The state of Thhailand finance has been improving. Over the past few years’ Thai banks have started to open their way of thinking towards foreign investment. Earlier restrictions that prevented foreigners even applying for mortgage or finance in order to buy a Thai property are being relaxed. Now foreigners are eligible for small mortgages albeit under strict conditions and mainly for condo purchases in Bangkok.
As a general rule of thumb you must have a good credit history, be living and working in Thailand and the purchase must be in the applicant name. Even with these allowances, loans are generally granted over shorter periods then most other Western countries and condominium purchases are seemingly more popular as Thai law stipulates owning a condominium within a block is allowed.
In order to bridge this gap within the market, some Thai banks as well as some well known Singapore banks are beginning to offer offshore services. More recently a trend between developers and private lenders has begun where by they are starting to offer their own finance and staged payment options to property investors in a bid to keep the market buoyant.
GFS Australasia is able to provide finance on Koh Samui, offering attractive options to property investors in terms of fixed interest rates and flexible repayment options.
As with every stage of buying a property abroad, sound legal advice and guidance through the finer details of each banks terms and conditions is essential. Thailand is a relatively new emerging property market with its own unique principles that, when handled properly, can provide a rewarding and profitable property investment.