
Highlights
- Finance against commercial or residential property
- No cap of approved credit limit
- Interest charging at effective rate
- Easy Approval
- Early redemption at anytime
- Cashable within 7 days after approval
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Principal
Up to 65% of valuation, minimum THB 10 million and uncapped maximum.
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Collateral
Land plot in Bangkok and its surrounding area, key resort provinces, and large provincial areas.
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Term
At least 1 year with renewal for 1 year two times.
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Principal Repayment (for renewal)
Minimum 20% of original principal each year.
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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.
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Drawdown Period
Within 7 working days after approval.
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Others conditions
Seller has the right to rent throughout the contract*
Remarks :
* In case the collateral has existing lessee before doing Kai Faak, MBKG have right to receive the rent, unless seller cancels the lease contract at the Kai Faak date.
Profit
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Profit
Fixed rate at least 11% per annum.
Fees
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Upfront
1.5% of principal (one time upon principal drawdown).
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Prepayment
2% of prepaid principal amount (upon every principal prepayment).
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Commitment
2% of non principal disbursement (upon first principal drawdown).
Other Expenses
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Inspection Fee
Up to THB 10,000 /visit (as per distance) for travelling expenses.
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Appraisal Fee
Subject to appraiser for setting principal.
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Travelling Fee
Up to THB 10,000 depending on distance for Kai Faak registration at the Land Department.
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Other Expenses
Responsibility of seller.
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Land and building tax
Responsibility of seller.
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Withholding Income tax
Responsibility of MBKG.
- 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.
- ID Card (valid for at least 6 months)
- Marriage/divorce certificate (If any)
- Spouse consent to sell property*
- Bank statements for 6 latest months
- Credit bureau reports from country of residence
- Others upon request
Remarks :
- Company’s official affidavit (valid for at least 3 months)
- Shareholder list (from Bor-Or-Jor 5)
- Authorized director’s ID (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 (1)
- Others upon request
Remarks :
Property Documents
- Title deed
- Appraisal report by preferred appraiser*
- Others upon request
Remarks :
Contact details to be provided
Also require: * Signature for certified true copy for all copy documents * Thai/Eng translations for documents in other languages