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Pattaya - June 2008
Ocean’s Edge offers mortgages
Thailand Property Report
The developers behind the Ocean´s Edge condominium
project near Pattaya revealed that they have signed a
construction finance contract with Kiatnakin Bank PLC
which will cover the development of all of the project´s
remaining phases.
Kiatnakin is set to provide Bt285 million to Ocean’s
Edge’s contractors in payment of all construction,
infrastructure and interior fit out work for the project.
The developer has also revealed that Thai and expatriate
mortgage financing is now available to prospective buyers.
A statement from the company said, “It is now possible for
an Ocean’s Edge buyer to apply for mortgage finance, using
the Ocean’s Edge apartment as the collateral for the loan.
This is applicable whether the applicant be Thai or a
Foreign National, residing in Thailand full time or not.”
Thai Bank Kiatnakin PLC will provide apartment mortgage
financing in the amount of 70 per cent of the contracted
purchase price, provided the loan amount does not exceed
100 per cent of the Kiatnakin Bank appraised valuation of
the apartment. The term of the loan must not be more than
20 years and the interest rate is capped at MLR plus two
per cent with no application fee. However, foreign
nationals residing in Thailand must be living and employed
in Thailand and possess a valid work permit.
Although foreigners do not require a residence permit, if
they don´t hold one then they must possess a Tor Tor Sam
form, issued by the Bank of Thailand, showing that funds
used for the purchase of the apartment were transferred as
foreign currency through the banking system from outside
Thailand.
Although most Thai Banks will not issue mortgages to
foreign nationals not living and working in Thailand, 70
per cent mortagages can be secured on Ocean´s Edge via a
Thai Bank and its representative, through the bank’s
Singapore Branch,
The four buildings that make up Ocean´s Edge are served by
160 metres of direct beach frontage, seaviews from every
apartment and “luxurious interiors with hi-tech features
and systems”. Each unit comes with large wrap-around
balconies with private infinity swimming pools.
Apartments come in either 170 or 340sqm and the project
will be limited to a maximum of 32 home owners.
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