Condominiums or apartment are the only type of real estate in Thailand that foreigners can own. However, there is a requirement that the project or building must have foreign nationals holding ownership rights of no more than 49% before a foreigner can purchase. The process is as follows :

1. Payment deposit : After selecting a project and checking the quota, it is necessary to deposit money to reserve a room, ranging from 50,000 to 150,000 Baht.
2. Sale and purchase agreement : The sale and purchase agreement specifies the details of the room and the total amount to be paid, including any down payment requirements.
3. Transfer of Ownership : The buyer must prepare cash or loan documents ready and may also authorize a agent or property owner to carry out the transfer of ownership on their behalf. If unable to travel to Thailand to handle the process personally, all necessary documents must be taken to be notarized by a Notary Public stamp at the Thai embassy in the respective country, then send all documents to the lawyer or property owner in Thailand to proceed with the transfer of ownership.
4. Complete Ownership : If the buyer has prepared all necessary documents and made full payment, they will receive a condominium ownership certificate and a sale and purchase agreement from the Land Office, which means the buyer is the complete owner.

Payment methods for foreigners buying real estate in thailand

1. Reservation fee : can be paid by credit card or money transfer from abroad.
2. Down payment : typically 20% - 30% of the property price, and each installment must be transferred from abroad using foreign currency.
3. Transfer of ownership : if the buyer has cash, it can be paid directly. If payment is made through a transfer, it must be transferred from abroad because it cannot be transferred from a bank account in Thailand. Alternatively, the buyer can apply for a loan from a bank or financial institution.

There are 2 ways to apply for a loan from a bank or financial institution

1. Apply for a loan in your own country : Once approved, you can transfer the funds to Thailand in foreign currency to directly pay the property owner or seller. This option is only available in foreign currency.
2. Applying for a loan in Thailand : If foreigners want to apply for a loan in Thailand,

2.1  In case of being unmarried to a Thai national, it is not possible to do so due to the regulations and policies of the Bank of Thailand, which do not allow commercial banks under the supervision of the Bank of Thailand to directly lend to foreigners. It is necessary to apply for a loan from a bank or financial institution that is not under the supervision of the Bank of Thailand, such as...

2.1.1  United Overseas Bank ( UOB )  is an international bank from Singapore with branches in Phuket and throughout Thailand. UOB has launched a cross-border home loan program for Thailand to provide foreigners with access to loans when they want to buy a condominium in Thailand inboth cases : 

1. Foreigners can borrow money to buy land if they are registered as married to a Thai spouse.
2. UOB can provide loans directly to foreigners working in Thailand who have a Thailand entry permit ( visa ) and a work permit for at least 2 years to apply for a residential loan.

General residential loan terms and conditions of UOB Bank :

1. For the purchase of residential property in Bangkok or other provinces.
2. Intended for investment or residential purposes only.
3. Principal amount of up 70% of the purchase price.
4. Loan in Singaporean dollars(SGD) or US dollars (USD).
5. Maximum mortgage term of 30 years.

2.1.2  The Industrial and Commercial Bank of China ( ICBC )  is an international bank in China that provides a loan service called " Foreigner Housing Unfunded Financing " for real estate in major cities in Thailand such as Phuket, Pattaya, and Bangkok. Mainland Chinese citizens will have more privileges than others.

General residential loan terms and conditions of ICBC Bank :

1. The applicant must be between 21-55 years old and the total repayment period plus the age of the applicant must not exceed 60 years old ( in the case of Chinese nationals, they must have a work permit in Thailand or other countries ).
2. The repayment period is between 3-15 years.
3. The loan currency is in Singapore dollars.
4. It is a real estate property that foreign nationals can invest in or purchase for residential purposes under Thai law.with a value of at least 2 million Baht and located in Bangkok, Pattaya, or Phuket provinces.
5. The maximum credit limit is 70% between the property's transaction value and its appraised value ( whichever is lower ), with a minimum loan amount of 1 million Baht and a maximum of 7.5 million Baht. If the property value is over 10 million Baht, the maximum loan amount is 50% and the mortgage period is between 3-15 years.

2.1.3  MBK Guarantee  is another option for foreigners who want to buy real estate in Thailand. MBK Guarantee is a residential loan service operated by the MBK Group, one of the leading department store operators in Thailand. The standout feature is the easy requirements for foreigners, no need for permanent residence or work in Thailand, no restrictions for any nationality, and no need for a Thai spouse.

