bank loan to buy a house

Post Reply
User avatar
denz
udonmap.com
Posts: 85
Joined: October 28, 2011, 3:24 pm
Location: udon thani

bank loan to buy a house

Post by denz » March 1, 2020, 4:28 pm

Wife and me found a house we want to buy. Go to 2 banks who wont give a loan/ mortgage because they will only look at wifes income. i have 2 monthly pensions (1 of which gives the wife income after I die) but they not interested. My guess is they dont trust farangs.. Any advice or suggestions much appreciated.



User avatar
kopkei
udonmap.com
Posts: 1602
Joined: August 27, 2010, 6:55 am

Re: bank loan to buy a house

Post by kopkei » March 1, 2020, 4:53 pm

foreigner/ wife foreigner can normally only get a loan if the falang has employment in thailand (or wife income is enough) ,you will need some one else, thais or farang (in thailand employed) to guarantee the loan...what is not going to be easy,and now with all the loans getting more difficult (and business booming :lol: ) the banks will not many times allow a loan to buy a house that isn't coming out of their own portfolio of houses for sale ....as info ;)

jackspratt
udonmap.com
Posts: 11591
Joined: July 2, 2006, 5:29 pm

Re: bank loan to buy a house

Post by jackspratt » March 1, 2020, 5:14 pm

I'm pretty sure it would be nigh on impossible to get a mortgage loan in Australia if you were a pensioner, living there on what is effectively a year-to-year immigration permission.

User avatar
sgt
udonmap.com
Posts: 578
Joined: February 2, 2007, 9:39 am
Location: Udonthani, Thailand

Re: bank loan to buy a house

Post by sgt » March 1, 2020, 5:47 pm

When I bought the house here, no bank would finance even with my pension being well above minimum. Wife, no income except farm and head man would not verify. Scammed the hell out of me until I figured it out. Send the "surveyors", charge 3,000 baht for them and then turn down load. I was too old and yea, farang. Subdivision owner financed and yes it cost more. Btw, house will soon be on the market, divorce and not in her name, I never paid for the Chanute.

Same with a vehicle, if you are over 65, forget it. There are ways around.

User avatar
deankham
udonmap.com
Posts: 583
Joined: March 17, 2008, 5:24 am
Location: Alseep under the tree

Re: bank loan to buy a house

Post by deankham » March 1, 2020, 9:20 pm

It used to be possible (5 years ago since I last checked) to get a mortage for your Thai wife with you acting as guarantor if you had a FULL TIME job overseas. The bank would want to see 6 months pay slips plus 6 months bank statements and to get a letter from your employer confirming your years of employment and monthly salary.

However the bank also wanted a sizeable deposit (40% minimum) and the rates were nearly 6% (which is high for a mortgage). This was from SCB.

DuiDui49
udonmap.com
Posts: 1031
Joined: March 15, 2006, 3:10 pm
Location: Koh Samui

Re: bank loan to buy a house

Post by DuiDui49 » March 2, 2020, 9:14 am

And the Banks are harder to deal whith now,for sure.
Wish you all the luck...//Alfie out.
Best regards
//DuiDui
"Exercise is individual and nutrition is queen: together, you have a kingdom."

“Gratitude is not only the greatest of virtues but the parent of all others.” 

"To grow and mature demands time and willingness to learn from your own misstakes"

User avatar
rick
udonmap.com
Posts: 2508
Joined: January 9, 2008, 10:36 am
Location: Udon, or UK May-August

Re: bank loan to buy a house

Post by rick » March 2, 2020, 8:11 pm

Can you get a cheap loan in your home country? You can get loans cheaper than a Thai mortgage (i borrowed money last year at 3%, though not for buying a house). Also removes exchange rate fluctuation issues.

marcus1
udonmap.com
Posts: 71
Joined: July 18, 2011, 3:12 pm

Re: bank loan to buy a house

Post by marcus1 » March 2, 2020, 9:19 pm

Sorry to say after living here 10 years there is no way you will get a loan.
Everything is based on your wife's income as Farang's can just get up and leave anytime leaving your girl friend or wife left with very little ability to pay said mortgage.
I can understand how the Thai banks think.
A western bank would do the same.
Best of to rent anyway for now given exchange rates.
Or buy a few lottery tickets and pray like hell at the temple for a win.

Post Reply

Return to “Money, Banking & Investments”