I've just been shown what my wife's family are paying to the Siam Commercial Bank in interest on their 700,000 Baht home loan. I couldn't believe and checking their statements it is a whopping 15%
I've also checked at Siam Commercial here: http://www.scb.co.th...n/rate/loan.pdf
There are two rates, one "Default" and one rate as "Normal". Even the "Normal" is high at 11.375%. Anyone know what the criteria is for these rates?
Apparently the 15% interst rate came in about 7 months ago and prior was 5-6% for a few years. From what my wife said they have tried to refinance at another bank at lower rates but because of their low income were not accepted.
Anyway, not sure how I can help (besides the obvious!) but before I/we go into the bank does anyone has have any experience negotiating a better rate at this bank or have any other advice to get a lower interest rate.
I looked up their savings deposit rates and at < 1% is a massive gap!
Edited by Youbloodybeauty, 2009-04-14 12:57:58.