What to do if you cannot pay Condo Installments anymore?

These days, with rising costs of living and relatively high interest rates in Thailand, many Thais are now increasingly in debt, especially housing loans, which require up to 30 years of installment, also monthly installments continue to rise, and money paid for the installment does not much reduce the principal. Today, ACU PAY will guide the way for those who cannot pay for condo installments anymore, whether you buy to live or rent out.

1.Ask for a loan period extension

If you calculate and find out that you cannot pay for that installment, you can extend the loan period up to 30 years. This way you pay installment less. However, there is a condition that the age of the borrower when combined with the loan period extension cannot exceed 70 years. If there is any overdue interest, it must be paid.

2.Ask to pay for interest only

This method only applies to borrowers with a good history of debt repayment. For example, it is easier for debtors who pay an installment on time to negotiate with the banks, the grace period to pay interest only can be extended up to 12 months.

3.Ask for principle and interest payment suspension

It is a suspension of payment or postponement of both principal and interest payments. The given time is approximately 3-6 months depending on the previous period whether the borrower paid on time or not and what a regularity of payment is. The payment is subject to the Bank’s consideration and your credit.

4.Ask for a refinance

It is a loan application to reduce interest rates or extend repayment periods. If you want to do this, you have to pay back at least 1-3 years. However, there are additional expenses such as appraisal fees, mortgage fees, or loan fees at new financial institutions.

This method should be done before the overdue debt starts because it can ruin your credit. Refinance will make the payment more convenient even if it is a new loan from the old source.

5.Ask to pay the installment lower than the usual installment

This method requires monthly payments higher than monthly interest, or lower principal and interest payments. However, debtors can only request payment for up to two years, but those who have just taken out loans cannot use this method because the installment is usually 80 to 90 % interest.

Those who decide to pay the condo installment should think carefully if they can pay for it or not. If someone starts paying the condo installment already may study how long you can extend our grace period. Moreover, you should choose a bank or loan scheme that fits your income and self-sufficiency in your spending.

References from
autospinn //// thairath