As local financial institutions have changed their lending policy and no longer provide mortgages to non-Thai nationals, most property purchases by foreigners will be cash transactions. However there are still some other alternatives to finance a Thai property. The options are as follows:
Some local banks offer offshore mortgages for the purchase of Thai properties. This facility is provided through the banks foreign offices (mostly Singapore). The application can be processed through the Bangkok office of the bank and is pretty straightforward. In most cases the bank will finance up to 70% of the units bank appraisal value and repayment terms are usually around 15 years. In order to qualify, the applicant needs to have a steady income in their country of residence and needs to be able to provide supporting documents as required by the bank.
Financing of existing property
If you own a property in your country of residence it might be an option to re- finance this in order to free funds to invest in a Thai property. Please check with your local bank about the options.
If you are interested in multi currency mortgages when re-financing an existing property in your country of residence, we can bring you into contact with our associated multi currency mortgage brokers, who are operating internationally. Please note that for this option only properties in certain countries qualify.
In house short term financing
On a case by case basis we could facilitate with a short term in-house loan. Please note that this facility has a maximum repayment period of 1 year and should not exceed more than 20% of the total sales price.
Please contact us for further information regarding any of the above options.