Home Mortgage Loans for Foreigners with Bangkok Bank

Home Mortgage Loans for Foreigners with Bangkok Bank
A foreigner in Thailand desiring to buy a house, a condo, or land must be in possession of a resident permit, passport, work permit, house registration, and foreigner voucher. They also need to have income of at least 200,000 baht per month. If a foreigner abides by these conditions, he or she can buy property in Thailand and mortgage the property with Bangkok Bank. The mortgage documents will not need to be sent to Singapore for review.
If the foreigner is not in possession of the required documents, yet desires to have property in Thailand, the foreigner will need to marry a Thai national, and have the Thai buy the property in his place. However, the foreigner cannot be owner of the property, i.e. claim title deed rights to the property. The mortgage documents will also need to be sent to Singapore.
Bangkok Bank will provide a loan of not more than 70% of the requested loan to foreigners for purchasing a house with property, a town house, a condo, or construction of a home. The bank’s mortgage assessment guidelines depend on the assessment of the Land Department and the market price. Processing a request for mortgage credit takes around 14 working days.
In the event a foreigner has possessory rights to Nor Sor 3 land, the foreigner can request a mortgage loan from Bangkok Bank if the foreigner provides evidence of land ownership or possessory rights.
The fee for registering a mortgage at the Land Department is the responsibility of the borrower. The rate is 1 percent of the mortgage price.
Request for mortgage credit for buying land must be for construction of a home on the land only, in an appropriate location, and not more than 1 rai.
For more information, please contact Bangkok Bank directly at 333 Silom Road, Bangkok 10500, email info@bangkokbank.com, tel + 66 (0) 2 230 1000 or 66 (0) 2 231 4333.