Not everyone who moves to Bangkok is a wealthy high-net worth individual. While the “City of Sin” is a magnet for numerous expats earning top dollar while on a work placement from their employer back home, there are just as many people who arrive here with little more than a few hundred dollars burning a hole in their pockets.
So are these people destined to spend their days renting a non-air conditioned studio apartment for just 4,000 baht a month? The good news is that’s simply not the case, as it’s possible for just about anyone to become a condo owner in Bangkok with a little help.
There’s a common misconception that it’s impossible to get a bank loan for foreigners in Thailand, but that’s simply not true. Home Finder would like to set the record straight – the truth is that foreigners can easily obtain a home loan, if they know where to look.
We should point out that there’s one small catch however – a bank loan for a foreigner in Thailand usually comes with a higher interest rate, but the point is it’s still quite easy to obtain.
One great source of bank loans for foreigners in Bangkok is a company called MBK Guarantee, which offers a number of credit products for non-Thai nationals.
MBK Guarantee offers a select number of properties for which it can approve loans for, and it continues to add new properties to this list on a monthly basis. Some of these properties include highly-sought after condominiums such as 15 Sukhumvit Residences, Hyde Sukhumvit 11 and Lumpini Place Rama 9. Click here to see the full list of condos MBK can approve loans for.
MBK also has a very high approval rating for foreigners, claiming a 95 percent success rate on its loan applications, with a typical turnaround time of just 2-3 weeks.
In addition, MBK is also quite loose with its requirements, at least compared to Thai banks. For example the maximum age limit is 70 years old, which makes it a great option for most retirees. They also do not require permanent residence or employment in Thailand, nor do they require you to be married or have a work permit. You can also use your income from overseas as proof of your ability to pay back the loan, and the terms don’t stipulate you have to live in the condo yourself, which means it’s possible to obtain a mortgage on a place and then rent it out.
So if you’re still sweating it out in your tiny studio apartment dreaming of bigger and better things, isn’t it about time you did something about it? Contact Home Finder Bangkok for more details on how you can a get loan in Thailand. (Another avenue to get a bank loan in Thailand is through UOB)