Not many people have the finance in place to simply buy their new condo outright, most buyers will need to raise finance in some shape or form. There are a few options open to foreigners in terms of purchasing their brand new home in Thailand. The Kingdom and popular destinations such as Pattaya are some of the most sought after destinations for property purchase. The charm of southeast asia has captivated many foreigners to relocate and settle in this enchanting place, that is why the property market in Thailand has grown over the years even through unsteady world economics. Your reasons for purchasing might differ from others, but basically the financial options are the same. So whether you are buying as an investment, buying to rent, or simply buying for somewhere to live, you will still need to go down the same roads to finance your purchase. The following are popular financing options that are available to foreigners. A lot depends on your own personal situation, but these three options suit most needs.
A loan is one of the most popular of financing options available. Possibly because it has the highest chance of being approved, and many Thai banks are willing to lend to foreigners providing certain criteria are met. If you have been living and working in Thailand for some time, and have a good salary, then it is a good chance you will qualify for a mortgage. Obviously all the necessary documentation such as wage slips, bank statements and employers certificate will be required.
If you are not presently living in Thailand but are planning to buy in the kingdom, you can probably apply for offshore financing. This option, which has been available since 2005, gives foreigners the facility to finance a purchase of a Thai property, even if they do not qualify for a mortgage. The Bangkok Bank offers this service as well as the United Overseas Bank in Singapore.
The property market in Thailand is a highly competitive industry, and many owners of properties have been offering private financing to potential buyers. Normally such deals require a 50% deposit of the total cost of the property, and then pay off installments in a two to three year time frame. Because of the nature of the agreement, rates of interest fluctuate wildly, and it is most advisable to shop around if you are considering to seek private financing. Here at The Global Top Group we assist our clients as much as possible with the financing of their new condominium. We can provide expert knowledge on both the financial and the legal aspects of what can be a very tricky operation. So if you are considering a plunge into the Pattaya property market, contact us now for some sound and friendly advice.