As you need the emergency limit, do you wish to sell the land with the right of redemption? Kai Faak is the traditional way of lending in Thai. In this process, we get the land tile in return for cash. Within the specific period, you have to repay the money and get back your land.
Highlights
- Finance against commercial or residential property
- No cap of approved credit limit
- Interest charging at effective rate
- Interest charging at effective rate
- Early redemption at anytime
- Cashable within 7 days after approval
Terms & Conditions
Principal
Up to 65% of valuation, minimum THB 10 million and uncapped maximum.
Profit Payment
Deducted in advance for the contract period upon principal drawdown, unused profit will be refunded upon early redemption and adjusted according to the principal of contract renewal.
Collateral
Land plot in Bangkok and its surrounding area, key resort provinces, and large provincial areas.
Drawdown Period
Within 7 working days after approval.
Term
At least 1 year with renewal for 1 year two times.
Principal Repayment (for renewal)
Minimum 20% of original principal each year.
Interest & Fees
Upfront Fees
1.5% of principal (one time upon principal drawdown).
Prepayment
2% of prepaid principal amount (upon every principal prepayment).
Commitment Fees
2% of non principal disbursement (upon first principal drawdown).
Other expenses
Inspection Fee
Up to THB 10,000 /visit (as per distance) for travelling expenses.
Appraisal Fee
Subject to appraiser for setting principal.
Travelling Fee
Up to THB 10,000 depending on distance for Kai Faak registration at the Land Department.
Other Expenses
Responsibility of seller.
Land and building tax
Responsibility of seller.
Withholding Income tax
Responsibility of MBK.
Land Criteria
- Freehold title deed only, do not accept right of possession such as Nor Sor 3 Kor or leasehold.
- Beachfront or downtown collateral considered.
- Land plot must have a minimum width of 12 meters and exit to the public road at least 6 meters.
- Land plot must not exceed sea level by 80 meters and will not be considered in the case of a slope exceeding more than 30 degrees.
- Land plot must have utility (electric, water, telephone signal etc).
- Land plot must not be under development or construction of condominium.
- Land plot must not be part of a housing project whether in accordance with Land Development Act, or not.
- Land with commercial properties. All subject to company’s discretion and should be consistent with company’s business.
Individual
- ID/passport * (valid at least 6 months)
- Marriage/divorce certificate ** (If any)
- Spouse consent *** to borrow / mortgage property
- Bank statements for 6 latest months
- Credit bureau reports from country of residence
- Others Upon request
Corporate
- Company’s official affidavit (valid for at least 3 months)
- Shareholder list (form Bor-Or-Jor.5)
- Authorized director’s ID/passport **** (valid for at least 6 months)
- Financial statement for last 3 years audited by CPA
- Tax return form
- Bank statements for 6 latest months
- Credit bureau reports from country of residence
- Others upon request
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