Deferred Home Loans: The Perfect Solution for the First-Time Buyer

Wherever you happen to live in Thailand, planning to purchase your first home can seem like a daunting prospect; the 10% deposit is just too much for a young couple, then you have stamp duty and taxes, not to mention the interest on the loan. Add to that the fact that you are entering into a mysterious world with land ownership and it is understandable why so many couples put off buying their own home for the time being.

What is Deferred Payment?

Simply put, a deferred payment home loan means you have nothing to pay for 3 years, which is an amazing offer that empowers you to not only make the house purchase, but also to furnish the property immediately. You can become an owner in a new single-storey house project (known as บ้าน ชั้น เดียว ชลบุรี โครงการ ใหม่ in Thai) on a luxury development that is completed and ready to move in, and not have to pay anything until 2024! There’s never been such an offer and with you and your partner working, you will sail through the home loan application and can get ready to move into the home of your dreams.

Detached Properties

While townhouses are fine, it is nice if you can live in a detached property with a small plot of land for a garden and exterior relaxation area. There are very attractive single-storey housing developments in cities around Thailand, with the Chonburi region being a very popular location, where you can enjoy lush green vegetation in a secure housing community.

Preparing for the Mortgage Loan Application

Of course, everything depends on you getting the green light from the lender and there are a number of things that you can do to boost your chances of getting an acceptance.

  • Clearing any outstanding debts.
  • Collecting you and your partner’s salary slips.
  • Prepare bank statements.

Taking out a 25–30-year mortgage, you can afford to purchase your first home and with housing projects designed for the first-time buyer, there’s nothing to stop you from getting your foot on the first rung of the property ownership ladder.

Making Homeownership Affordable

There are certain property developers in Thailand that understand how difficult it is to make that critical first home purchase and they have managed to offer clients a 3-year period of grace. This means everyone now has the opportunity to own their own home and that has to be a great thing.

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