Essential Tips for First-Time Homebuyers.

Last updated: 4 Jul 2025

219 Views

Owning a home is a dream for many. But before you get the keys to your dream house, youll need to go through the home loan process something that can feel overwhelming, especially for first-time buyers. In this article, well walk you through every step of applying for a mortgage in a clear and detailed way. With the right preparation, youll feel more confident and improve your chances of getting approved.

1. Assessing Your Repayment Capacity.

* Before applying for a loan, evaluate your own ability to repay a home loan.
* Monthly Income : In general, banks will lend no more than 40 50% of your monthly income.
* Other Financial Obligations: Such as car loans, credit card payments, and personal loans.
* Loan Tenure: Up to 30 years, but the final repayment year must not exceed the borrower's age of 70.

* Suggested Tool: Use a home loan calculator on various bank websites to estimate your preliminary borrowing capacity.

2. Prepare All Required Documents.

Preparing complete documentation helps ensure a smooth loan application process :

* For individuals with regular income.
* Copy of national ID card / house registration.
* Employment certificate.
* Payslips from the past 36 months.
* Bank statements from the past 6 months.
* For freelancers / self-employed individuals.
* Copy of business registration or company certificate.
* Income reports / past tax documents.
* Bank statements from the past 612 months.

3. Choose a Bank and Compare Interest Rates.

Each bank offers different home loan promotions, such as Fixed interest rate for the first year, Floating interest rate after the 3rd year, Waived fees for property appraisal or mortgage registration.

Tip : Dont just focus on the first-year interest rate. You should also consider the Effective Interest Rate the average rate over the entire loan period to get a clearer picture of the total cost.

4. Submit Your Loan Application.

You can apply for a home loan either online or at a bank branch. The process typically includes Filling out the loan application form submitting all required documents providing details of the property (house/condo) you wish to purchase. The bank will then take about 714 days to evaluate your application and inform you of the approval result.

5. Property Appraisal and Final Loan Approval.

Once the bank gives preliminary approval, the next steps are as follows :

A bank-appointed officer will appraise the property value. If the appraised value is lower than the selling price, the borrower must cover the difference. The bank will then confirm the official approved loan amount.

6. Sign the Loan Agreement.

Once approved: The borrower must go to the bank to sign the loan agreement and prepare any additional documents (if required).
Review the terms: loan amount, loan period, interest rate, and fees.

7. Schedule the ownership transfer and mortgage registration at the Land Department.

The bank will transfer the funds to the seller on the same day the ownership is transferred. The borrower must pay various fees such as the mortgage registration fee, transfer fee, and taxes. The house/condo will be mortgaged with the bank until the loan is fully repaid.

8. Begin monthly installment payments.

After the ownership transfer is completed: The bank will start collecting the first installment according to the billing cycle. Make payments on time to maintain good credit. If your income increases, you may make extra principal payments to reduce interest and shorten the loan term.

Summary : The process of obtaining a home loan may involve several steps, but being well-prepared with documents, finances, and information from the bank can help make the process much smoother. Owning your dream home is not out of reach; it just starts with proper planning.

Mortgage Interest Rates for Houses and Condominiums in 2025

Reference : https://www.sansiri.com/content/view/คำแนะนำกู้บ้าน-อัพเดทล่าสุด-อัตราดอกเบี้ย-สินเชื่อบ้าน-คอนโด-ปีนี้/th