Can foreigners borrow money in Thailand?

     Many foreigners come to live in Thailand and work here. For the purpose of long-term tourism, including starting a family with a Thai person or coming to live after retirement, it is only natural that some foreigners would want to buy property in Thailand or a car, so borrowing from a bank may be necessary. Therefore, foreigners might ask, “If I want to buy property or a car, can I borrow money, and how?”

     Purchase of housing

     Financial institutions in Thailand currently offer loans for foreigners to own condominium units within the scope required by law. It is stipulated that condominium projects may be 51% Thai owned and 49% (maximum) foreigners.
 Regarding loans for foreigners to buy houses or land, there are no loans from financial institutions. For a foreigner to own up to 1 rai (1,600 sq m) of land, they must invest at least 40 million baht in Thailand and invest for at least 5 years. The investment must be in a business that is legally determined and may be purchased only in Bangkok, Pattaya municipality, or in an area designated as a residential area according to the Town Planning Law, and it must be a purchase for living purposes only. If any of the conditions are violated, it must be sold back.

Documents for applying for a bank loan to buy a condominium unit are as follows:

      - Passport or passport substitute;

      - Visa;

      - Work permit (over 2 years old);

      - Marriage certificate (in the case of being married to a Thai person);

      - Certificate of salary from work;

      - Copy of bank statement (last 6 months);

      - Salary slip;

      - Other passbooks;

      - Income tax return;

      - Other documents showing sources of income;

      - Conditions such as borrower's age; installment period must not exceed 60 years; must have income 3 times the monthly installment amount; and credit bureau check.

        Buying a car

        Foreigners may apply for finance to get a car loan. The person must have a visa type Non-immigrant B, Non-immigrant O for marriage, etc. At most car dealers, finance will be arranged for customers with a work permit, a certificate of residence from the embassy, and a guarantor who is a Thai national.