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55 Bio House Suite 301 Sukhumvit Soi 39 Klongton Nua, Bangkok 10110 Thailand
In general, foreigners cannot obtain a mortgage from any local bank in Thailand, in order to finance any Thailand property that they have purchased there. Most financial institutions as well as banks in Thailand provide loans only to Thai nationals as well as Thai-owned companies.
During the recent years, Bangkok Bank (a Singapore-based bank) used to offer loan programs for foreigners, wherein the qualifications are that similar to obtaining any types of loan in the "west". The first step is to complete an application form, submit any proof of income as well as tax returns and other needed documentation. Under this program, buyers would have the capability to finance up to 70% of the purchase price of the home. The only thing about this program is that it is not consistently being offered, and at present, it is still being suspended.
In other resort areas, like Pattaya, local banks there have started to offer loan programs that would cater to foreigners, preferably those who live and work in Thailand. Most of these banks would grant loans to foreigners that has a working permit for 2 years or more, and thus, could obtain a financing of up to 50% of the value of the subject property. This program was launched just this year, in early 2010.
With the current global financial condition, it is best to explore your options directly from those banks and other lending institutions that are known to offer loans to foreigners. There is no better way to obtain proper information than from the bank itself so you would know the details regarding these loan programs for the foreigners.
If in any case, you cannot obtain any Thailand mortgage to buy your desired property in Thailand, then do not worry, because there are still several options that might be available for you. And these are some of them:
Through Developer Financing
One option is the Developer Financing which is probably the most popular alternative that the majority of foreigners practice in Thailand, for the past two years now. Deals that range from 2 to 10 year financing contracts are available to foreign buyers of Thailand properties, either a house or a condominium unit. This type of financing deals can be obtained directly from the developers themselves, and therefore, most of these business deals would vary.
An example of this particular program is the one being offered by a developer known as "The Meadows", a housing developer base in Pattaya. What they usually do is offer a 50% three year financing program at 8% per annum. Although the terms of loan in this certain type of program is not as conventional as those being offered in both US and Europe, but these programs are actually deemed successful.
Be wary of offers that claims to be "free financing" or those that says "0% interest". Obviously, under these types of scenarios, the purchase price of the properties was inflated in order to cover the cost of the capital of the developer. Therefore, you will be burdened to pay a very high cost of the property you plan to purchase. It's always best to negotiate the best possible deals that have a good purchase price of the property. Make sure to have a clear indication of the market as well as the market value of the properties you plan on buying, before agreeing on any given financing agreement.
Through Seller Financing
Individual property owners are currently extending financing among potential buyers of Thailand houses and condominiums as a means to stimulate the interest in the resale property. Under these agreements the buyer and the seller will both sign a purchase and sale agreement as well as a promissory note.
If you are coordinating with a real estate broker, be sure to inform them that you require financing. They will usually do some inventories on properties where the sellers are willing to extend payment terms. But if you're negotiating directly through the seller, just ask them simply if they're willing to accept any payment terms for a defined period at a certain interest rate that are agreeable to both of you.
As for the developer financing, bargain the purchase price separate from the terms and conditions of the loan. Above all, it is very important to note the fact that the seller will continue to take hold of the title until such loan is paid in full.
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