Joint Mortgage on House dilemma

[Altavista4Ever]

Hi All,

I reside in Thailand and my Thai wife since 5 years wish to get a new mortgage for a house in her name.

The bank insists that since we are married I must co-sign the loan as a good man agreement.

She meets the loan criteria to service the debt in accordance to the bank's own criteria and my finances has not been requested to the bank.

She earns around 90K THB a month + bonus + she has 1.5 m THB in equity in her existing house she bought before we married, plus she got 1 million THB in savings.

The mortgage she would like is around 3.5 m thb.

 

My simple question is: The bank insists I need to co-sign the loan. If we get divorce she would get the loan but not if we are married.

Besides divorce, are there any other options e.g a pre-nup that somehow waives the criteria from the bank that I too must co-sign the loan just because we're married.

 

It's pretty ironic a Thai citizen living in her own country with more than enough  income to serve the debt, is in essence by the banks declared incapable of doing anything without her husband's consent.

Moving forward it seems she can't buy any property with a loan - or take any loan without my signature.

 

When I sign a loan I prefer to own something which is why I'm not signing.

 

Grateful for any thoughts

 

cheers

[Altavista4Ever]

When I asked the bank staff if the bank documents were in fact a good man agreement or just a witness of signature I got the reply it's normal in Thailand so I'm considering translating a few pages. Does anyone have any recommendations or do people just co-sign mortgages in Thai ?

[moontang]

Go to a different bank....

[blackcab]

Section 1476 of the Civil and Commercial Code requires one spouse to obtain permission from the other spouse if they want to obtain a mortgage.

 

It is standard practice for banks to supply this documentation and require it to be signed. Without a signature the mortgage would not be lawful.

 

Section 1476:

 

In managing the Sin Somros in the following cases, the husband and wife have to be joint managers, or one spouse has to obtain consent from the other:

 

(1) Selling, exchanging, sale with the right of redemption, letting out property on hire-purchase, mortgaging, releasing a mortgage to a mortgagor or transferring the right of mortgage on immovable property or on mortgageable movable property.