Seeking advise on which is the best way to borrow monies

[bigshow]

I'm interested in buying a house in Thailand but a little confused as to which is the best way to go about it in regards to mortgage.

I don't know weather to open up an account in a thai bank and save for deposit by putting money into that account weekly, as I read on this site that to get a mortgage the banks want monies that have come from overseas, which the deposit money would be from overseas but the loan would come from the thai bank.

In my home country the banks are a bit reluctant to lend money for property which is overseas as they don't have the deed or chan note in this case.

Would appreciate any ideas or how other people have gone about this cheers in advance

[fatjack1]

I'm not sure they do mortgages.  Especially on real property like a house which you can't have in your name in the first place.  You can "own" a condo but I have no idea how to borrow.  I purchased mine with cash.

 

 

[ricktoronto]

I have to think for a non resident the odds of a loan are zero. And for an average resident, a condo vs. a home, probably near zero also. A little condo can be had for US$30,000 so I'd think their logic is if someone needs help for such a small amount, that's big risk. Plus they have no interest in taking possession and selling one among 25,000 other used condos if you default. 

In addition to residency I think you need to have a work permit and be working to qualify for any credit, though I can imagine a credit card might be available with a cash deposit = the limit or double the limit, etc. Even then they might think such logic defies reason and say no to that.

Here's a rather grim overview from Siam Legal. https://www.siam-legal.com/realestate/thailand-property-financing.php

[bigshow]

Thanks rick the link was very useful, was looking to buy the house in a company name as I believe you can do that however I have monies tied up and cannot pay cash straight out for it but a mortgage would work, my plans are to stay in  home country pay off house then retire to thailand

[ricktoronto]

Easier to pay cash. I think the banks would be as worried about the liquidity of a condo if you defaulted, and company or not is unlikely to matter. They could ask for 50% down in which case the cost of the transaction is far too much for such a small amount. 

[bigshow]

Very true rick the more I look into it the more complicated it gets cheers

[MidniteM]

3 hours ago, bigshow said:

I'm interested in buying a house in Thailand but a little confused as to which is the best way to go about it in regards to mortgage.

I don't know weather to open up an account in a thai bank and save for deposit by putting money into that account weekly, as I read on this site that to get a mortgage the banks want monies that have come from overseas, which the deposit money would be from overseas but the loan would come from the thai bank.

In my home country the banks are a bit reluctant to lend money for property which is overseas as they don't have the deed or chan note in this case.

Would appreciate any ideas or how other people have gone about this cheers in advance

I think you are asking the wrong question - instead of asking how to do it, you should be asking IF you should do it.

Buying a house (or even an apartment) in Thailand, or any other cheaper SE Asian country, comes with its own set of problems that you need to very clear about before you do it.  This is especially true if you don't even have the full amount of money for the purchase.  Then there is the issue of foreign exchange rates and the possible future movements.

If you haven't even retired yet and are not living in Thailand most of the year, what is the reason you want to buy a house here now? You don't say how long you are away from retiring, but a lot can happen in just a few years.

The most sensible idea is to keep your money in Australia, keep it invested and working for you.  Then when you decide you want to retire in Thailand, move here and rent in a place around where you want to retire.  Get to know the area, the prices and what you want/need in a house.   You don't say if you have a girlfriend/partner here in Thailand already.  If this is the case then there is even more incentive for you not to buy here just yet.

The only way I would purchase a house or apartment here in Thailand is if I have sufficient assets back in Australia that provided me a reasonable income so if things did go a bit pear-shaped in Thailand I still had a back-up.  I am pretty risk adverse though, but your situation may be very different.  Good luck.

[talung66]

13 hours ago, bigshow said:

I'm interested in buying a house in Thailand but a little confused as to which is the best way to go about it in regards to mortgage.

I don't know weather to open up an account in a thai bank and save for deposit by putting money into that account weekly, as I read on this site that to get a mortgage the banks want monies that have come from overseas, which the deposit money would be from overseas but the loan would come from the thai bank.

In my home country the banks are a bit reluctant to lend money for property which is overseas as they don't have the deed or chan note in this case.

Would appreciate any ideas or how other people have gone about this cheers in advance

as said zero of getting a loan and if you need one dont do it. but you can also get owner financed sales or rent to buy.http://www.thompsonspropertypattaya.com/rent-to-buy/ as on TV ill ask for commision if you get one thanks.

[chris2004]

Zero chance of getting a mortgage. Best option is to get a loan in your home country, if you can, and transfer the cash here to buy outright. Never buy anything in a company name.

[Soi7]

Yes money supposed to come in from overseas to a Thai bank and they issue a Tor Tor 3 document needed by the land office for Condo Purchase. Their country their rules even though i worked here for about 15 years at a good salary and was paying taxes. I was not able to use the money i earned here in Thailand ..............well I could but needed to send it out of the country and then bring it back in despite earning it here crazy. In any event the main office of TT Exchange was able in working with the bank to get me that Document using the money i had here. For a fee of course but saved me the hassle.

[RICK36]

What are the pros and cons of that rent to buy through Thompsons? Seems too easy on the surface, especially the part, where you can trade up your condo without losing anything. Are they overpriced to start with? It may just be a way for them to get some properties moving. Seems that there are tons of vacant condos.

Just wondering if there was a way to put a percentage down, have an agency rent it for me, then have it paid off by the time I could retire. hopefully it would go up in value over time as well. I am sure it is not that easy, but I am trying to get an understanding of how things work. 

[rondon]

Owner finance with rent to own Thai real estate

 

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