In the past, once they had found a property for sale in Phuket that they wished to purchase, foreigners were not permitted to raise a mortgage from local financial institutions, as this was a privilege available only to Thai companies or Thai citizens.
The good news is that nowadays several options are available for foreigners wishing to buy real estate in Phuket, as follows:
A Bangkok Bank Loan for the purchase of real estate in Phuket
Bangkok Bank now enables foreigners to apply for mortgages when purchasing real estate in Phuket or elsewhere in Thailand. For now, this opportunity is offered only through their Singapore and Hong Kong branches. A well-known bank in Thailand also offers loans, lending up to 75% of the value of the property for sale in Phuket, starting from 2 million Thai baht (THB). Regarding the currency transfer, you open a Thai Bank account with your home currency and get preferential exchange rates.
Developers with property for sale in Phuket
Many of the developers with property for sale in Phuket offer long term payment plans for extending payment over 5 or even 10 years, with 50% down payment. Through our long term agreement with them, you will benefit from the best conditions for these payment plans. They will require initial deposit, and then installment payments throughout each step of the construction of the property.
For more information on a bank mortgage, or on the real estate developers in Phuket which offer a repayment option, please contact us: we are at your service.