If a foreigner wants a bank loan to buy property in Thailand,
what to do??
Foreigner who stay in Thailand whether who is working in Thailand or marriage with a Thai person, they may need to have houses, condominiums, cars in Thailand for daily use. Currently, Thailand can allow foreigners to buy property in Thailand but it is up to the borrower to loan for anything, such as a loan to buy a condo or a car.
Wonderful Package will tell you the information if a foreigner wants to get a loan to buy property in Thailand, what to do and what documents do they need? Let's see!
If a foreigner wants to get a loan to buy a house
If wanting to buy a house, a foreigner cannot buy it because foreigners cannot own land in Thailand. However, if a foreigner marries a Thai person and you want to have a house and land, you can buy it, but only with your spouse's name. That means foreigners can not have ownership of the house and the land even if you marry a Thai person.
If you want to buy a house, you can do so, but the foreigner will get a loan together with the Thai spouse or being a guarantor for a Thai spouse. In which Thai people own the property, not a foreigner.
If a foreigner wants to get a loan to buy a condominium
Foreigners can buy a condominium but must be subject to Thai law. Condominiums are defined as buildings that can be partially sold to legitimate individuals or groups which must have 51% Thai ownership and 49% foreigners. If the condominium has a proportion of foreigners already owning ownership, foreigners will not be able to purchase that condominium.
When foreigners check eligibility that has the right to buy a condominium, foreigners will be able to apply for a loan from the bank but the process is complicated and the borrower must have the qualifications specified by the bank such as having money that can be paid as specified by the bank per month that the bank will not lend a condo 100% of the borrower's balance but will release only 70% -80% of the borrower's balance.
If a foreigner wants to get a loan to buy a car
Foreigners can buy a car but must have a Non-B visa, Non-O as Marriage, etc. so they can buy a car in Thailand.
Nowadays, there is not only a bank loan to get a car but also car dealerships have to finance their cars for their customers and you can get the loan with the finance. If a foreigner has a work permit in Thailand, a certificate of residence from the embassy, and a guarantor is Thai nationals.
Foreigner's Bank Loan Application Document List
- Passport
- Visa
- A Work Permit (Validity over 2 years)
- Marriage Certificate (If married with a Thai person)
- Salary Certificate from your workplace
- A copy of the Bank Statement for the last 6 months
- Salary Slip
- Other Book Bank
- Income Tax Items
- Any other documents showing the source of income
*For loaning, income must be three times the monthly installments, and there will check the credit bureaus.
Note: These documents are one of the processes for which a bank is required to enter into a contract, and it may be up to each bank to need any additional documents or not. In order not to waste time, you can contact the bank near you straight away.
Supporting Documents for Car Leasing Installment
Foreigner Documents (For Buyer)
- Passport
- Visa
- A Work Permit in Thailand or Permanent Residence
- A copy of the Bank Statement for the last 3-6 months of the bank in Thailand
- Income documents such as company Salary Certificate
Note: These documents are one of the processes a financial bank is required to enter into a contract, and other information may be required depending on the terms of each company that accepts the financing.
Thank you for the information from
- thaimoneyadvice
- ikkucung
- ddproperty
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