Mortgage rates

Legal issues related to buying land, houses, condos in the LOS. Anything about contracts. Finance related, such as getting a mortgage, buying property from the bank, etc.

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Mortgage rates

Postby ExpatIslander » Wed Oct 27, 2010 2:59 pm

General question (although since farang mortgages are rare, I guess it also applies to mortgage for a Thai):

what sort of mortgage rate to Thais pay
a. on a normal mortgage for themselves to live
b. on a mortgage on house purchased for rental

Any links?

Thanks.
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Re: Mortgage rates

Postby Roger Ramjet » Wed Oct 27, 2010 4:03 pm

ExpatIslander,
It's a very hard question to answer on the limited information you have supplied because all the banks are different.
We have a loan for our townhouse through Siam Commercial Bank. The loan is in my Thai wife's name and was based on her salary, or ability to pay, at the time. All they let me do was act as guarantor on the loan. It was a simple loan agreement through their non-commercial loan section and took less than a week to be approved after the paperwork was submitted.
When we went to auctions at Siam Commercial Bank for repossessed land and houses my wife held documents that were approved for loans of up to 3 million baht. Again, based on her salary and ability to pay the loan.
Each bank has "deals" that depend on where the house is, if it is new or old, the amount of deposit needed (between 10-30%), the list is long and as I said, complicated, because each bank is different and have different loan criteria.
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