[et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Popup – #undefined” _builder_version=”3.22″ da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Popup – #undefined” _builder_version=”4.4.2″ custom_padding=”150px|||||” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.2″ custom_margin=”-28px|auto||auto|false|false” custom_margin_tablet=”0px||||false|false” custom_margin_phone=”” custom_margin_last_edited=”on|phone” custom_padding=”2px|||||” hover_enabled=”0″ border_color_bottom=”rgba(0,0,0,0)”][et_pb_column type=”4_4″ _builder_version=”4.4.2″][et_pb_image src=”https:\/\/kaipoob.com\/wp-content\/uploads\/2021\/04\/kaipoob-gf.jpg” _builder_version=”4.4.2″ hover_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.4.2″ text_font=”|300|||||||” text_font_size=”18px” text_line_height=”1.8em” width=”100%” custom_margin=”||-90px||false|false” custom_padding=”||10px||false|false” border_color_all=”#666666″ border_color_bottom=”rgba(0,0,0,0)”]<\/p>\n
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For many people, owning a home is one of life’s greatest achievements. But as most homeowners know, buying a property means taking on a significant amount of debt. Especially in today’s challenging economic climate, some people need to keep savings available for daily expenses or to invest in their business. As a result, keeping up with monthly mortgage payments isn’t always as easy as it sounds. <\/span><\/p>\n However, there is a financial strategy that can help you reduce the burden of your mortgage payments. That strategy is called “<\/span>refinancing<\/span><\/span><\/a>.” If you’re unfamiliar with the concept and wondering<\/span> what refinancing actually involves,<\/span> this guide will answer all your questions.<\/span> <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.4.2″ custom_padding=”115px||10px|||”][et_pb_column type=”1_2″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em” link_text_color=”#3874ff” header_2_font_size=”28px” header_3_text_color=”#666666″ custom_margin=”||-90px||false|false” custom_padding=”||10px||false|false” hover_enabled=”0″]<\/p>\n What is<\/span><\/span> refinancing<\/span><\/a>? In simple terms, it means applying for a new home loan from a different bank (or even the same one) to pay off your existing mortgage. Refinancing essentially restructures your debt. Banks in Thailand frequently offer attractive promotions to win over refinancing customers, which can benefit borrowers through lower interest rates, extended repayment periods, and improved overall financial flexibility for your household.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.4.2″][et_pb_image src=”https:\/\/kaipoob.com\/wp-content\/uploads\/2021\/04\/mortgage-3580537_1280.jpg” _builder_version=”4.4.2″ custom_margin=”||11px|||” custom_padding=”59px|||||”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.4.2″][et_pb_column type=”4_4″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_font_size=”18px” text_line_height=”1.8em” header_2_font_size=”28px” custom_margin=”||1px|||” inline_fonts=”ABeeZee”]<\/p>\n Now that we understand what refinancing is, the next common question is: why do so many people do it? The main reason is<\/span><\/span> to lower their interest rate<\/span><\/a>. In Thailand, most mortgage contracts offer a fixed promotional rate for the first 3 years, after which the rate switches to a much higher floating rate (MLR-based). Refinancing lets you lock in a new promotional rate from another bank. Combined with various promotions that banks offer to attract refinancing customers, this can significantly reduce your monthly payments. It’s no wonder refinancing is so popular among homeowners in Thailand.<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n Typically, when you sign a mortgage agreement with a bank in Thailand, the contract includes a clause requiring you to wait at least 3 years before you can refinance without incurring a prepayment penalty.<\/span><\/span><\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”2_5,3_5″ _builder_version=”4.4.2″ min_height=”708px” custom_margin=”-27px|auto|124px|auto||” custom_padding=”||15px|||”][et_pb_column type=”2_5″ _builder_version=”4.4.2″][et_pb_image src=”https:\/\/kaipoob.com\/wp-content\/uploads\/2021\/04\/pexels-kindel-media-7579402-scaled.jpg” force_fullwidth=”on” _builder_version=”4.4.2″ custom_padding=”24px|||||”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em” ul_text_color=”#666666″ ul_font_size=”18px” ul_line_height=”1.8em” header_2_text_color=”#222222″ header_2_font_size=”28px” custom_margin=”||-90px||false|false” custom_padding=”0px||10px||false|false” inline_fonts=”ABeeZee”]<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span>Now that you understand what refinancing is, it’s important to know<\/span><\/span> the pros and cons before making your decision.