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19/08/2010 - Property finance now available for foreigners in Thailand  19/08/2010 - Property finance now available for foreigners in Thailand

In a welcome move for overseas property buyers in Thailand, MBK Guarantee Ltd. are offering loans of up to twenty million Thai Baht with monthly repayment terms spread over a maximum of ten years.

Interest rates will be fixed at the minimum lending rate plus two percent. The maximum loan amount will be 70 percent of the property’s value, whilst buyers over sixty years of age will be limited to a maximum of fifty percent of the valuation.
Permanent residence or employment within Thailand is not required.

MBK Guarantee Ltd. is a subsidiary of MBK Plc. which is engaged in retail activities, hotel and leisure enterprises, property development, and food processing. Its hotel operations are carried out by two subsidiaries: MBK Hotel and Resort Company Limited and Sapsin Thani Company Limited. Hotels in the group include Pathumwan Princess, Sheraton Krabi Beach Resort, and Tinidee Ranong. Its property development operations are carried out by Plan Estate Company Limited. Its subsidiary, MBK Resort Company Limited, operates two golf courses; The Loch Palm Golf Course and The Red Mountain Golf Course both located in Phuket.

Typically, financing in Thailand for foreigners, has been difficult or impossible to obtain, however, the move by MBK, may pave the way for more companies to enter the real estate financing market.

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