Expat looking to borrow money for home renos

[Slimdawg]

Hi, 

Looking to borrow 2.5 million baht,to do some home renovations.

 

I'm a expat that owns a villa worth roughly 7 million baht, the land is in my Gf name.

 

I make good money but the income is not made in thailand.

 

My gf does not work.

 

Is there anyway to borrow money?

 

Most banks will only do this if it's a condo

[josephbloggs]

I think you'll find it difficult, especially as you are not earning in Thailand and assume you therefore don't have a Thai WP.

 

I have just gone through the process of borrowing four million baht based on owning a property worth several times that.  I had previously taken a mortgage of 11 million to buy that property (paid off in full).  The bank that gave me that money (KTB) said no.  A straight "no, we don't give loans to foreigners anymore" even though I have a perfect record with them - paid off in full, never late with a payment etc.  Long story short I finally got it from UOB but not without a huge amount of hassle.  I have lived and worked here for 24 years only in 2018 I worked in Singapore for a while before coming back here a year ago.  Even though I have 24 years of tax records, work permits etc the fact I haven't been here for two years (in their eyes) straight was a stickler.  Even though the company in Singapore was the same company I work for now (Singapore is the regional HQ) it was a massive pain.

The two year WP thing is the issue.  I was lucky as I could prove I was working for the same company and my time spent in Singapore was working on the plan / designs etc to open a Thai office - if I hadn't been it would have been a straight "no".  So, my understanding is that without at least two years here with a work permit you won't have much of a chance.

I wish you the best of luck.  And give UOB a try, they seemed to be the most open minded.
 

[Pravda]

What was the rate of that loan?

[josephbloggs]

5 minutes ago, Pravda said:

What was the rate of that loan?

5.5%

[CharlieH]

Krungsri (yellow bank) offer this type pf loan. Their interest rate of about 6%.

[Slimdawg]

CharliH

They offer loans without a work permit?

 

I'm honestly not concerned about interest rate as much as the simple fact they will lend the cash.

 

Thanks for the replys

[digibum]

6 hours ago, Slimdawg said:

the land is in my Gf name.

Then, technically, you own nothing. 

 

Imagine someone came to you for a loan on their car but the car was in someone else's name, but you were leasing it.  Who would lend you money on that? 

 

Quote

I'm a expat that owns a villa worth roughly 7 million baht

 

What you own is the value of the villa, minus the value of the land it sits on, which, in most cases, means you own next to nothing. 

 

I just mean that in the sense that, you actually own a depreciating asset, the physical home on the property.  The land can increase in value but the value of the physical structure will only go down in value as it ages. 

 

Why would a bank make a long-term loan on an asset that will go down in value every year? 

 

Sure, they loan on cars, which are a depreciating asset, but the loan is 5 years and they can seize and sell the asset if you don't pay.  What happens if you use the villa as your collateral and you don't pay?  They're not going to send a team of people to lift the structure off of the land and they have no way of taking the land from your GF (who's name the land is in), so what do you expect them to base the loan on? 

 

 

[mike787]

5 minutes ago, digibum said:

Then, technically, you own nothing. 

 

Imagine someone came to you for a loan on their car but the car was in someone else's name, but you were leasing it.  Who would lend you money on that? 

 

 

What you own is the value of the villa, minus the value of the land it sits on, which, in most cases, means you own next to nothing. 

 

I just mean that in the sense that, you actually own a depreciating asset, the physical home on the property.  The land can increase in value but the value of the physical structure will only go down in value as it ages. 

 

Why would a bank make a long-term loan on an asset that will go down in value every year? 

 

Sure, they loan on cars, which are a depreciating asset, but the loan is 5 years and they can seize and sell the asset if you don't pay.  What happens if you use the villa as your collateral and you don't pay?  They're not going to send a team of people to lift the structure off of the land and they have no way of taking the land from your GF (who's name the land is in), so what do you expect them to base the loan on? 

 

 

he is right...NO way.  Getting a visa is hard and lucky enough.  Money on top of that - impossible. Only option is Gofund.  

[1FinickyOne]

what do you have for collateral? what would stop you from disappearing tomorrow? 

 

I don't mean to imply anything about you personally. Those are the questions any lender should ask... 

 

hope it all works well for you. 

[CH1961]

Post picture of villa and GF here on TV and we will considering ????

[Bigz]

Borrow money on your gf's name. She owns the property...

[justin case]

sell the house and buy a condo ...

 

smell likes SCAM

[Slimdawg]

My gf does not work, so they will not lend the money to her as they have no way to see how she can pay back.

 

I understand about the house losing value but I only want the loan for over 18 months.im willing to have the gf sign off the land or in other words cosign so the bank could technically take everything if I didnt pay, no?

 

To me a car should depreciate more than a house. But that's irrelevant as I dont make the rules.

 

I do have a 2020 Harley motorcycle and a 2017 chevy trailblazer both paid in full.

 

 

 

[nobodysfriend]

2 hours ago, Slimdawg said:

I do have a 2020 Harley motorcycle and a 2017 chevy trailblazer both paid in full.

Sell these , than ... will be more easy .

[gargamon]

Borrow the money in your home country.

[RichardColeman]

G/f must be laughing with a 10 million baht house in her name

[Isaanbiker]

13 minutes ago, RichardColeman said:

G/f must be laughing with a 10 million baht house in her name

Not only the GF!!!-????

 

To be honest, that sounds all a bit dodgy to me. GF, not wife of many years who isn't working, jada jada jada/sounds trollish to me.

 

 Mentioning a 2020 Harley and an expensive car doesn't make the OP more trustworthy.  

 

 

Watch out for trolls tonight. 

 

 

 

  

 

  

[Dumbastheycome]

A loan to renovate a dwelling that "worth" 7 million Bht. ? What did it cost?

