Money & taxes
Mortgages in Thailand for Foreigners and Developer Payment Plans
For foreigners, a mortgage in Thailand is the exception rather than the rule. New developments, however, come with developer payment plans, and for many buyers these work better than a loan. Here is how it all works.
In short
- Thai banks rarely lend to non-resident foreigners.
- Some overseas banks, such as UOB in Singapore, have dedicated programs, but the requirements are strict.
- The main tool is a developer payment plan during construction, usually with no interest.
Why mortgages are difficult
Thai banks lend mainly to Thai citizens and to foreigners who live and legally work in the country: with a work permit, income in Thailand and a history with a local bank. If you live abroad and earn your income in another country, a Thai mortgage is practically out of reach.
What options do exist
- Overseas banks with Thailand programs. For example, UOB in Singapore lends to foreigners buying freehold condos in Thailand, in Singapore dollars or US dollars. Income requirements are high, and the terms need to be confirmed with the bank directly.
- A loan in your home country. Some buyers take out a loan secured against property they own at home. Whether this makes sense depends on interest rates in your country and on currency risk.
- A Thai mortgage for residents. If you live in Thailand, work with a permit and earn income here, you can apply to a Thai bank. Rates and the loan-to-value ratio depend on the bank.
Developer payment plans
New developments in Pattaya almost always offer a payment plan for the construction period. The typical structure:
- Reservation
A small deposit to hold the unit.
- Down payment
Paid when you sign the contract, often 10–30% of the price.
- Payments during construction
In installments on a schedule, monthly or by construction milestone.
- Balance on completion
The remaining amount when the unit is handed over and registered at the Land Office.
There is usually no interest on this kind of plan: you pay the same price, just in parts. Terms differ from project to project, and we show them on each project page.
Payment plans after completion
Some developers also offer installments after you get the keys, over 1–5 years. This is effectively a loan from the developer: usually with interest or at a higher unit price. Read carefully who owns the unit until it is paid in full and what happens if a payment is late.
How to transfer installment payments
For a unit in the Foreign Quota, every payment must come from abroad, and this has to be documented. If you pay in installments, you need proof for each payment: all of them are presented at the Land Office at registration. Details in the article How to transfer money to buy a condo.
FAQ
Do Thai banks give mortgages to foreigners?
Practically not to non-residents. A loan is realistic mainly for those who live and legally work in Thailand.
Is there interest on a developer payment plan?
Usually not: during construction you pay the same price in installments. Plans that continue after completion more often come with interest or a markup.
What is the down payment on a payment plan?
Most often 10–30% of the price when signing the contract, with the rest paid in installments during construction and on handover.
Sources
- UOB Singapore: Thailand condo loans for foreigners (bank application form)
- Bank of Thailand: exchange control regulations
- Avalon catalogue: payment plans by project
This article is for general information and is not legal or tax advice. Laws, fees and project terms change: before a deal we check the current conditions for the specific property.
