Home Improvement

Understanding Home Loan in Thailand

When it comes to borrowing money to build a house บริษัทรับสร้างบ้าน in Thailand often have many components There are many elements of the loan, such as the loan ceiling, the loan period, the source of the loan, with details as follows:

loan ceiling

The maximum loan ceiling of each financial institution is not the same, for example, the Government Housing Bank provides a maximum loan of 15 million baht/person, if the collateral is vacant land, the loan is only 6 million baht/person, while other institutions will have different policies on this matter. go

However, the amount that the financial institution lends will be determined from the above 3 conditions. by always giving me the lowest amount

period

General financial institutions can lend a maximum of 30 years and the total borrowing time of the borrower is not more than 65 – 70 years, depending on which time comes first, for example, a bank provides a maximum loan period of 30 years and the borrower’s age does not exceed 70 Years, if the borrower is 48 years old, can borrow = 70 – 48 = 22 years, loan repayment time = 22 years, not 30 years.

It is recommended that you use the maximum loan time right. Offer the lowest monthly installments Because there may be additional expenses or financial problems in the future.

Another reason, if later income or lump sum money can be used to pay more loans, for example, monthly installments = 8,418 baht, but the extra income of 30,000 baht can be used to pay debts to cut off the debt directly. called debt settlement This method is not disadvantageous because the home loan charges interest. “Cut off the flowers” ​​is different from a fixed-interest car loan.

The author has had 3 home loan experiences, able to redeem the loan before the 25-year term, the remaining less than 10 years, by bringing the money to fill the debt itself. Caution is Some financial institutions have penalties if borrowers redeem them early, for example, stipulating that if the debt is redeemed before 3 years, a penalty of 2% – 3% of the loan amount must be paid.

source of loan

Housing loan sources can be divided into 3 main groups, namely government financial institutions. Private financial institutions and life insurance companies

The first group is government financial institutions, namely Krung Thai Government Housing Bank/Goverment Savings Bank. Interest on loans is very low during the state has a policy to support home loans.

The second group is commercial banks and private financial institutions such as private banks, finance/finance companies. This group is highly competitive. Provide various types of home loans, consider quick loans Interest rates are high and interest rates are adjusted quickly according to economic conditions.

The last group is life insurance companies that provide mortgage services. Even providing housing loans, but there are often many conditions, such as lending not more than 5 million baht or not more than 85% appraisal price or offering price. This group is not as flexible as the first two groups.

loan documents

In order to approve the loan faster, prepare all documents / evidence before applying for a loan.

personal information

– Copy of ID card / government official card borrower / co-borrower

– Copy of house registration of the borrower/co-borrower on every page

– Copy of name change certificate, if any

– Copy of marriage certificate/divorce certificate, death certificate, if any

– Location map of current residence/work

proof of income

– have a regular income

– Salary certificate / proof of salary payment

– Copy of bank passbook for 6 months or more

– income tax return

– Other income proof, if any

– Self-employed or doing business

– Copy of commercial registration, juristic person registration letter

– Company shareholder account

– Deposit/Current account for 6 months or more

– VAT registration

– income tax return

– Financial statements, profit and loss, sales summary account

– proof of income or other property

securities

– Copy of land title deed/Nor Sor. 3 ก with a table of contents registered

– Map of the location of the collateral land

no credit history

If you’ve never borrowed money/never had a credit card, you don’t have a credit bureau history. To show the receipt of house rent/water/electricity/telephone Paying on time/not overdue

other evidence

– construction drawing

– house building รับสร้างบ้าน permit

– construction contract

note:

– Always bring original documents to show

– Signed to certify true copy on every page

– If there is a co-borrower, evidence of the co-borrower must be brought along.

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