One of the key issues to consider when purchasing a property, especially if you are a first time buyer, is how to get a housing loan in Cambodia. This can be especially difficult if you are not familiar with the banking and financial institutions in the country. However there is no need to fear as the Kingdom has an excellent banking sector and at Borey Williams we are available at all times to guide you through the process.
We have several different payment options for you to finance your new home purchase.
Cash Purchases
The easiest is the cash option, which involves a one-off cash payment for your property. This has the benefit of being swift and free from any interest charges, and large discounts can be available on your purchase.
If you do not have sufficient available funds to purchase your property outright there are several options for staggering your payment.
Staggered Payments
The first is a progressive payment plan. This involves you making a 30% down payment upon booking your property, followed by a further 20% once the foundation work is completed, and further payments through the construction process. The final 10% is paid upon handover. A variation on this involves paying twenty equal monthly payments. Both of these have the benefit of staggering your payments, and, just like a cash payment, avoids any interest payment.
Financing a Housing Loan in Cambodia
If you choose to go down the housing loan route, typically we will require a 15% to 30% down payment upon booking. The remainder 70% will be financed by one of or partner banks, who offer the most competitive housing loan interest rates in Cambodia. Monthly payments can be staggered over a period up to 20 years, with payments typically commencing as construction starts. This has the advantage of offering the lowest monthly payment option, as well as the lowest initial down payment fee.
Most customers choose to secure a housing loan in Cambodia via a mortgage through one of our reputable commercial banks and financial institutions. Banks we recommend include: Phnom Penh Commercial Bank, BIDC, UCB, and Cathay United Bank. These provide our customers with easy and fast approvals, lower interest rates than the general public, and a no-headaches experience to quickly give you the financing you need.
Our friendly and knowledgeable home loan officers will work on your behalf to get you the financing you need to cover your new home purchase in Cambodia.
