The most common question from anyone buying a rental condo or a second home in Thailand is "how much do I need to put down?" The answer doesn't depend on your bank's generosity — it's set by the Bank of Thailand's LTV rules, a central framework every bank must follow. This guide walks through the rules from principle to practice, with a summary table you can digest in one look.
LTV stands for Loan-to-Value Ratio — the loan amount relative to the collateral value. On a 5,000,000 THB home with a 90% LTV cap, you can borrow at most 4,500,000 THB; the remaining 500,000 THB is your down payment.
The Bank of Thailand caps this for two reasons. First, to curb speculation — before 2019, "borrow 100% and flip" was rampant and inflated condo prices in several locations beyond fundamentals. Second, to protect banking stability: zero-down loans default at significantly higher rates.
If you're buying your first home to live in, the rules barely affect you — they're deliberately designed to keep first homes accessible. The people who need to study this are buyers of a second property onward.
| Case | Property price | Max LTV | Min down payment |
|---|---|---|---|
| 1st contract | Under 10M | 100% | 0% |
| 1st contract | 10M and above | 90% | 10% |
| 2nd contract (1st paid ≥ 2 years) | Under 10M | 90% | 10% |
| 2nd contract (1st paid < 2 years) | Under 10M | 80% | 20% |
| 2nd contract | 10M and above | 80% | 20% |
| 3rd contract onward | Any price | 70% | 30% |
Important: a "contract" means a mortgage still being repaid — not homes you've ever owned. If you fully paid off a previous loan, your next mortgage counts as a first contract again. The central bank also relaxes these rules from time to time, so always confirm the latest notification with your bank before applying.
The condition many people miss: how long you've been paying your first mortgage directly changes your second down payment. Pay the first loan for 2 years or more and the second home needs only 10% down; apply even a couple of months early and it jumps to 20%.
Real example: you've paid your first condo for 22 months and want a second condo at 3,000,000 THB. Apply this month and you must put down 600,000 THB. Wait just 2 more months to hit 24, and the down payment halves to 300,000 THB. Check the age of your first contract before anything else.
If you ever co-signed a mortgage that's still active, it counts as one full contract of yours — not half. Co-signing for a sibling means your own first condo becomes a "second contract". Think carefully before becoming anyone's co-borrower.
Refinancing the same home to a new bank doesn't increase your contract count, and your repayment history carries over — use the statement from your old bank as evidence.
For first homes under 10M THB, some banks offer an extra ~10% furnishing loan on top, totalling 110%. That portion usually carries a higher rate than the mortgage itself — borrow only what you need.
No. LTV counts active mortgage contracts, not purchase intent. Buying near your office or for your parents follows the same table.
Yes — if the first mortgage is fully closed before the new application, the new loan counts as a first contract with full LTV benefits. Keep clear evidence of the account closure.
A loan secured on a debt-free home creates a new mortgage burden, and most banks count it toward LTV housing contracts. Confirm case by case.
LTV rules aren't an obstacle — they're a game you win by knowing the rules early, especially the 2-year line that doubles or halves your second down payment. Time your purchase around your existing contract, prepare the down payment plus hidden costs, and stepping up to a second property becomes far smoother. Browse curated homes and condos at MyProperty listings.
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