Foreign buyers in Thailand face unique challenges when seeking mortgages, especially for condominiums. These constraints stem from land ownership restrictions and cautious lending practices by local banks. However, several viable options are available if you know where and how to look.
🔍 1. Local Bank Mortgages with Conditions
Certain Thai banks do offer mortgages to foreigners—but the criteria are stringent:
- Work permit or permanent residency required (typically 1+ year)
- Minimum monthly income between THB 80,000–140,000
- Thai bank account and credit history
- Loan-to-Value (LTV) between 50–70%
- Repayment period usually up to 15 years, sometimes shorter than Thai nationals
- Applicable only to condominiums
Table: Mortgages for Foreigners – Thai Banks
| Bank | Work Permit | Property Type | LTV | Max Loan Term | Notes |
|---|---|---|---|---|---|
| Siam Commercial Bank (SCB) | 1–2 yrs | Condo only | Up to 70% | Up to 30 yrs | Requires Thai credit history |
| TMBThanachart (TTB) | 1+ yr | Condo only | 50–70% | Up to 30 yrs | Income & tax filings required |
| Tisco Bank | 1+ yr | Condo only | ~60% | Up to 25 yrs | May need Thai guarantor |
| Government Housing Bank (GHB) | 1+ yr | Condo only | 50–70% | Up to 30 yrs | Varies by branch |
| Bangkok Bank | 1–2 yrs | Condo only | 50–70% | Up to 30 yrs | One of the more open banks |
| Kasikorn, Krungsri, BBL | 1–2 yrs | Condo only | 50–70% | Up to 30 yrs | English support and expat-friendly |
Reddit insight:
“UOB will do it via their Singapore office… Thai banks won’t give loans to foreigners.”
🌍 2. Offshore Mortgages & Foreign-Bank Products
Foreign banks with Thai operations often provide overseas mortgages secured by Thai property:
- UOB (Singapore)
- Up to 70% LTV for residents, 60% for non-residents
- Loans in SGD/USD, up to 30 years
- ICBC (China)
- 60–70% LTV, targeting East-Asian nationals
- MBK Guarantee
- Mortgage-like loans collateralized by Thai property
- Up to 50% LTV, no Thai residency needed
Reddit insight:
“MBK also does condo loans directly to foreigners.”
✈️ 3. Developer Installment Plans
- Installment contracts offered by developers—often interest-free or low rate (3–7%)
- No bank approval required, ideal for new condos under construction
📌 4. Loan Eligibility & Documentation
Key qualifying requirements:
- Age 21–65 (repayment before 65)
- Valid passport & visa, work permit or proof of income
- Stable income, bank statements, tax returns (last 6–24 months)
- Condominium title deed and valuation report
- Higher documentation scrutiny than Thai nationals
💵 5. Financial Considerations
- Interest Rates: 5–12%, higher for foreigners and foreigners using foreign currency loans
- Down Payments: Usually 30–50% required
- Terms: Often shorter than Thai nationals (10–15 years), some up to 30 years
- Fees: Include valuation, insurance, processing fees (1–1.25%) and early repayment penalties
✅ Summary
- Thai banks may lend to foreigners under tight conditions—work permit, stable local income, condos only.
- Offshore mortgages via UOB, ICBC, or MBK offer viable alternatives.
- Developer plans provide easy installment options for new properties.
- Prepare for higher costs, stricter terms, and foreign currency risk.
✅ Need Help Buying Property in Pattaya?
Whether you’re looking for a beachfront condo, investment property, or long-term rental, we’re here to help.
📧 Email: contact@centralcityproperty.com
📱 WhatsApp: +66 95 992 0345
