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Loan Options for Buying a Condo in Thailand

Learn more about your loan options to finance your condo purchase in Thailand.

Can Foreigners Buy a Condo in Thailand?

Many foreign visitors come to Thailand each year for enjoyable holidays, experience the warm Thai hospitality, and see many of the country’s tourist attractions. However, today, foreigners don’t only come here for sightseeing; they also come to purchase a condominium.

Although foreigners are not allowed to directly purchase land in Thailand, they can legally buy condominium units. Purchasing a condo in the country is relatively easy, with just a few requirements. Under Thai law, up to 49% of the unit area of any condominium can be owned by foreigners.

Key Points

  • It’s not impossible for foreigners to get a loan in Thailand.
  • Some loan options you can consider are loans from a Thai Bank or from your home country. You may also seek hire purchase option.
  • When you buy a condo in Thailand, all payments have to be remitted outside of the country in foreign currency.

Can Foreigners Get a Loan to Buy a Condo In Thailand?

Getting a loan to buy a condo in Thailand as a foreigner is difficult, and the possibility of getting accepted is little. Most banks in Thailand only accept foreigners who have permanent residence status or a wealthy Thai guarantor who have a long history at the bank. However, it is not entirely impossible. Here are your loan options to buy a condo in Thailand as a foreigner:

Getting a Loan From a Thai Bank

Some banks in Thailand offer great loan options for foreigners. You may have a higher chance of getting accepted by applying for a loan from the following banks:

  • UOB Public Company Limited – UOB is a Singaporean multinational banking organisation headquartered in Singapore. The bank offer Home Loan Scheme that allows foreigners to get a mortgage to buy condominiums in Thailand. It is a joint program between UOB Thailand and UOB Singapore, and the loan is obtained in UOB Singapore. However, you don’t have to go to Singapore to get it. The whole application can be made in Thailand.
  • HSBC – HSBC is another bank you can consider. It offers home loans for foreigners looking to buy a condominium in Thailand. The loan granted by this bank is based on the current market value.

A condominium is the most straightforward way for a foreigner to own property in Thailand.

Getting a Loan From Your Home Country

You may be able to get a loan from your home country. It could be possible to obtain a loan or remortgage another property you have if you want to buy a condo that costs at least 1 million baht. If your credit history is excellent, you might have a great chance to be accepted. Most banks can cover up to 80% of the appraised property value.

There are various options you can choose when it comes to financing your condominium purchase in Thailand.

Seek Hire Purchase Option

The last option you can consider is to speak to the condominium’s developer. See if they can offer hire purchase, which works where regular payments are made totaling the final amount. Once you’ve paid the final amount, the condo is then registered under your name. In other words, you are renting the property until you make all payments.

What to Keep In Mind

The following are some things you need to keep in mind when purchasing a condominium in Thailand.

  • When you buy a condo in Thailand, all payments have to be remitted outside of the country in foreign currency, as stated in the Thailand Condominium Act (section 19).
  • When you register the property, you must get evidence of all your transaction.