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Home » Reader question » Loan to buy land and my condo as security?
Loan to buy land and my condo as security?
Dear readers,
I own an apartment in Phuket (freehold and paid off). Am not domiciled there. Would like to purchase a plot of land for me and my girlfriend in her name with myself as the long term tenant of the land.
Question is: as a foreigner, can I get a loan from a Thai bank and put my apartment in as a kind of deposit? Purchasing the land will amount to approximately 50% of the value of the apartment.
I am a customer at Bangkok bank myself, but have not asked yet. Wait for responses from you.
Do any of you have experience in this matter (good and/or bad).
Mercies.
Regards,
Jean (BE)
Dear Jean,
I don't want to discourage you or sell gospel. You can try it, go into the bank where you are a customer, and ask the question there. I'm afraid that as a foreigner, even as a 'condo owner' in your name, you will come home from a bald journey. Even for the purchase of a new car, in your own name, with sufficient collateral as a guarantee, that is hardly possible or, to my knowledge, not possible. Some will possibly tell you that they could do it, but you will not get to know the actual finesse of the matter. The simplest solution will be that your wife, if she can meet the conditions of the bank (eg has a proven official fixed income), takes out the loan. The land that you want to buy together cannot be acquired in your name as the owner.
Dear Jean, You want to get a loan to buy land in Thailand? As far as I know, a Foreigner cannot own land in Thailand.! Or it should be your intention to purchase the land in the name of a Thai, Wife or Son/Daughter of Thai Nationality, you can also make any Thai happy and purchase the land in Her/His name. It is best to inquire carefully about the possibilities before you start looking for a loan. Good luck with your search for information. Regain. (BE)
If it is in the name of a Thai, you have chances, but it depends from bank to bank, it is best to ask in the bank, as a foreigner you will not get a loan
a few notes:
1. you can't buy, your girlfriend can.
2. the bank may be able to lend her money if you guarantee the monthly installment
3. they only do that if you have a good monthly income or put in your condo as a security deposit
4. They may want to contractually stipulate that you will continue to pay until the end, even if the relationship is broken.
But why not sell your condo and rent it back or rent another condo if you want a piece of land so badly?