LOANS  FOR  PROPERTY  PURCHASES
Some  Banks  Are  Now  Making  It  Easier

In the past, obtaining a loan from local financial institutions was virtually impossible if you were a foreign national residing in Thailand, but within the last few years, things have certainly changed. Some banks have come to the realization that whilst some expats do not have the amount of cash to spare in the purchase of a residence, they certainly do have a very secure and regular inflow of funds, either by way of a monthly pension, or return on investments, that they have made previously. The lack of ready cash has been compounded by the fact that those who are on retirement visas have to hold a sum of 800,000 baht in a Thai bank account, (or 400,000 baht if they have a Thai spouse), so this may limit them a little in buying a residence for their retirement.

 Bangkok  Bank  Leads  The  Way
     The leader in this type of financial service appears to be Bangkok Bank, who seem to be going to great lengths to provide exceptionally good services for foreign expats in all areas of banking. They are one of the few Thai banks who quickly saw the advantages of catering to the needs of the foreign expat community, who are generally speaking, quite well off financially. Whilst many of these foreign residents may not have huge amounts of cash reserves in Thai bank accounts, they often have money invested overseas, or are on a very good retirement pension. In both of these cases, the regular income of these people is 100% ‘rock solid’ and very secure, as the payments are coming from government institutions or some of the largest financial companies in the world. It was with these facts in view, that some of S.E. Asia’s largest banks perceived that making housing & property loans to such clients was indeed a very safe banking practice.

 Times  Have  Changed
     In the past a foreign national could only obtain a housing loan if they had their own company registered for a period of three years, and go through such a complex financial procedure, that virtually nobody bothered to pursue this financial option. The Bangkok Bank was one of the first lending institutions to find a way of simplifying this complex procedure, so that it has now reached a point that most foreign expats with a reasonably high income, will experience no difficulty in obtaining a bank loan. Generally speaking the Bangkok Bank will require a deposit amounting to around 20% of the value of the property, and interest at the moment is approximately 3%, with a further small establishment fee of around 0.25% being applicable for the first year. It was not long before other banks such as the Siam Commercial Bank & the Kasikorn (formerly ‘Thai Farmers’) Bank, plus others started to offer housing loans. The United Overseas Bank (UOB), which was formerly known as the ‘Bank of Asia’ does it slightly differently by outsourcing the loan through its Singapore Branch, in either US dollars or Singapore dollars (SGD). With most of these lending institutions, you can pay over 15 - 20 years and in most cases these loans can be taken out and repaid by some borrowers up until the age of 65 years. Which lending institution you choose will be dependant on your physical and financial circumstances, plus your assets, and maybe even your family situation.

 Where To  Get  Help
         To move around all of these financiers and find the best deal could take an awfully long time, not to mention the cost, and furthermore the ‘house of your dreams’ will probably be sold while you are trying to get this information together. This is where an experienced company such as “Evans Marketing Legal and Accounting Advisors” can be of great assistance, because not only can they give you invaluable advice from their years of experience, but they can put you in contact with their highly experienced and trustworthy in-house lawyers and accountants, who specialize in the requirements of property registration and business requirements.
      Partners Charles R. Evans, M.D., Atchara P. Evans, G.M. and Sathienraphong Khumnon, Attorney at Law, and their team of multi-lingual consultants are there to assist you in “Making the Right Business and Property Investment Moves in Thailand.” By calling in advance for an appointment, an initial 15-minute ‘Financial Health Check’ consultation is free, so bring your documents in soon, as you have nothing to lose. As well as offices in Bangkok and Jomtien-Pattaya, Evans Marketing Legal and Accounting Advisors and Sathienraphong-Evans Law and Accounting (a Thai-American partnership) have recently opened a specialised Legal Services, Business and  Property Investment office in Rayong City.


       This newly opened office is headed by one of the Province’s most highly respected law experts, ‘Attorney at Law,’ Mr. Sathienraphong Khumnon, who has practiced law extensively in Chonburi Province, for over 15 years, and was a protégé of Prem Preecha Dibbiwan, who is well known as one of our region’s leading lawyers, and a past President of the Lawyers Association in the Province. The “Evans Marketing  Legal and Accounting Advisors” and Sathienraphong-Evans Law and Accounting teams are well placed to give you the latest news on what is happening on the business, property & legal front, which is in a ‘state of flux’ at the moment, due to the proposed legislative changes, that are being put forward by the government. 


       Call Atchara P. Evans (66 (0) 81-864-7751) or Charles R. Evans (66 (0) 81-864-7731 for an advance appointment to meet with Charles R. Evans or Attorney Khun Sathienraphong or one of their team of marketing and business advisors, who are always willing to assist you with complete confidentiality, and as their slogan states, - “Professionalism-Integrity-Confidentiality.” They can also be contacted by phone on (038) 301.090(-2) or by visiting their websites; also www.Evans-Marketing.com, www.PattayaInvestments.com and www.PattayaPropertyFinder.com.