The short answer: Yes. Is it easy? No. Thanks for reading. In all seriousness though, the industry of lending and borrowing money is all about managing risks. In the simplest terms, this means lenders will most readily issue loans under the most favorable terms to the borrowers that pose the least risk. Does it sound like there exists a huge gray area within that statement? You would be correct to assume so. 

Essentially there are banks that will consider issuing a loan to a foreigner to purchase a property in Thailand, but there are a whole host of caveats. While each bank is going to have its own criteria and terms, we can look at some examples to get a general idea of whether or not you might make the cut. 

United Overseas Bank or UOB Cr: fintechnews.sg

One of the more well-known banks in the region is a good place to start: United Overseas Bank or UOB based in Singapore. This long-established financial institution offers financing for overseas properties in several countries including Japan, Australia, and Thailand. The first criteria of note is that you can’t simply choose any property anywhere in the country as they limit properties to “Bangkok and selected upcountry locations” (such as Phuket). So great, you might be able to get financing for that villa you have your eye on? Not so fast. Since foreigners cannot legally own land in Thailand, UOB will only give you financing for a condominium (foreigners can legally own structures). In addition to these stipulations, they will give you a mortgage for the full value of the property, but only 70% of the appraised value or sale price. Also, if you already live and work in Thailand, you must have held a work permit for at least two years and have a documented salary of at least THB 140,000 per month. 

MBKG Loan Cr: MBK Guarantee

While all of these specific limitations might sound disheartening, keep in mind that financial institutions cannot foresee each individual's particular situation and provide guidance on their website. There are just too many variables and you should always meet a loan officer in person to discuss your options. Do you own a property in your home country? This might be able to be leveraged as collateral to secure financing or better financing terms. If you already own a property in Thailand this can significantly increase your chances of securing a home loan. MBKG offers home loans (foreigners are eligible and no work permit is required) for up to 50% of the value of the property you already own with a minimum of 1 million baht. These are relatively short-period loans with a maxim payback period of 10 years. 

It’s also important to keep in mind that each bank and financial institution is different and their willingness to work with your situation can vary depending on your personal situation and the economic landscape in general. If you do own a property in your home country, and especially if that property is paid off, it is certainly worth a discussion with them about an offshore investment. In many cases, this scenario may be preferred as a bank in the same country as you hold citizenship in will likely provide more favorable terms and interest rates than an overseas bank. 

UOB Overseas Property Loans: https://www.uob.com.sg/personal/borrow/property/mortgage-options/international-property-loans.page

MBKG Home Loans: https://www.mbkg.co.th/en/home