Can a foreigner apply for a mortgage loan in Thailand?

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Can a foreigner apply for a mortgage loan in Thailand?

Are you a foreign buyer looking for a good deal on a mortgage loan in Thailand? If yes, the good news is that foreigners can get access to property financing from banks and financial institutions in Thailand. However, banks in Thailand do not offer 100% loan for property purchases for non-Thai citizens. Today, BR would like to share some of the most popular international banks that expats, and foreigners often turn to.

United Overseas Bank (UOB)

United Overseas Bank is a Singaporean multinational banking organisation with branches found in Phuket and all around Thailand. UOB has launched the new International Home Loan Scheme for Thailand to allow foreigners access to financing when they wish to buy condominiums in Thailand. This is a joint financing program between UOB in Thailand and UOB in Singapore. A loan for landed property can be obtained by a foreigner if it is applied jointly with a Thai spouse. The entire application procedure can be done within Thailand without the applicant going to Singapore.

UOB General Mortgage Terms and Conditions:
– Available for Property in Bangkok or select upcountry locations.
– Available for Investment or residential property purposes.
– Principal up to 70% of the purchase price.
– Loan in Singapore Dollars (SGD) or American Dollars (USD).
– Mortgage term up to 30 years.

Industrial and Commercial Bank of China (ICBC)

Industrial and Commercial Bank of China is a state-owned multinational Chinese banking company.It offers a loan called ‘Foreigner Housing Unfunded Financing’, which is available for properties in major Thai cities including Phuket, Pattaya, and Bangkok. It prioritizes applications from buyers originating from Mainland China and its Special Administrative Regions. For Chinese mainland citizen should hold work permit in oversea countries, no work permit requirement for Hong Kong, Macau, Taiwan, Singaporean, Malaysia, etc. Loan amount starts from 1.5 to 15 million baht. If value from 1.5 -7.5 million baht, can get maximum 70% of purchase price or appraisal price (whichever is lower). If value from 7.5 million baht, can get maximum 60%.

ICBC General Mortgage Terms and Conditions:
– Available for main Thai Cities and/or Provinces.
– Available for investment or residential property purposes.
– Principal up to 70% of the purchase price.
– Loan in Singapore Dollars (SGD).
– Mortgage term up to 3-15 years.
– Principal Up to 70% of valuation, minimum THB 1.5 million
– Age between 21 – 55 years and not exceeding 60 years by the end of tenor.

MBK Guarantee

MBK Guarantee is another channel for foreigners who wish to buy property in Thailand. MBK Guarantee is a mortgage loan servicing company operated by the MBK Group, one of the leading shopping mall operators in Thailand.The prominent point are their friendly requirements where foreigners are not required to be permanent residence or employed in Thailand, no restrictions for specific nationalities, no Thai spouse is required. Moreover, both ready-to-move and under-construction condos are legitimate for the use of loan.

MBK General Mortgage Terms and Conditions:
– Available for Bangkok and its peripheral, key resort provinces
– Available for investment or residential property purposes.
– Minimum 1 year up to 10 years; a maximum age of 70*
– Principal Up to 50% of valuation, minimum THB 1 million
– Local loan in Thai Baht
– Mortgage term up to 1-10 years.

It remains true that financing for foreigners is not an easy task and is highly dependent on your individual needs and circumstances.We would recommend you to contact the banks directly to find more information and what your mortgage loan options are. If you are interested in buying property in Bangkok, contact BR agents, we will be glad to answer your questions and advise on payment conditions.

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