Bank Loan for Thai people (Credit Rating)?

[Magnus Gunnarsson]

Hello,

 

I have a friend that is thinking about buying her first condo/house for around 2,5MB.

She has been working in her current job for around 7-8 months and she has a salary between 30.000 - 35.000 THB paid netto every month. Before that, she was not a big earner as she was studying. She has been able to save up around 400.000 THB that she can use as Deposit.

 

So my question is...

1. Would she be able to get a morgage now after only 7-8 months working?
2. Would she perhaps need to improve her credit rating by buying fx. a car or motorcycle and finish the payments before buying the house?
3. I have also heard that she needs to have had the job for at least 1 year... Is that true?

 

Any advice is greatly appreciated ?

[Peterw42]

It probably comes down to the individual banks and their lending criteria, my wife has a mortgage with the Government home loan bank, based on her market stall business. They appear to be pretty flexible and look at applications on an individual basis. 

[BEVUP]

3 hours ago, Magnus Gunnarsson said:

She has been working in her current job for around 7-8 months and she has a salary between 30.000 - 35.000 THB paid netto every month. Before that, she was not a big earner as she was studying. She has been able to save up around 400.000 THB that she can use as Deposit.

The bank may ? those figures

8 X 35 = 280 - 140 (for living ) = 140

Studying on low - average wage prior 

Something is not adding up

[MartinBangkok]

20 hours ago, BEVUP said:

The bank may ? those figures

8 X 35 = 280 - 140 (for living ) = 140

Studying on low - average wage prior 

Something is not adding up

She must have had a very well paid part time job besides her studies, if you get the drift.

Maybe she should continue doing that part time job to convince the bank...

[Magnus Gunnarsson]

Please take your heads out of the gutter and behave like decent human beings... Please.

I am not going in details on how she come by her savings. But in short, it has nothing to do with her working the streets.

 

Please lets get back on topic. I would still like to hear if anyone has some advice to give.

Perhaps send me a PM if you want to stay off the comments.

 

Best Regards

Magnus

[Magnus Gunnarsson]

...

[swissie]

Indeed her income "track-record" is not long. Is such cases, (depending on Bank and the stabilty of her job), Banks may ask for a 50% downpayment. Banks don't care where her funds of 400'000 Bht came from. (it may have been an inheritance).
- In case you should be asked to fund the rest to reach a 50% downpayment-level, the answer can only be: DON'T DO IT. Under absolutely no circumstances.
- Best you buy the Condo in your name and make her a percentual co-owner if she is willing to inject her 400'000 Bht.
But unless you can think of your "friend" as becoming your future Live-Companion, best thing to do is simply: Stay out of it entirely.
Cheers.