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TERMS FOR FINANCING OF RESIDENTIAL PROPERTY IN THAILAND
Purpose To finance the purchase of freehold landed property in Thailand .
Loan Quantum
Up to 70% of the purchase price Maximum loan amount - S$1,000,000 or equivalent amount Minimum loan amount - S$100,000 or equivalent amount
Note
Drawdown quantum shall be the lowest of amount as per approved limit Up to 70% of purchase price of property, when converted at our exchange rate prevailing upon drawdown 90 % of the appraised value upon completion by our appointed valuer
Security
Legal mortgage of property to be financed
- Pledge of Borrower's shares (is borrower is a corporation)
- Personal Guarantee
Loan Tenure
Max 10 years
Currency
The loan shall be denominated in SGD, USD or any other currency acceptable to the bank
Interest Rate
(Subject to changes at Bank's discretion) Loan in SGD – Bangkok Bank's Prime Lending Rate per annum(currently 6% ) Loan in USD – US Prime + 0.5% per annum(currently 6.5%+0.5=7.00%) Loan in other currency – To be advised
Repayment:
Repayment of principal and interest is by monthly instalment and to commence one month from date of disbursement of loan.
Drawdown
Loan shall be drawdown only upon payment by the borrower of the difference between the purchase price and the loan amount, subject to completion of loan documents and fulfillment of the conditions precedent.
Prepayment
Prepayment of loan allowed subject to payment of 1.5% flat on the loan amount to be prepaid.
Processing Fee
Processing fee of S$5,000 or equivalent amount is payable upon acceptance of our letter of offer and S$2,000 or equivalent amount shall be refunded upon drawdown of the loan.
Expenses
All expense such as legal/mortgage costs , valuation fee and fire insurance premium etc shall be payable by borrower.
Documents Required
- Completed Mortgage Loan Application Form
- Copy of identification card (front and back) / passport
- Signed copy of Sales & Purchase Agreement
- Employer's letter addressed to Bangkok Bank Public Co Ltd ( Singapore ) confirming position, years of service and remuneration
- Bank's Reference letter addressed to Bangkok Bank Public Co Ltd( Singapore ) confirming banking relationship, conduct/type of account and size of loan/deposit with the bank.
- Last 6 months bank statements
- Last 2 years' Income Tax Return
- Last 2 years' Balance Sheet & Profit & Loss Statements (For self-employed borrower)
- Credit Bureau Report from country of residence
- Others upon request
Bangkok bank
Realize your dream home in Thailand with Bangkok Bank
Foreigners who wish to purchase a property in Thailand , whether as a holiday home, for retirement or for investment purpose,
can now get assistance from Bangkok Bank, the first Thai bank to provide home loans to people who are not permanent residents in Thailand . Whether you want to be in the heart of the city or out in the provinces, we can help you to become a homeowner.
Flexible loan plans
We offer home loan plans that can be tailored to meet your needs. The loan can be denominated in US or Singapore dollars and you can borrow up to 70% of the property appraisal value, subject to a maximum loan quantum of one million Singapore dollars or the equivalent amount. Loan repayment can be made over a maximum repayment period of 10 years.
As a Thai bank, Bangkok Bank is familiar with regulatory requirements in Thailand and thus in an ideal position to facilitate financing of property purchases. We also offer personalized services that will help you select the best loan solutions.
Competitive rate option
We offer quick and easy financing at two competitive rates. If you borrow in US dollars, the interest rate is the Bangkok Bank's US dollar prime lending rate + 0.5% per annum. If you borrow in Singapore dollars, the interest rate will be the Bangkok Bank's Singapore dollar prime lending rate per annum. The choice is yours at Bangkok Bank's Home Loans.
With Bangkok Bank's Home Loans, you can create your dream home or invest in residential property in Thailand . For more information, please contact Bangkok Bank, Singapore Branch.
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