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Mortgage for foreigners in Thailand

Thai citizens actively use mortgage loans to purchase housing. Foreigners can get bank approval for a mortgage by fulfilling one of the following conditions:

  • It is necessary to have official employment with a monthly income of 80 thousand baht, for a period of 12 months.
  • Have a residence permit (to obtain it, it is also necessary to fulfill a number of requirements);
  • Be married to a Thai citizen.

The age of the borrower at the end of the mortgage loan repayment should not exceed 60 years.

Even if all the conditions are met, the bank has the right to finally refuse to lend to the borrower or require additional guarantee obligations. As a rule, with a positive decision, the bank provides a loan in an amount not exceeding 70% of the total value of the acquired property. The maximum loan term is 15 years. The interest rate depends on the conditions of banking organizations and is about 9%, which is slightly higher than for the natives of the kingdom.

Another option for obtaining funds for the purchase of housing by a foreign citizen is the application of organizations that provide financial assistance to foreign investors. The conditions for obtaining a loan in these organizations differ from those of banks, with a higher interest rate and a smaller amount, which is only half of the purchase price, and the loan is also given for a maximum of 10 years. To obtain a loan in these organizations, documents are not required that banks require, but a prerequisite will be the acquisition of residential premises in major cities in Thailand.

The most convenient and easiest option is the purchase of housing (in the form of a finished object, or still under construction) in installments provided by the developer. From the degree of readiness of the object, the installment plan can range from 12 months to the completion of construction.