The Bank of Thailand is easing loan-to-value (LTV) regulations
Thailand’s central bank has further eased rules on mortgages to boost a key property sector struggling from the impacts of the pandemic, sending property shares higher. The loan-to-value ratio limit has been lifted to 100% from 70-90% until end-2022 to increase activity in the real estate sector.
All types of mortgages are now eligible for loans of up to 100% LTV ratio, effective from 20 Oct 2021 to 31 Dec 2022. The easing of the LTV policy will allow all types of mortgages to be eligible for up to 100% loans (from 70-90% previously). The banks are allowed to offer 10% per cent more for expenses on furniture and interior decor.
Those buying a second home are required to place a 10 per cent down payment if they have serviced the first home loan for two years or more. Previously, they needed to service debt under the first mortgage contract for at least three years. However, a 20-per cent down payment is required if they have serviced the first contract for less than two years. These apply to properties valued at less than Bt10 million.
For homes worth more than Bt10 million each, buyers need to settle a 10 per cent down payment for the first contract, down from 20 per cent. This measure aims to serve those seeking a different lifestyle.
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