<\/span><\/p>\n <\/span><\/p>\n Pros of Refinancing<\/span><\/p>\n <\/span> – You can get a better deal (or at least match your current terms) each time you refinance<\/span><\/p>\n – It improves your overall financial liquidity<\/span><\/p>\n – There is virtually no downside if done correctly<\/span><\/p>\n Cons of Refinancing<\/span><\/p>\n <\/span>– If you don’t carefully review both your old and new contracts, costly mistakes can occur<\/span><\/p>\n – Some contracts may extend the repayment period longer than you’d like<\/span><\/p>\n – There are fees and costs associated with applying for the new loan<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.4.2″ custom_margin=”-185px|auto||auto||” custom_padding=”0px||113px|||”][et_pb_column type=”4_4″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em” header_text_color=”#222222″ header_2_text_color=”#222222″ header_2_font_size=”28px” custom_margin=”49px||-90px||false|false” custom_padding=”26px||10px||false|false”]<\/p>\n <\/p>\n <\/span><\/p>\n The refinancing process in Thailand involves 4 key steps:<\/span><\/span><\/p>\n Step 1: Review Your Existing Mortgage Agreement <\/span><\/p>\n When you’re considering refinancing, the first thing to do is thoroughly review your current mortgage agreement. Study the contract details carefully, including your outstanding balance, current interest rate, and remaining repayment period. This ensures that refinancing will actually save you money compared to staying with your current bank.<\/span><\/p>\n <\/span><\/p>\n Step 2: Choose a New Bank <\/span><\/p>\n Once you’ve reviewed your current terms, the next step is choosing a new bank to refinance with. We recommend researching<\/span><\/a><\/span> multiple banks and comparing their strengths and weaknesses. Look at interest rates, repayment periods, promotional offers, and any other terms and conditions.<\/span> <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.4.2″][et_pb_column type=”1_2″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em” custom_padding=”||0px|||” inline_fonts=”ABeeZee”]<\/p>\n Step 3: Prepare Your Documents <\/span><\/p>\n After reviewing your existing mortgage and selecting a new bank, the next step is preparing your documents. The required documents are divided into 3 categories:<\/span><\/p>\n 1. Personal Identification Documents <\/span><\/p>\n – Copy of national ID card (or passport for foreigners) <\/span><\/p>\n – Copy of house registration (Tabien Baan) <\/span><\/p>\n – Copy of spouse’s ID card (if applicable) <\/span><\/p>\n – Copy of spouse’s house registration (if applicable) <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.4.2″][et_pb_image src=”https:\/\/kaipoob.com\/wp-content\/uploads\/2021\/04\/calculator-4201244_1920.jpg” _builder_version=”4.4.2″ custom_margin=”47px|||||”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”2_5,3_5″ _builder_version=”4.4.2″][et_pb_column type=”2_5″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em” inline_fonts=”ABeeZee”]<\/p>\n 2. Financial Documents <\/span><\/p>\n For salaried employees<\/span> <\/span><\/p>\n – Salary slips for the past 3-6 months <\/span><\/p>\n – Employment certificate <\/span><\/p>\n – Withholding tax certificate (50 Tawi) <\/span><\/p>\n For self-employed \/ business owners<\/span> <\/span><\/p>\n – Copy of business registration certificate <\/span><\/p>\n – Copy of shareholder list <\/span><\/p>\n – Bank statements for the past 6 months <\/span><\/p>\n – VAT filing form (Por Por 30) <\/span> <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em” width=”100%” custom_margin=”|-49px||1px|false|false” custom_padding=”|0px|||false|false” inline_fonts=”ABeeZee”]<\/p>\n 3. Collateral Documents for Refinancing <\/span><\/p>\n – Copy of land title deed (Chanote) <\/span><\/p>\n – Ownership certificate or related collateral documents <\/span><\/p>\n – Copy of the sale\/transfer agreement (Tor Dor 13 or 14) or condominium purchase contract<\/span><\/p>\n – Copy of your original loan agreement <\/span><\/p>\n – Copy of the land mortgage contract <\/span><\/p>\n – Receipts for any property-related transactions<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.4.2″][et_pb_column type=”4_4″ _builder_version=”4.4.2″][et_pb_text _builder_version=”4.4.2″ text_text_color=”#666666″ text_font_size=”18px” text_line_height=”1.8em”]<\/p>\n Step 4: Submit Your Refinancing Application and Sign the New Contract<\/span><\/p>\n Once all your documents are ready, it’s time to submit your refinancing application and sign the new agreement with your chosen bank. One important warning: read every detail of the new contract thoroughly, as you won’t be able to make changes after signing. Understanding the full refinancing process will help you avoid mistakes along the way.<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\nWhat Is Refinancing?<\/span><\/h2>\n
Why Is Refinancing So Popular in Thailand?<\/span><\/h2>\n
When Can You Refinance<\/a> Your Property?<\/span><\/h2>\n
What Are the Pros and Cons of Refinancing?<\/span><\/h2>\n
What Are the Steps to Refinance Your Property?<\/span><\/h2>\n
Important Things to Know Before Refinancing<\/a><\/span><\/h2>\n