The term can not exceed 30 years (up to 35 years for permanent employees) or, the repayment period and the applicant’s age combined must not exceed 65 years. You can choose to make repayments with step installments or a flat rate plan.
The first challenge is to read bank websites such as Bangkok Bank, Krung Thai Bank and Kasikorn Bank in Thailand. in securing a loan to buy a house, You can get prequalified for a loan depending on your credit history and proven income. At this stage, buyers supply their basic financial information such as assets, debts, and income to a bank or private lender. Often this information is gathered through an online form or at your local Buriram Bank Branch. In general, a credit report may not necessarily be pulled. The Banks in Buriram all belong to the Thailand National Credit Bureau. Each bank has slightly different loan qualification criteria in Thailand.
Truthful information, good credit history and funds arrival from a foreign country or funds earned in Thailand from employment or investments. plus the information provided, then the bank or lender will make a calculation of how much a buyer can afford. They may at this point issue a mortgage prequalification letter, which can be presented to the seller. This amount is in no way binding, and the letter does not offer any guarantees that the buyer would be approved for this amount. It can, however, be helpful as a starting point for the home buying question, “How much can I afford in Thailand?”
Because the prequalification letter carries so little weight, many Thailand real estate agents recommend that those looking to buy a home promptly move to the preapproval stage before seriously shopping for a home. It’s at the preapproval stage where prospective buyers and lenders become a bit more intimate with proven financial income matters.
To get preapproved for a mortgage to buy property, potential buyers will need to provide official documents backing up their assets, debts, and income. The lender will verify these documents, do a thorough assessment of financial stability, and run a credit check. The buyer will also fill out an official mortgage application, leaving the property address out if there’s not a specific residence on the table.
A preapproval letter offers a conditional commitment to lend a specific sum to the buyer based on available information. This letter holds more weight with sellers than a prequalification because steps have been taken to verify the buyer’s income, assets, and debts. The preapproval letter allows a buyer to make an offer on a home in Thailand with a degree of confidence.