Global Mortgage Finance
(Thailand Property and Land Finance Specialists)
Condo Terms and Conditions
- Lender Fee - 1.25%
- Annual Interest - From 8.65% - 9.65% Commercial Rate)
- Appraisal Fee - See Thailand Condo Appraisal
- All Land Department Fees payable by the Borrower
- Up to 10 Year Term with Option for a 50% Renewable Balloon
Villa, Land, House Terms and Conditions
- Lender Fee - 1.50%,
- Annual Interest (Paid Upfront) 12%,
- Appraisal and Inspection Fee - Quoted upon submission of Chanote/Title Deeds
- All Land Department Fees payable by the Borrower
- 12 Month Term Renewable for up to 3 Years.
Thailand Mortgage Checklist
For all Thailand Mortgage applications, it is recommended that the below is forward in order to confirm lending availability. This can be via email initially, with originals or certified true copies to be provided before lender approval.
It is not uncommon that we simply receive the application form without any further information and whilst this is initially suitable for an idea of what is feasible, a realistic and genuine offer from a bank/institution requires further information.
During the last several years, lenders have tightened criteria on finance availability and require evidence of suitable clients. The more information provided, the more comfortable the bank will feel over what can be financed.
Basic Form & Document Requirements
1. Lender Application Form
ID & Verification
1. Passport (s)
2. Work Permit (s)
3. Marriage Certificate
4. Confirmation of Salary (Tax Return or Wage/Pay Slips)
5. Thai Birth Certificate (Under 18 Only)
6. Utility Bill (s) (Confirmation of present address)
7. Recent Bank Statement (s) / Book (s) (Thailand)
8. Title Deed (s)
9. Sales & Purchase Agreement (s)
10. Down Payment Slips
11. Business Card (s)
12. Credit Bureau Report (See page Condo Credit Bureau Report)
13. Career Resume
The above list of documents is an exhaustive list to be used where applicable only. Most cases receive a better success rate if documents are submitted or are available /known from the outset.
You may also think why may a Resume or Thai Birth Certificate be required when there is plenty of liquidity in the collateral. This is simply because the approval process in Thailand is a manual process where individuals review each and every application. Being able to look through a pile of paper and easily see your Career history or perhaps see you have a Thai child, paints a picture for the staff member. It helps the decision making process. Of course, these are not always required however, can sometimes make that little difference between a decline or acceptance.
Evidence / Proof of Wealth
1. Bank Account (s)
2. Investment Statement (s)
3. Property Title Deed (s)
Where Worldwide Assets are held, evidence is preferred in order to establish a greater chance of success. From the lenders perspective, if you hold Bank Accounts, Property overseas and Investments, it will demonstrate an open relationship to the lender and a greater perceived sense of affordability.
Self Employed Only
1. Company Registration & Affidavit
2. Company Shareholder List
3. Evidence of Company Capital
4. Last 2 Years Audited Financial Statements (if the company has been open for a while)
5. Letter from Accountant to confirm Position, Start Date and Income
Typically, lenders prefer salaried individuals from multi-national companies as will make easier for the lender to assess an individual’s income. If self-employed, the relevant percentage gross profit against shareholding can be used as your income clarification. If you have only been in business for a few months, perhaps show us what you were doing before starting the present business.
Business Loan Lending Only
1. Construction/renovation permit
2. Blueprints
3. Contract between contractor and applicant
Business loan requests are often required for Developer Finance or Construction Finance. Whilst we are happy to consider these cases, lending is not so often granted and usually requires other Assets other than the one looking to develop as collateral.
Purchase of Property in the name of Thai Company
1. Company Registration Documents (Less than 3 Months Old
2. List of Shareholders (Less than 1 Month Old)
3. Company Stamp /Seal will be required when signing / verifying Company Documents
4. Company Affidavit
5. ID Card/ Passport and House Registration of all Shareholders
6. Minutes of the Meeting to confirm ok for Company to Loan.
7. Company Credit Bureau Report
8. Last 2 Years Audited Accounts and Auditors Opinion (If the company has been open for a while)
9. Last 2 Years Financial Statements (if the company has been open for a while)
Typically, the above would be required for all Thailand Foreigner Finance options when purchasing a House/Villa/Land/Hotel. 99% of these cases are in the name of a company due to government restrictions on Foreigners owning property in Thailand.