Financial consulting in Thailand
Among the most popular financial forms, we find financing and debt. In general, financing is closely linked to the purchase of a new property, whether or not the buyer has sufficient financing.
This can be viewed as a means of supporting investments
Thailand offers services similar to those in the Western world. The financial institutions in this country grant loans for real estate acquisitions to all companies in Thailand, and the situation is getting better and for foreign citizens.
As Thailand intends to promote tourism and encourage economic growth, foreign citizens have been allowed to finance it. Although banks and institutions offer financing services to foreigners, they meet certain strict conditions such as the acquired condominium must be registered as a condominium respecting the conditions of the condominium law.
No matter when you need help, J&E Concierge Pattaya is here for you.
Unlike foreigners, Thai citizens can enjoy the benefits of personal loans for various purposes, this type of financing usually having many forms, ranging from credit cards to personal loans needed for medical treatment or sometime for education
For a foreign citizen to obtain a local bank loan he must meet the following requirements:
– it is necessary to hold a permit of work valid for at least one year or hold permanent residence
– the proof that you are employed in Thailand and the proof of the annual salary including the payment tickets
– in some cases, the bank may also request the employer’s company documents
– credit check
– the applicant’s age together with the loan period must not exceed 60 years
– you need a secure and stable job
– the total income must be at least three times higher than each tranche
– the total repayment of the loan must exceed 7 years
At the tasks of local banks, the interest rate tends to be fixed.
Also, besides the local options, foreigners can still benefit from the international schemes offered by the Bangkok branch, both of which are oriented towards the establishment of the bulk purchases.
Foreign citizens also can obtain mortgages that are regulated according to the Thai Civil Code and the Commercial Code of Thailand.
The following conditions must be respected in order to benefit from protection:
– the mortgagee must have the right of ownership over it
– the mortgage contract must be written and registered
In the following cases, the parties must register the mortgage with the authorized officer:
– any land with title deed must be registered with the Land Department, the Metropolis Land Office, the Land Office or the Provincial Land Office where the mortgaged land is located
– about the land without title deeds, it is known that they must be registered at the District Office where the mortgaged land is located.
J&E Concierge Pattaya can handle the loan, lend money and mortgage for both foreign and Thai nationals and all you have to do is to get in touch with us as soon as you may feel.
When someone wants to buy a new home, the first thing that a person is looking for is financing. In general, even for people who already have sufficient financing for a purchase, financing is perceived as a means of supporting investments.
Most of the financial institutions in Thailand offer loans especially for real estate acquisitions based on criteria similar to our country of origin.
As a rule, however, foreigners do not have the right to mortgage property in Thailand. However, there has been a change in policies that will allow foreigners limited access to finance. This is possible because the Thai government wants to promote tourism and grow the country’s economy.
Since some banks in Thailand offer the possibility of financing services to foreigners, they impose certain strict conditions on their availability:
– it is also required that the property be held in the name of the foreign citizen requesting the mortgage services
– if we are talking about a condominium, the property must be registered as such under the terms of the Condominium Law
As a rule, Thai banks offer loans to individuals including certain facilities, such as credit cards, personal loans, business loans for education and medical treatment, as well as loans for general personal use, such as the purchase of a condominium, renovations or car purchases.
The facilities offered by Thai banks are subject to the individual policy of each bank and are only available to foreigners who have worked in Thailand for many years or have lived here. To obtain these personal loans with which it is possible to purchase real estate, it is very important to remember that these loans are generally granted on the fair market value of the property.
This is based on the bank’s evaluation process.
We present below the criteria by which a foreigner can access bank loans
– the citizen must hold a work permit for at least 1 year or a Thai resident permit
– a letter of employment indicating the years of service in Thailand but also the annual salary
– usually, they will also attach payment packages
– sometimes banks can also request company documents
– the banks will also carry out credit checks on the foreign citizen who requested the financing services
– the age of the applicant combined with the imprisonment period must not exceed 60 years
– any applicant must have a stable and secure job
– also, the applicants must have a fixed salary but three times higher in comparison with each repayment in installments
– in some banks, the total repayment of the loan must exceed 7 years
The applicant must also submit the following documents necessary for obtaining the financing services:
– copy of passport including visa page, identity card or government official ID card
– only when appropriate, the marriage certificate of the applicant and the husband is requested
– confirmation of income and copies of bank statements
– copies of some deeds of land title or unit, sales, and purchase contracts
J&E Concierge Pattaya will be available to obtain financing services for both foreign and Thai citizens. For loan, money lending or mortgage services, the J&E Concierge Pattaya team is here for you.