This website uses cookies for the purpose of improving the user experience. You can learn more details. About the types of cookies we store Reasons for using cookies And how to set cookies in the Cookie Policy

Kai Faak

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
Download
Offering letter
Apply Now

Terms & Conditions

  • Principal

    Up to 65% of valuation, minimum THB 10 million and uncapped maximum.

  • Collateral

    Land plot in Bangkok and its surrounding area, key resort provinces, and large provincial areas.

  • Term

    At least 1 year with renewal for 1 year two times.

  • Principal Repayment (for renewal)

    Minimum 20% of original principal each year.

  • 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.

  • Drawdown Period

    Within 7 working days after approval.

  • 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.

Interest & Fees

Profit

  • Profit

    Fixed rate at least 11% per annum.

Fees

  • Upfront

    1.5% of principal (one time upon principal drawdown).

  • Prepayment

    2% of prepaid principal amount (upon every principal prepayment).

  • Commitment

    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 MBKG.

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.

Required Documents

Individual

  • 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 :

*
Template is available.

Corporate

  • 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 :

(1)
Credit bureau reports of directors

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