
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scobie
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My understanding is that it's difficult to get mortgages as a farang because there is some strange requirement that the funds have to come from overseas.
Bangkok Bank has recently introduced a service via its office in Singapore. It offers mortgages to farang wanting to buy property in Thailand (for about the same rate Abrak mentions), even if you don't live here. It's a new product offering, designed exclusively to get around issue mentioned above.
The firm I work for helped establish the facility with Bkk Bank.
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 9:35 pm on Aug. 23, 2005
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manowar
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Quote: from scobie on 6:04 pm on Aug. 23, 2005
My understanding is that it's difficult to get mortgages as a farang because there is some strange requirement that the funds have to come from overseas.
Bangkok Bank has recently introduced a service via its office in Singapore. It offers mortgages to farang wanting to buy property in Thailand (for about the same rate Abrak mentions), even if you don't live here. It's a new product offering, designed exclusively to get around issue mentioned above.
The firm I work for helped establish the facility with Bkk Bank.
I heard the same thing. It will be great for higher end BKK property market if it is true. Most farangs ( me included) are not completing their purchase because the requirement of a 100% cash purchase pretty much takes out the best reason to invest in real estate - leverage !
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Thai Women : Meet Matured Thai Women
Posted on: 1:39 am on Aug. 24, 2005
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dotcom
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Yeah Scob & there is that other tiny technicality that says that foreigners are not allowed to own land.
Combine the 2 & you got a problem.
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Bangkok Women : Meet Beautiful Thai Girls
Posted on: 1:43 am on Aug. 24, 2005
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Changover
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Abrak, that deal sounds good. HSBC Offshore offer a housing loan for term of 8 years up to, I think, 80% of the value of the property.
Isn't there a problem though when you sell the property and want to take the money out of Thailand?
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 2:34 am on Aug. 24, 2005
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Basher
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I bought my house via my Thai Company and got a mortgage through the company name with Siam Commercial bank in Phuket.
It wasn't that hard, my company has about 8 million in assets and I used some of those against the mortgage and could prove I have a salary income from overseas.
Though it was a lot of paperwork, 10,000,000 copies of everything involving me, my company and my missus it was all pretty straightforward and we got the ok for the loan within 3 weeks.
It is a 15 year plan with fixed rate of about 5.5% I can pay off double payments with no penalty, and if I pay off the lot there is an additional 3% penalty.
The total borrowed was 1.7 mill including the insurance cover.
Pretty good deal as far as I am concerned as I moved into the brand new house as a renter, the owners run out of cash and asked if I would buy it, I went to the bank and got 90% straight off. the rent was 10,000 a month and the mortgage is now 14,000 a month
No worries.
Bash
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Thai Girls : Meet Active Thai Girls
Posted on: 3:04 am on Aug. 24, 2005
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scobie
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Sorry Dotcom..i should have elaborated that it's for condos only. I assumed people would know that already.
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Thai Women : Meet Matured Thai Women
Posted on: 6:54 am on Aug. 24, 2005
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