Financing Real Estate and Condominium Property
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Terms and Conditions for the Financing of Residential Property in Thailand with the purpose to finance the purchase of freehold real estate property in the Kingdom of Thailand.
Loan Quantum: Can be up to 70% of the purchase price
Maximum Loan Amount: USD 8,000,000 or equivalent amount
Minimum Loan Amount: USD 100, 000 or equivalent amount
The Draw-down quantum shall be the lower of:
1) Amount as per approved limit
2) Up to 70% of purchase price of property, when converted at our prevailing exchange rate upon drawdown
3) 90% of appraised value upon completion (For property under construction) or up to 70% of appraisal value (For completed property) by our appointed valuer
Security: Legal mortgage of property to be financed
Loan Tenure: Max 20 years
Currency: The loan shall be dominated in SGD, USD, EUR or JPY
Interest Rate (Subject to Changes at Bank’s Discretion)
Loan in SGD - Bangkok Bank’s Prime Lending Rate per Annum (currently 6%)
Loan in USD-USD Prime + 0.5 % per annum (currently 8.25% + 0.5 % = 8.75%)
Loan in EUR-EUR Prime +1% per annum (currently 7.25% + 1% = 8.25%)
Loan in JPY - JPY Prime + 1.25 per annum (currently 2.85% + 1.25 % =4.10%)
Repayment: Repayment of principal and interest is by monthly installment and to commence once month from date of disbursement of loan.
Drawdown: Loan shall be drawdown only upon payment by the borrower of the difference between the purchases price and the loan amount, subject to completion of loan documents and fulfillment of the conditions precedent
Prepayment: Prepayment of loan allowed subject to payment of 1.5% flat rate on the loan amount to be prepaid
Processing Fee: Processing Fee of USD 1,750 is payable in two stages;
a) USD 150 or its equivalent is payable upon submission of loan application. This sum of USD 150 is non-refundable
b) USD 1,600 or its equivalent is payable upon acceptance of our letter of offer
Amendment Fee
Additional non-refundable fee of USD 120 or its equivalent shall be imposed for re-process of application if there’s any amendment to the loan request after the approval of facilityExpenses
All expenses such as legal/mortgage costs/valuation fee and fire insurance premium etc shall be payable by borrower
Required Documents
- Completed Mortgage Loan Application Form
- Copy of I.D. card (front and back)/passport (essential pages)
- Signed copy of Sales and Purchase Agreement or Reserve Agreement
- Band’s reference letter addressed to Bangkok Bank Public Co Ltd confirming banking relationship, conduct type of account and size of loan/deposit with the bank
- Last 6 months bank statements
- Credit Bureau Report from country of residence
- For Salaried Individuals; Employer’s letter addressed to Bangkok Bank Public co Ltd confirming position, Years of Service and remuneration/ Last 2 years’ income Tax return/ Last 6 months’ computerized pay-slip
- For self-employed Individuals; Last 2 years’ Balance Sheet Profit & Loss Statements/ Last 2 years’ Income Tax Return
- Other upon request
Please Note:
The above does not constitute an offer, an invitation to offer, a solicitation or recommendation to enter into or conclude any transaction and is issued for information and discussion purposes only. The terms are subject to changes without prior notice. Actual transactions are handled according to the actual circumstance of each case. Final terms may differ and loan approval is subject to evaluation of applicant’s financial standing, repayment ability and at the bank’s discretion.