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.

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