Holiday Lettings news - Thai mortgages now available for non-nationals

Thai mortgages now available for non-nationals

The Bangkok Bank (BBL) has announced that foreign property investors can now apply for Thai mortgages, and the news bodes well for the country's property market, according to NuBricks.com.

Interested parties would need to apply for the product through BBL's Thailand branch, but the deal would be finalised in the group's Singapore headquarters. Chintan Mahida from the overseas property blog said of the development: "Though well known as a fantastic but low-cost holiday destination in Asia, Thailand is now set to move up the ranks in overseas property thanks to the Thai mortgage change. This is a positive move by the Bangkok Bank, having access to Thai mortgage finance will undoubtedly generate a surge in demand from buyers."

Although enthusiastic about the move, Mahida added that potential investors should "do their homework" before taking the plunge, as the Thai mortgage market is still young.

Owners will be able to take their mortgage in one of three currencies - US dollars, Singapore dollars or euros. The maximum term of mortgage is 20 years and the age of the customer on application, plus 20, should not exceed 65 years.

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