Buying a house when married to a thai

[roulax]

Hi everyone,

My Thai wife and I are currently looking at buying a house. I will make the downpayment of 30% and we (She) are getting a loan from the bank which I will guarantee as she has no income.

 

The land and Chanote has to be on her name of course, but I wonder what happens in case of separation. Since we are married we should both get 50/50 of this house value, how is the split done then if the house is not sold?

 

Is it possible to put one of our kids on the Chanote? (they are less than 5 years old)

Any recommendation of similar situation from anybody?

 

Thanks

 

 

[Peterw42]

The land office will make you sign a document that the land is not a marital asset and not subject to the 50/50 split. The land will be your wifes non-marital asset, she cant buy it unless you sign the document.

[roulax]

Thank you for the information  - Do you know if it is possible to put the Chanote and give the land ownership to our kids? Is there a minimum legal age to own land?

[ThaidDown]

8 minutes ago, roulax said:

Thank you for the information  - Do you know if it is possible to put the Chanote and give the land ownership to our kids? Is there a minimum legal age to own land?

No age limit for kids owning land (but cannot be sold without court order)

 

BUT Children cannot have debt so bank would not make loan.

 

[Peterw42]

8 minutes ago, roulax said:

Thank you for the information  - Do you know if it is possible to put the Chanote and give the land ownership to our kids? Is there a minimum legal age to own land?

It comes down to the individual land office but its not something they are not in favor of. A child cant get or service a mortgage.

[baansgr]

From your posts, it seems you want to protect the money you are investing and will be paying over the coming years. In theory you would be entitled to 50% of any equity in the event the property is sold. In reality, if your wife dosnt want to give it to you, you get nothing. Either rent, worry for the next x amount of years about it or just accept you will probably loose it all. Anyone here buying property in their wife/child name or any other exotic idea lawyers tell you needs their head examined. Ive lost millions as have many, many others, sad but very very true.

[transam]

2 minutes ago, baansgr said:

From your posts, it seems you want to protect the money you are investing and will be paying over the coming years. In theory you would be entitled to 50% of any equity in the event the property is sold. In reality, if your wife dosnt want to give it to you, you get nothing. Either rent, worry for the next x amount of years about it or just accept you will probably loose it all. Anyone here buying property in their wife/child name or any other exotic idea lawyers tell you needs their head examined. Ive lost millions as have many, many others, sad but very very true.

Did you get your head examined before losing millions...?

 

Do guys in farangland lose "millions" when they split with their partner..?....

Probably....????

[BritManToo]

52 minutes ago, roulax said:

My Thai wife and I are currently looking at buying a house. I will make the downpayment of 30% and we (She) are getting a loan from the bank which I will guarantee as she has no income.

I'd be surprised if any Thai bank would give a loan to an unemployed lady (I couldn't find one).

They will want to see 6 months of her wage slips.

 

You're wasting our time asking questions about a loan nobody will give.

[RobMuir]

With your wife having no income, and you only having 30% deposit I doubt the bank will loan you the money.

 

what interest rate are they telling you? It varies a lot.

 

They won’t tell you that you have no hope of getting the loan. They will get you to sign hundreds of pages of documents, get your hopes up for a couple of months and it will all be for nothing.

 

If you are wanting say 5 million, they will probably offer you 500,000 baht, which will be useless. 

 

If if you are worried about your wife with no income doing a runner, just “jokingly” tell her that you would have to kill her if she robbed you. 

[baansgr]

21 minutes ago, transam said:

Did you get your head examined before losing millions...?

 

Do guys in farangland lose "millions" when they split with their partner..?....

Probably....????

By law I shouldn't loose it but unlike Foreign land its impossible to enforce in Thailand.....No big issue, its only money 555

[roulax]

26 minutes ago, BritManToo said:

I'd be surprised if any Thai bank would give a loan to an unemployed lady (I couldn't find one).

They will want to see 6 months of her wage slips.

 

You're wasting our time asking questions about a loan nobody will give.

I have been working here for 10 years, for a thai company with a local contract, and 3 thai banks have no issue to give a loan of up to 80% of the value of the house to my wife without salary, providing that we are married and that I guarantee the loan and provide all necessary paperwork they require. (my salary slips, bank statements, passport, WP, etc...)

Interests are the same as for the thais, around 7-7.5% MIR at the moment.

 

That is why I am asking those questions.

