Ivan Fredriech Cano /Realestate.com.kh
Cambodia’s fast-growing economy has made it home to many expatriates and attracted a flurry of foreign investors. This influx of foreign buyers has also been influential in the progression of the Kingdom’s real estate sector with many developers molding their properties to popular designs abroad. But even foreigners cannot buy a home with a 100% payment right away, hence, the need for home loans.
There is a prevailing belief that expatriates or foreigners, in general, have a harder time getting a home loan. While it is indeed more challenging compared to locals, it is still possible for foreigners to get a home loan in Cambodia.
Getting a home loan as a foreigner
Not every bank offers home loans to non-Cambodians. Fortunately, there are banks such as RHB Cambodia, a Malaysian-owned bank, offering home loans to expatriates and foreign investors interested in Cambodian property.
Expatriates in the Kingdom and foreigners living abroad may be asked to present any of the following requirements when applying for a home loan:
If you are employed:
Passbook / Bank Statement / 3 Months Payslip
Employment Contract or Employment Certificate
Work Permit (for expatriates in Cambodia)
Curriculum Vitae (CV)
National ID or Valid Passport
Passing credit check from the Credit Bureau Cambodia (for expatriates in Cambodia)
Sales Purchase Agreement
If you are self-employed or a business owner:
Latest Business Patent
Valid Business License
Business Registration
Bank Statement
Financial Statement for the last 2 years
3-month sales or purchase invoice
Company profile
National ID or Valid Passport
Passing credit check from the Credit Bureau Cambodia (for expatriates in Cambodia)
Sales Purchase Agreement
These are the usual requirements for loans in Cambodia though keep in mind there may be other requirements depending on the bank. Nevertheless, having these at the ready will definitely help speed up the process and bank staff, especially from RHB Cambodia, are well-equipped to walk applicants through the process.
Additionally, developments in Cambodia developed systems and partnerships with banks to fully assist non-Cambodians in purchasing property. Prominent examples are The Peninsula Private Residences and Angkor Grace Residence & Wellness Resort, projects that allow expatriates and foreign investors to own property in Cambodia be it for personal use or as an investment property.
Cambodia’s property market has grown steadily over the past few years. Its expansion has led to many developments not just in residential technology but also financial structures that allow both Cambodian and international buyers to access much needed loan services. This increasing availability of loans to a wider market will be key to further establishing Cambodia’s status as a viable property investment destination in Southeast Asia.
Link to original article:
https://www.realestate.com.kh/guides/guide-to-home-loan-as-a-foreigner-in-cambodia/
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