Rental Home Loans
1. Loan Purposes
To build houses for rent
To refinance houses for rent
To refinance expand and renovate rental homes
Rental homes include single family homes, duplexes, townhouses, commercial buildings and must be permanent concrete buildings. It must not be a house that is partitioned in to many rooms for rent. Rental homes under this program must be three units or more and not more than ten units.
2. Terms and Conditions
The Banks lends under the following conditions:
Borrowers qualifications May be individual or juristic person. An individual must not be over 55. If a co-borrower is involved, the co-borrower's age plus the loan term must now exceed 65 years.
Credit Limits and Repayment Terms
Loan not to exceed 100% of construction value and 30% of land value. Total credit limit must not exceed 80% of land and building value. The Bank reserves the right to arbitrarily value land in the provinces appropriately.
For construction loans, 20 per cent of the work must be in progress before first loan draw-down, except in cases of refinancing for expansion and renovation.
Refinancings - borrower must have good repayment record with previous financial institutions
Bank will evaluate project net revenues when considering the loan
Borrower must show proof of financial strength
Maximum repayment term - 15 years
Construction loan - interest payable monthly until completion date(one year term)
Interest rate - the Bank's MLR
Title Deed held as loan collateral - building and land collateral must be held by same person, individual or juristic
Building constructed must comply with approved plans. The Bank has the right to stop draw-down if construction doesn't follow plans
Location must be convenient, near transportation and utilities
Access roads must be concrete and the property must be accessible during all seasons. Property must have access to power lines and tap water.
Buyers must purchase casualty insurance during construction and before the first draw-down. Upon completion, borrower must purchase fire insurance from Bank approved insurer. Insured amount must not be less than loan amount and Bank must be named as beneficiary until loan repaid
The following fees will be collected:
ค่าธรรมเนียมการวิเคราะห์โครงการ
คิดค่าธรรมเนียม 0.25% ของวงเงินขอกู้ แต่ไม่เกิน 25,000 บาท และไม่ต่ำกว่า 2,000 บาท
กรณีขอกู้เพิ่ม คิดค่าธรรมเนียม 0.25% แต่ไม่ต่ำกว่าครั้งละ 2,000 บาท และไม่เกิน 10,000 บาท
ค่าธรรมเนียมตรวจสอบผลงานการก่อสร้าง
คิดค่าธรรมเนียมการตรวจสอบครั้งละ 1,000 บาท ยกเว้นหลักประกันมากกว่า 1 แห่ง คิดค่าธรรมเนียมเพื่อตรวจแห่งละ 1,000 บาท
*** Fees not refundable even if loans not approved ***
3. Documents Required
The Bank's application form
Documents
In the case of co-borrowers, each must submit own applications and all required personal and financial documents
4. Repayment
Refinancings, land and building purchases - borrower must pay agreed installment
Construction, expansion and renovation - loan draw-down follows work-in-progress - borrower pays interest monthly until loan completely drawn down - then pays installments as agreed
Tag : ghb.co.th
