Phuket Legal & Consulting is located on Nanai Road in Patong services include: Business Investment, Business Consultants, Company Formation, Accounting, Notary, Property Services (including Buy, Sell, Lease), Mortgage, Legal Advice, License Service, Land Title Registration, Thai Visa Services & Thai Translation Services.
If you would like to setup a meeting with one of our lawyers, please give us a call Phuket Legal & Consulting today.
Property Finance and Loan Information
Property financing for foreigners in Thailand is achievable
A major consideration when buying a property back home is financing. Even for those who have sufficient support and liquidity for an acquisition, financing is frequently seen as a means of leveraging our investments. For buyers with less way in to funding, financing is an essential vehicle they use to have and own that dream home. In this case, Thailand is the same as any other state. Most of the financial institutions in Thailand suggest loans for real estate purchases to local Thais and Thai companies based on related criteria we are used to in our home country. However, the similarities do end there for most foreigners buying property in Thailand.
Generally speaking, foreigners cannot mortgage properties in Thailand. As a matter of fact, mortgage lending by local banks to foreigners was practically unheard of in Thailand. Nevertheless, in recent years, a minor shift in policies allows foreigners to a limited access in financing. This was inspired, in part, by the Thai government’s enthusiasm to endorse tourism and to encourage economic increase in Thailand. This was set up during the high growth period in the last five years leading to Thailand’s current atmosphere which can now be best described as stagnant.
In spite of this, some Thai banks have presented some financing services to foreigners but with quite strict terms and conditions on their availability. The major condition is that the property has to be under the foreigner’s own name and that the property should be listed as a condominium under the Condominium Act since foreigners are only allowed to buy these kinds of properties in Thailand
Download PDF File