My salary is not high. Can I buy a condo?

For young people working in the city, one of the dreams many want to achieve is owning their own condo, allowing them to live a comfortable, private, and independent life. But when it comes to buying a condo, those who have just started working and are not yet earning a high salary, around 15,000 baht, but less than 20,000 baht, may wonder if they have a chance of getting a condo loan. The answer is that even those with a salary below 20,000 baht can still get a condo loan. Here are some simple guidelines:



No debt exceeding the threshold and a stable career.


To get approved for a condo loan with a bank, the key factor is not how high your income is, but how much debt you have. Even if your income is high, if you have a significant debt burden and a history of default or a history of credit bureau issues, There's a high chance of being rejected for a condo loan. Banks typically set the monthly repayment rate at no more than 40%, leaving the remaining 60% for living expenses. For example, if you earn 15,000 baht and have no other debts, your repayment capacity would be 15,000 x 40% = 6,000 baht per month. On the other hand, if you earn 30,000 baht but have 20,000 baht in debt, the bank will consider your income to be between 30,000 and 20,000 baht, leaving you with only 10,000 baht. This would result in your repayment capacity being 10,000 x 40% = 4,000 baht, even less than if you earned 15,000 baht. Therefore, even if you earn less than 20,000 baht, you still have a chance of being approved for a condo loan if you have no debts, a stable job, and a stable income.

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Condo Loans for a Condo Priced Under 1 Million Baht

If you have a monthly salary of 15,000 baht or less and a stable income, you'll likely be approved for a condo loan. However, the price must be reasonable. The bank's guideline for calculating a condo or home loan is to take your monthly repayment ability and multiply it by 150 to determine the maximum loan amount you can borrow. So, if you have a monthly salary of 15,000 baht and no debt, your repayment ability would be 15,000 x 40%, which equals 6,000 baht. Multiply this by 150, and the maximum loan amount is 6,000 x 150 = 900,000 baht. Therefore, if you're looking for a condo priced under 900,000 baht, you'll likely be able to get a loan easily.

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You should have some savings for other expenses.

In addition to assessing your repayment ability and calculating your maximum loan amount, Buying a condo requires additional costs beyond the monthly installments, such as reservation fees, contract fees, common area fees, mortgage registration fees, transfer fees, fire insurance, water and electricity meter insurance, appraisal fees, loan application fees, etc. While these costs are not yet calculated, they are sufficient to indicate that a substantial sum of money will be required if you want to purchase a condo. Therefore, if you have decided to purchase a condo, you must carefully plan for the other related expenses, in addition to assessing your ability to repay and applying for a loan.

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It is true that a monthly salary of less than 20,000 baht can secure a condo loan. However, applicants must have sound financial planning and financial discipline to ensure smooth repayment. They must have sufficient savings to cover other related expenses, have a stable career, and have no outstanding debts to ensure the bank's confidence in their ability to repay. Furthermore, the condo you choose must be priced in line with your ability to repay, as determined by the bank.

Another technique to help you easily get a condo loan even if your monthly salary is less than 20,000 baht is to find a co-borrower, preferably a family member. Because co-borrowing allows the bank to consider your higher income and greater repayment capability, it increases your chances of getting approved for a condo loan and allows you to purchase a higher-priced unit.

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Source: REIC