 

[dinsdale]

Guess you should have bought a 5 million baht villa but as you're struggling for money there's always the Chinese money lenders. Maybe sell the Harley or the trailblazer. 2.5 mil over 18 months. Must be tough going in you need a loan.

Edited February 3, 2020 by dinsdale

[ChouDoufu]

15 hours ago, Slimdawg said:

I make good money but the income is not made in thailand.

swift.

[mike787]

7 hours ago, kenk24 said:

what do you have for collateral? what would stop you from disappearing tomorrow? 

 

I don't mean to imply anything about you personally. Those are the questions any lender should ask... 

 

hope it all works well for you. 

I agree, you have to provide serious collateral support or sign over ie land, house, etc for me or anyone send money to someone we never met.  

[mike787]

4 hours ago, Isaanbiker said:

Not only the GF!!!-????

 

To be honest, that sounds all a bit dodgy to me. GF, not wife of many years who isn't working, jada jada jada/sounds trollish to me.

 

 Mentioning a 2020 Harley and an expensive car doesn't make the OP more trustworthy.  

 

 

Watch out for trolls tonight. 

 

 

 

  

 

  

YEP!!  Too much time on their hands.  Unbelievable..no other options for these troll morons....

[madmen]

7 hours ago, Slimdawg said:

My gf does not work, so they will not lend the money to her as they have no way to see how she can pay back.

 

I understand about the house losing value but I only want the loan for over 18 months.im willing to have the gf sign off the land or in other words cosign so the bank could technically take everything if I didnt pay, no?

 

To me a car should depreciate more than a house. But that's irrelevant as I dont make the rules.

 

I do have a 2020 Harley motorcycle and a 2017 chevy trailblazer both paid in full.

 

 

 

 Banks would prefer you pay it off for the longest 9term possible eg 25 Years s, they don't want fast payment and your gf is useless as a CO sign as she has no income so no capacity to pay even though she owns the land 

Banks are not in the repo business but in the making interest business 

 

 

[Iron Tongue]

If the home needs 2.5 million baht of rennovations, then wouldn't your home only be worth 4.5 million?

[Henryford]

If the bank can't repossess the house (because it's on someone else's land) then they have NO security.

[CH1961]

21 hours ago, Slimdawg said:

My gf does not work

So if you need money, it is time for her to do now ????

[Slimdawg]

There is definitely a lot of people that dont need to reply to this thread.

 

Bottom line is I would like to take a personal loan and it seems difficult.

 

I understand the replies that you have given. 

 

I'll just save the money and wait.

 

I dont see the need to make personal attacks over a question about getting a personal loan.

21 hours ago, dinsdale said:

Guess you should have bought a 5 million baht villa but as you're struggling for money there's always the Chinese money lenders. Maybe sell the Harley or the trailblazer. 2.5 mil over 18 months. Must be tough going in you need a loan.

I never said I was struggling, i was only hoping to get all of the renovations done at once. The reply of the vehicle was just to state from a previous question about other assets

18 hours ago, mike787 said:

22 hours ago, Isaanbiker said:

  

YEP!!  Too much time on their hands.  Unbelievable..no other options for these troll morons....

<deleted>? I'm a troll Moron? Your the one that is replying to my post with fk all for any bit of valuable info. Trolling 

 

People take personal loans all the time where I'm from, I'm sorry if this triggers you. Douche bag

15 hours ago, Iron Tongue said:

If the home needs 2.5 million baht of rennovations, then wouldn't your home only be worth 4.5 million?

Are you serious? I cant believe I am even replying to this, but I would like to add additions on to the home. 

 

 

[josephbloggs]

1 hour ago, Slimdawg said:

There is definitely a lot of people that dont need to reply to this thread.

 

Bottom line is I would like to take a personal loan and it seems difficult.

 

I understand the replies that you have given. 

 

I'll just save the money and wait.

 

I dont see the need to make personal attacks over a question about getting a personal loan.

I never said I was struggling, i was only hoping to get all of the renovations done at once. The reply of the vehicle was just to state from a previous question about other assets

<deleted>? I'm a troll Moron? Your the one that is replying to my post with fk all for any bit of valuable info. Trolling 

 

People take personal loans all the time where I'm from, I'm sorry if this triggers you. Douche bag

Are you serious? I cant believe I am even replying to this, but I would like to add additions on to the home. 

 

 

This thread sums up everything that is wrong with the mentality of so many on here.  You asked a genuine question but people want to jump in to criticise you, your girlfriend, your life choices, mostly out of jealousy that you seem to be doing ok for yourself and they are not.  It really is quite sad.

I literally received my loan money today,  and I have only had a work permit for less than a year.  It wasn't easy but it was possible.  As mentioned when I replied at the beginning I think with no earnings or WP in Thailand it would be next to impossible but no harm in trying.  UOB came good for me.  

[observer90210]

Assuming you are from the EU, I would take the loan back in Europe where banks are lending at 0% or close, depending on the relationship established with the customer. If from elsewhere, cannot say ....

Edited February 4, 2020 by observer90210

[Slimdawg]

11 hours ago, josephbloggs said:

I literally received my loan money today,  and I have only had a work permit for less than a year.  It wasn't easy but it was possible.  As mentioned when I replied at the beginning I think with no earnings or WP in Thailand it would be next to impossible but no harm in trying.  UOB came good for me.  

Glad to see that worked out for you, there is another company I am in contact with called MBK Finance. I'll see were it goes with them.

 

11 hours ago, observer90210 said:

Assuming you are from the EU, I would take the loan back in Europe where banks are lending at 0% or close, depending on the relationship established with the customer. If from elsewhere, cannot say ....

Ya my home country will not help as I'm a non resident. A low interest loan like that would be nice though.