Mortgage guide: Thailand MORTGAGES
54 | THAILAND
Thailand, long a favoured tourist destination, is starting to see an increase in foreign investors. But how easy is it to obtain a mortgage in the country?
What is the lending criteria?
This depends on the individual mortgage provider, however typical lender requirements for Thailand mortgages can be found below:
Affordability requirements: The cost of the applicant’s existing liabilities and new mortgage should not exceed 50% of their net income.
Employment history: Minimum 1 year required.
Self employed history: Minimum 2 years required.
Regions accepted:
Bangkok, Pattaya, Phuket, Samui and Hua Hin. Cha-Am is also acceptable for property purchases only.
Property types accepted: Condominium properties only.
Applicants accepted: Individuals only – no local or foreign companies considered. All nationalities considered except Australians and those from sanctioned countries.
Further information:
Currency options for mortgage payments – Thailand Baht or United States Dollars. Some lenders will require you to open up a bank account with them in order to make the mortgage payments. Securing a mortgage offer can typically take between 2 to 3 months.
The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 diff erent countries around the world. See
www.connectoverseas.co.uk. They can be contacted by email at
info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.
What evidence does a buyer need to provide?
This depends on the individual mortgage provider, however document requirements for Thailand mortgages usually include: • Certified copy of passport • Copy of utility bill • Latest copy of a certified payslip
• An employer’s letter that confirms the applicant’s position, income and length of time employed
• For employed applicants – a copy of last 6 months’ bank statements (must show salary being credited to the account)
• For self-employed applicants – a copy of last 6 months’ bank statements plus last 2 years’ tax returns
• Copy of property’s option and purchase or a copy of the sales and purchase agreement
• Copy of full credit report • Evidence of deposit used to buy the property
Editor’s note:
This guide was accurate at the time of production. The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/infozone/mortgages
www.opp-connect.com | FEBRUARY 2013
Bright lights | Bangkok is highly popular with tourists, along with Pattaya and Phuket.
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