What do I need to do to get a loan for a condo?

First, it's recommended to consider your budget and location. These are the two most important factors to consider together, as everyone's budget is different. Generally, a simple way to think about it is to consider how much a condo you can afford with your salary to be approved for a loan. For example, with a salary of 25,000 baht, the maximum loan amount the bank will approve is approximately 1.6 million baht, requiring a monthly payment of 11,000 baht. Therefore, you need to find a condo priced under 1.6 million baht in your desired location. Banks will roughly assess your salary before granting a loan, considering whether you'll have any remaining money for living expenses if the monthly condo payment is 30-40% of your salary.

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4 Steps to Applying for a Condo Loan

1. Prepare all necessary documents (depending on the bank):

- Copy of ID card
- Copy of house registration
- Salary slips
- Bank statement for the past 6 months
- Information about the condo you intend to buy. Don't forget the map, title deed, and sales agreement.

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2. Compare the offers from different banks to determine the best deal. It's recommended to apply to at least 3 banks.

- Percentage of loan amount based on appraised value
- Interest rate
- Various fees
- Loan term
- Various offers from each bank, such as life insurance, loan protection, etc.
P.S. Carefully review all options to find the one that best suits your needs and benefits you.

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3. Submit documents/Wait for results

- If you are confident that you are a successful worker with low debt, pay on time, and have no negative credit history, the bank will approve a higher loan amount at a lower interest rate. You can choose a repayment period from 5 years to a maximum of 35 years. The total repayment period combined with the borrower's age must not exceed 60-65 years.

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4. Transfer of ownership/Mortgage registration

- If all steps are completed without problems, the buyer, seller, and bank proceed to the land office. The original condo title deed will remain with the bank from which you obtained the loan. You can then move in immediately; just bring your bags!

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Thank you for the helpful information from HOME.