Process for farang buying house monthly payments

[chopper23]

How does a foreigner  buy a house here, I want to put some money down and make payments every month.  3,000,000 BAHT house. What is the process and you can own the house but not the land?

[Crossy]

Find a bank that will lend you the money in principle, spend a LOT of time farting about, discover that nobody will lend against property that has a short (30 year) lease on the land.

 

If you have a Thai partner to own the land it's (marginally) easier but equally long-winded.

[English Engineer]

Some developers will allow instalments. We bought a house around that price. We paid the money for the land and the house payments were spread over 15years. They normally only allowed 5 years for farang but 15years because I have a Thai wife. I in fact paid all off after 18 months as I was fed up making cash payments every month. 

 

[Baerboxer]

22 hours ago, Crossy said:

Find a bank that will lend you the money in principle, spend a LOT of time farting about, discover that nobody will lend against property that has a short (30 year) lease on the land.

 

If you have a Thai partner to own the land it's (marginally) easier but equally long-winded.

 

Very true.

 

And in addition, most if not all Thai banks will only lend money to someone employed and with a monthly income. 

 

My bank manager, experienced and respected by her international colleagues, tells me she's never yet succeeded in getting her employers to loan money to a farang - unless married to a Thai, the Thai owns the land and house, they both work and the farang has a valid work permit. Even then it's long winded and all depends what mood the bosses are in on the day!

[Media1]

9 minutes ago, Baerboxer said:

 

Very true.

 

And in addition, most if not all Thai banks will only lend money to someone employed and with a monthly income. 

 

My bank manager, experienced and respected by her international colleagues, tells me she's never yet succeeded in getting her employers to loan money to a farang - unless married to a Thai, the Thai owns the land and house, they both work and the farang has a valid work permit. Even then it's long winded and all depends what mood the bosses are in on the day!

Yes unprofessional people lazy and racism is strong here

[lordblackader]

1 hour ago, Media1 said:

Yes unprofessional people lazy and racism is strong here

What does racism have to do with it? You're a foreign national - you could hop on a plane and leave the country tomorrow meaning you're a higher risk of defaulting. The land ownership side is a different issue.

[i claudius]

53 minutes ago, lordblackader said:

What does racism have to do with it? You're a foreign national - you could hop on a plane and leave the country tomorrow meaning you're a higher risk of defaulting. The land ownership side is a different issue.

So why is everybody and his uncle allowed to have credit cards ,mortgages and hire purchase in the west ? or are we liable to jump on a plane with the house ,land and furniture under our arm?

[PerkinsCuthbert]

8 minutes ago, i claudius said:

So why is everybody and his uncle allowed to have credit cards ,mortgages and hire purchase in the west ? or are we liable to jump on a plane with the house ,land and furniture under our arm?

Clearly you do not have the requisite level of Thainess.

[upu2]

16 minutes ago, i claudius said:

So why is everybody and his uncle allowed to have credit cards ,mortgages and hire purchase in the west ? or are we liable to jump on a plane with the house ,land and furniture under our arm?

Try putting a sofa in the overhead locker; not easy

[farangpaul]

why should someone give you credit as a foreigner?

[Jaggg88]

Good grief! This is not racism it's just basic financial practice. You check someone's status to see if they are fit and proper to take out a loan. Are you a Thai citizen? Do you have a good job? Do you earn enough to make the regular repayments? Do you have a credit history we can check? You would not get a loan in the west if you couldn't answer yes to all these questions and more.

[Suradit69]

4 hours ago, Media1 said:

Yes unprofessional people lazy and racism is strong here

... and racism is strong here

It certainly is "strong here" at Thai Visa.

 

In the unlikely event an individual Thai could even get into your country and s/he walked into a bank with no evidence of assured long term legal residence and no economic ties to your country, that the bank would be eager to lend him/her money to buy a house.

 

 

[Suradit69]

2 hours ago, i claudius said:

So why is everybody and his uncle allowed to have credit cards ,mortgages and hire purchase in the west ? or are we liable to jump on a plane with the house ,land and furniture under our arm?

I suggest you look back to 2007/2008 when the free and easy bank loans and credit card debt in the west forced governments to bail out some banks and close others and nearly caused the collapse of the world economy. I don't think the model of financial irresponsibility  in the west, then or now, are examples to be emulated.

 

 

 

Edited June 26, 2018 by Suradit69

[BestB]

Naturally a foreigner can not buy a house (without going into fine details)

 

A company can, Company can borrow money but NOT house mortgage rates and not long term AND director must be Thai

 

I had done all research, spoke to all banks and learned it was impossible.

 

Developers that do offer finance to foreigners are either luxury houses or crappy constructions in crappy locations.

 

You could find owner finance, as a few pop up here and there, thats about as good as you will do

[i claudius]

15 hours ago, farangpaul said:

why should someone give you credit as a foreigner?

why not?

[i claudius]

14 hours ago, Jaggg88 said:

Good grief! This is not racism it's just basic financial practice. You check someone's status to see if they are fit and proper to take out a loan. Are you a Thai citizen? Do you have a good job? Do you earn enough to make the regular repayments? Do you have a credit history we can check? You would not get a loan in the west if you couldn't answer yes to all these questions and more.

I have a regular pension paid weekly which can be checked

I have paid my rent for 12 years on time ,it can be checked

I have paid all my bills for 12 years ,Electric,phone,tv, internet,car tax  i have had money in my bank accounts ,insurance ,all can be checked .

so why am i a risk?

[farangpaul]

because they can leave the country at any time and do not come back. Banks are not gamblers.

[happylarry]

1 hour ago, i claudius said:

I have a regular pension paid weekly which can be checked

I have paid my rent for 12 years on time ,it can be checked

I have paid all my bills for 12 years ,Electric,phone,tv, internet,car tax  i have had money in my bank accounts ,insurance ,all can be checked .

so why am i a risk?

Sorry but the banks look to the future when it comes to risk assessing.....they dont live in the past......lol

HL

[BritManToo]

1 hour ago, i claudius said:

I have a regular pension paid weekly which can be checked

I have paid my rent for 12 years on time ,it can be checked

I have paid all my bills for 12 years ,Electric,phone,tv, internet,car tax  i have had money in my bank accounts ,insurance ,all can be checked .

so why am i a risk?

You are a risk because it's against the law for you to buy a house.

Banks usually don't trust potential criminals.

[lordblackader]

18 hours ago, i claudius said:

So why is everybody and his uncle allowed to have credit cards ,mortgages and hire purchase in the west ? or are we liable to jump on a plane with the house ,land and furniture under our arm?

They're don't and I say that as someone who used to work in finance and banking in Australia. 

Unless you've got long term work history (with permit) in the country or permanent residency most banks and finance companies won't touch you. 

[Media1]

On 6/26/2018 at 9:05 PM, Suradit69 said:

... and racism is strong here

It certainly is "strong here" at Thai Visa.

 

In the unlikely event an individual Thai could even get into your country and s/he walked into a bank with no evidence of assured long term legal residence and no economic ties to your country, that the bank would be eager to lend him/her money to buy a house.

 

 

Money talks even if you have a healthy flow of cash the Thais are to lazy to put it together. USELESS 

[Media1]

On 6/28/2018 at 9:26 PM, Media1 said:

Money talks even if you have a healthy flow of cash the Thais are to lazy to put it together. USELESS 

Waste of time Thai bank waste of time 

[MikeN]

On 6/27/2018 at 11:27 AM, farangpaul said:

because they can leave the country at any time and do not come back. Banks are not gamblers.

You could also max out your credit card, take out an overdraft in your home country and then come to Thailand and not go back........