How to buy an apartment in Thailand in the mortgage

If You do not have enough funds to immediately pay the full amount, then You may want to buy an apartment in Thailand in the mortgage. The last time this procedure is widespread due to the fact that the mortgage profitable for the sellers and for buyers.

Benefit of seller:

• the increase in the number of customers;
• increased by percent yield;
• guarantee - if the purchaser stops payments until expiration of the contract, the property and already made money retained by the property owner.

The benefit of the buyer:

• low-interest lending;
• an opportunity to purchase housing in installments;
• the opportunity to invest funds in different projects;
• the opportunity to make an individual payment schedule with the landlord.

The process of purchasing an apartment in Thailand in the loan is as follows.

Suppose a seller of an apartment in Thailand. It cost 6 million baht. He found a buyer willing to pay a lump sum of 3 million baht and the remaining 3 million over the next five years at 6% per annum. The transaction register at the land Department in Chanot make a mark on the new owner and indicate the fact of indebtedness to the seller.

The balance of the debt return in accordance with the agreement. Outstanding principal amount and interest is often paid off in equal installments. No less common, when for five years the purchaser pays interest, and at the end of the period of financing the remaining amount. That is 3 million baht.

If the buyer does not comply withvoih debt, the seller of the apartment reported to the land Committee. In this case, the name of the new owner of the debtor is removed from Chanot and he loses the right to property.

Paid at the time of default the amount will not be returned.

It happens that sellers of real estate refuse to register the contract. Thus, they want to leave the accommodation in the property before the end of the payments. In this case, to repossess the property if the buyer declares the default, easier. But to the buyer this option is not very profitable. Registration in the land Committee gives more security guarantees and protection of rights for the purchased property in installments.

If You are planning to buy an apartment in Thailand in installments under the scheme, then get the drafting of a competent notarized contract. And don't forget to include all the basic details, terms and conditions of the agreement.