 

 

Edited May 16, 2019 by roulax

[BritManToo]

13 minutes ago, roulax said:

I have been working here for 10 years, for a thai company

Interests are the same as for the thais, around 7-7.5% MIR at the moment.

You didn't say you worked in Thailand before, should have mentioned that in the OP.

I pay 6.12% to SCB on my 90% home loan, appears they are already quoting you a higher rate.

Edited May 16, 2019 by BritManToo

[roulax]

1 minute ago, BritManToo said:

I pay 6.12% to SCB on my 90% home loan, appears they are already quoting you a higher rate.

Good for you! I will negotiate the rate when this gets signed. Thanks for your input.

[scorecard]

1 hour ago, Peterw42 said:

It comes down to the individual land office but its not something they are not in favor of. A child cant get or service a mortgage.

Please read my earlier post below, just a few days ago:

 

Posted Tuesday at 08:22 AM

"Perhaps this might help, my Thai son recently updated his will leaving his decent size 2 plots of land and the 1 house and contents on that land jointly /equally to his 3 kids, 15, 8, 4 yo. Before the will was finished and signed, my son went with his lawyer (at lawyers suggestion - lawyer is fully qualified and well experienced, old family friend) to see the head of the local muang Chiang Mai land office to check if there are any complications if ownership to the 3 kids was to be done tomorrow.

 

Answer no problem totally legal, but there needs to be a guardian / advisor nominated in the will and that person's name would be put on the land chanut document. But of course the guardian / advisor cannot change the will and cannot actually sell the land etc. In fact the land and house cannot be sold until all 3 kids reach the age of majority for Thailand. Only exception would be that selling has been approved by a specific court order which is very difficult to obtain."  

 

Further comment; when this was discussed at the CM LTO, my lawyer mentioned it seems to be different at different LTOs. CM guy said 'might be true, but I am telling you the actual written national law, which cannot be adjusted by anybody. He also confirmed that banks are forbidden to use  land & house owned by children as a security for a mortgage or any loan.

 

 

 

Edited May 16, 2019 by scorecard

[scorecard]

32 minutes ago, roulax said:

I have been working here for 10 years, for a thai company with a local contract, and 3 thai banks have no issue to give a loan of up to 80% of the value of the house to my wife without salary, providing that we are married and that I guarantee the loan and provide all necessary paperwork they require. (my salary slips, bank statements, passport, WP, etc...)

Interests are the same as for the thais, around 7-7.5% MIR at the moment.

 

That is why I am asking those questions.

 

 

I'm aware of a farang had worked here, big job / big income for 20+ years.

 

His Thai son wanted to buy a new house which had been passed back to the bank because borrower had never made one payment on the mortgage loan. Quite nice house, nice village, selling price reduced a lot because bank just wanted to recover their outstanding loan monies, something like 60% of the original price.

 

Son worked irregular part-time with some limited income but no employment contract, son had no cash or other assets, just finished his bachelor of business and about to start first lesson for MBA.

 

The farang father approached his Thai bank manager who instantly agreed to give the mortgage to the son but with farang father as guarantor. Dad called the son 'get to the bank now', all done the same day.

 

 

[gk10002000]

44 minutes ago, roulax said:

I have been working here for 10 years, for a thai company with a local contract, and 3 thai banks have no issue to give a loan of up to 80% of the value of the house to my wife without salary, providing that we are married and that I guarantee the loan and provide all necessary paperwork they require. (my salary slips, bank statements, passport, WP, etc...)

Interests are the same as for the thais, around 7-7.5% MIR at the moment.

 

That is why I am asking those questions.

 

 

Interest rates are 7 %?  I am not sure what MIR means.   30 year home loans with 20 % down are running just over 4 % here in the USA.  I see some conversions and terminology on the web, but this is the first time I ever heard of home loans expresses as monthly interest rate terms, assuming that is what MIR means.  So I don't want to assume anything

[Vacuum]

1 hour ago, BritManToo said:

I'd be surprised if any Thai bank would give a loan to an unemployed lady (I couldn't find one).

They will want to see 6 months of her wage slips.

 

You're wasting our time asking questions about a loan nobody will give.

Well, my wife (unemployed) did get a loan, similar to what the OP described. We had to try several banks before one actually gave the loan though.

[Vacuum]

1 hour ago, baansgr said:

Either rent, worry for the next x amount of years about it or just accept you will probably loose it all

Exactly, don't 'invest' more than you can walk away from.