Foreigners usually do not finance a loan of Thai domestic banks to buy investment property in Thailand. Most financial institutions in Thailand provide loans for the purchase of Thais and Thai companies.
In recent years, Bangkok Bank (Singapore) a loan program for residents with qualifying was very similar to that in the West. You must complete an application to provide proof of income, tax returns and other documentation. ThisThe program can finance the buyer up to 70% of the purchase price of the house. The problem with this program is that it is not always available, and as of this writing, the program was discontinued.
In some areas such as the resort of Pattaya, banks have begun to design loan programs for foreigners living in Thailand and local work in. Kasikorn Bank, for example, allows foreign nationals, have a job for two years or more to allow the funding of the loan for up to 50% receivedProperty value object. The program was just launched in early 2010.
With the current global financial situation, it is best to explore the options directly with Kasikorn Bank, Bangkok Bank (Singapore) and other financial institutions, the current status of loans, programs that may be available for foreigners to be determined.
If you do not buy a loan to Thailand to get your dream property in Thailand, do not worry. Several options are available.
DevelopersFinancing
financing for developers have become increasingly common in Thailand over the past two years. The proposals range from 2 years to 10 years of financing available to buyers of new homes and condominiums Thailand. This funding is directly from the developers. As a result, change the structure of the person concerned.
An example of such program is The Meadows, a residential project in Pattaya. The developer has three years of funding 50% to 8% per annum. Although the duration of the loanfor this and other programs is not as long as conventional mortgages in the United States and Europe, these programs make sense.
Be wary of offers for "free financing" or "0% interest." Obviously, the purchase price in this scenario has been inflated to cover the cost of capital for the developer. The best way to negotiate the best possible purchase price is then negotiated the financing deal separately from the price. Ensuring a clear indication of the market and the market prices before cartelfunding agreement.
Seller Financing
individual owners have recently become more open to stimulate the growth of loans for buyers of homes and condominiums Thailand as a means to foster their interest in selling the property. Such agreement to sign the buyer and the seller is in deed and a promissory note.
If you are using an agent to let them know that you need funding. You will probably have some inventoryProperty, where vendors to extend payment terms. If you are negotiating directly with the seller, just ask if they are willing to accept payments for a defined period and interest rates.
As developers of financing the purchase price, separately purchased by the terms and conditions of the loan. Important to note is the fact that the seller continues to hold the title deeds (Chanot) for the property until repay the loan in full. Make sure your lawyerReviews and ensures that all your business documents to date and securely fastened to protect your investment.
Other options
There are generally two options available to foreigners in Thailand to buy their house or condo to finance. Historically, many foreign buyers had taken a mortgage on their property to their countries of origin. This is harder than ever to the economic crisis, but given the opportunity for some. Even to ask the Bankto determine what programs are available for you.
In some cases, the Thai wife of a foreigner to qualify for a mortgage. In this case, the purchase agreement (and promissory notes) would be managed by the Thai wife. If the foreign national is to finance a substantial part of costs, foreigners register a long-term lease in his name (the Thai spouse as "landlord" and foreigners as "Tenant"). Consult your attorneyto minimize the tax consequences of such an investment structure.
It is also possible to structure a lease to afford your desired property. available structures belonging to the lease option to buy and long-term lease. Each lease with more than three years can be recorded on the property title to the land, who occupy a property next to rights under the contract home or condo. Most of the Thai local lawyers can handle this on yourName for a small fee.
So do not worry if you do not get a mortgage to buy your property Thailand. There are options available. Work to help with a real estate professional, you will find the best real estate and financing structure for you.
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