Thursday, January 04, 2007
[RealEdge] BT : UOB offers loans for Thai property
| Published January 4, 2007  | ||||||||
| BANKING MATTERS | ||||||||
| UOB offers loans for Thai property Purchases of condos not affected by new capital control rules: bank
By CONRAD TAN
A PROPERTY financing scheme offering loans for buying freehold condominiums in Thailand was introduced yesterday by United Overseas Bank, just two weeks after the country introduced strengthened capital controls.
The bank said foreign buyers of Thai condominiums will not be affected by the rules announced by the country's central bank last month requiring Thai banks to withhold 30 per cent of foreign currencies exchanged against the baht for at least a year. According to the Bank of Thailand's regulations, foreign purchases of baht for investment in real estate such as land and condominiums - but not real estate mutual funds - are exempt from the 30 per cent reserve requirement, which was brought in to curb short-term inflows of capital and speculation on the baht. The loans are available in two currencies to anyone aged at least 21 years and with an annual income of at least US$65,000 or S$100,000 to buy freehold condominiums in Thailand. The minimum loan amount is US$60,000 or S$100,000 and the loan period is from three to 20 years. Purchases can be for owner-occupation or investment. This is not the first time banks have tried to woo investors here to buy Thai properties. In 2005, Bangkok Bank began offering loans through its Singapore branch of up to $500,000 to Singapore residents to invest in high-end residential properties in Thailand. UOB's Thai home loan scheme is part of a broader international home loan programme through which the bank also offers loans to customers buying properties in Shanghai and Malaysia. Eddie Khoo, UOB's executive vice-president of personal financial services, said: 'With our well established regional network and shared resources, greater synergy can be achieved across the countries and in our product offerings to meet the growing needs of foreign home-ownership in the region more effectively. The latest addition to the bank's range of home loan products is 'in line with our regional expansion plan and our vision to be a premier bank in the Asia-Pacific, Kevin Lam, head of the loans division at UOB, said customers would be helped with the local regulatory requirements for housing ownership, whether in Singapore, Malaysia, Thailand or Shanghai. | ||||||||
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
