Pattaya Condo Installment Plans: How Developer Financing Works

Why buyers use installment plans in Pattaya

Foreigners generally cannot get a mortgage from a Thai bank, and a mortgage from abroad rarely covers a property in Thailand. That is why a large share of new condominiums in Pattaya are sold with financing from the developer itself: you reserve a unit, pay a down payment and then follow a payment schedule agreed in the contract. No Thai bank is involved, and you buy through the building's foreign quota, so the unit is registered in your own name. You can see the new builds we list on our Pattaya installment page.

How a typical plan is structured

• Reservation fee to take the unit off the market.
• Down payment, paid when the sale and purchase contract is signed. In the plans we work with it starts from around 500,000 baht at some developers.
• Construction-stage payments on a fixed schedule, monthly or at milestones.
• Final payment at completion, after which the unit is transferred and registered at the Land Department.

Plans run from 2 to 20 years and interest ranges from 0% to about 10% a year, depending on the developer and the project. Some developers continue the plan after completion, so you can move in or rent the unit out while you are still paying.

What it really costs

A 0% plan is not always cheaper. Developers sometimes offer 0% with a larger down payment or a shorter term, or build the financing cost into the price. Compare the total you will pay over the whole plan for each option, not the monthly amount. On top of the price, budget for the registration fee at transfer (about 2% of the registered value), the maintenance fees once the building is operating (for a 50 m² unit in a mid-range building typically 1,750-2,500 baht a month), and the cost of transferring money from abroad. Our guide to transferring money to Thailand explains the FET form you will need.

What to check before you sign

• The developer. Look at completed projects, not only renderings. Developers such as Copacabana, Dusit Group, Patta and Thaihe Group have a visible record in Pattaya.
• The foreign quota. Foreigners can hold up to 49% of the unit area in a building. Ask for written confirmation that your unit falls within the foreign quota.
• The contract. It should name the exact unit, floor, size and specification, the payment schedule, the penalties for late payment, the completion date and your remedies if it is missed.
• Where the money goes. Pay only to the developer's company account named in the contract.
• The title. Confirm that the land title (Chanote) is clean and in the developer's name.

More on the risks and how to avoid them is in our safe buying guide for foreigners.

Installment plan or resale?

A new build usually takes 2-3 years to complete, so you cannot move in right away. A resale apartment can be occupied immediately and is often 20-30% cheaper than a new build in the same area, but is normally paid in full up front. We compare the two in new developments vs. resale condos in Pattaya.

Frequently asked questions

Can a foreigner buy a condo in Pattaya on an installment plan?

Yes. Developers sell new builds to foreigners on installment plans, and the unit is registered in the buyer's name under the foreign quota.

Do I need a Thai bank account?

Not necessarily. Payments can be made by international transfer to the developer's account, and the bank issues the FET document for larger transfers. Some buyers still open a Thai account for convenience.

When do I become the registered owner?

Typically after the building is completed and the final payment is made, when the unit is transferred at the Land Department. Your contract sets out the exact sequence.

Can I resell before completion?

Some developers allow the contract to be assigned to a new buyer, sometimes for a fee. Check this in the contract before you buy.

Not sure which plan suits you? Write to us with your budget and we will shortlist projects and confirm the exact terms.