General residential loan terms and conditions of MBK Guarantee :

1. Provides services in Bangkok, its metropolitan area, and major provinces.
2. Available for investment or residential real estate purposes.
3. The principal amount is not more than 50% of the valuation, with a minimum of 1 million Baht.
4. The borrowing needs to be in Thai Baht.
5. The loan term can range from 1 to 10 years.

The conditions of each bank may be subject to change depending on the situation. If you are interested in investing in real estate for foreigners, such as condominium leasing or selling, you can consult with BP Estate Broker in any case. We have experts available to provide advice and assistance throughout, as well as help save time and reduce the complexity of information search.

2.2  In case of marriage with a Thai national, there are three ways to apply for a loan.

2.2.1  Self - loan : Can apply for a loan from 2 banks.

1. Kasikorn Bank does not require working with a company in Thailand or working abroad. If working with a company in Thailand, a work permit for at least 1 year is required. A statement of the past 6 months must be provided, and the maximum loan amount will be 80% of the assessed value from the bank.
2. UOB Bank does not require working with a company in Thailand or working abroad. If working with a company in Thailand, a work permit of at least 2 years is required. A statement of the past 6 months must be provided, and the maximum loan amount will be 80% - 95% of the assessed value from the bank.

2.2.2  Joint loan with a Thai spouse is possible, where both parties are joint borrowers for the purpose of purchasing real estate. The loan can only be applied for with Kasikornbank and there is no requirement to work for a company in Thailand. However, if yhe borrower works for a company in Thailand, they must have a work permit valid for at least 1 year. A 6-month bank statement is required and the loan amount can be up to 80% of the appraised value of the property.

2.2.3  A married couple with a foreigner as a guarantor Can apply for a loan with 3 banks as follows :

1. Siam Commercial Bank does not require working with a company in Thailand or working abroad. If working with a company in Thailand, a work permit is required for at least 6 months. There is no minimum income requirement, and the maximum loan amount is up to 90% of the appraised value from the bank.
2. Kasikorn Bank does not require working with a company in Thailand or working abroad. If working with a company in Thailand, a work permit is required for at least 1 year. A statement for the past 6 months is required, and the maximum loan amount is up to 80% of the appraised value from the bank.
3. UOB Bank does not require working with a company in Thailand or working abroad. If working with a company in Thailand, a work permit is required for at least 2 years, and a statement for the past 6 months is required.The maximum loan amount is up to 80% - 95% of the appraised value from the bank.

Money transfer

          It must be a transfer from overseas in order to obtain a FOREX/FET certificate as evidence as evidence for the transfer of ownership. If you have an account in Thailand, you must transfer the money overseas and then transfer it back to Thailand again. The payment transfer can be made directly to the property owner or seller or transferred to your own account before making the payment.

          Except for Chinese buyers, as the laws of China do not allow Chinese people to transfer money to buy real estate abroad. Therefore,

1. Chinese buyers must open a bank account in Thailand first.
2. Gradually transfer money from abroad into the account in Thailand.
3. Transfer payment to the property owner or seller.

               According to Chinese law, it is stated that the maximum amount of money that can be transferred abroad is $50,000 per person per year.

               The documents required to apply for a loan to purchase real estate.

1. The required identity documents include Passport, Visa, Work permit, and Marriage certificate if registering for marriage with a Thai person.
2. Financial documents include salary certificate, statement, payment slip, annual income tax certificate or withholding tax certificate.
3. Property details documents include condominium ownership certificate ( or Chanote ), building location map, room layout plan, property photos, purchase agreement, deposit agreement, or proof of down payment.

If the borrower's spouse is a Thai national, they must also prepare the documents in items 1 and 2.

               Foreigners in Thailand can own other types of real estate besides condominiums, such as a single house, townhouse or land. However, ownership of these properties is subject to certain restrictions, and in most cases, foreigners are required to have a Thai spouse as a co-borrower or guarantor. additionally, the marriage must be registeded with the Thai government. It's important to note that foreign ownership of land in Thailand is heavily restricted, and in most cases, foreigners are not allowed to own land outright.

Ref : ddproperty.com