Loan on Chanote

[BEVUP]

Hello all 

Can't find this anywhere

Using Chanote to get Loan from Private financer

What is the Stamp duty for Land Dept to register them on the back of Chanote 

Was told some crazy figure of 70,000 for 1000000

 

Plan to sell house so will only pay the interest - Just like paying Rent

 

Edited April 4, 2020 by BEVUP

[ezzra]

It's called Khai Fak arrangements and it's depend on the amount you want to borrow and where... mind you all land department offices nationwide are closed now for at least a month...

[BEVUP]

7 minutes ago, ezzra said:

It's called Khai Fak arrangements and it's depend on the amount you want to borrow and where... mind you all land department offices nationwide are closed now for at least a month...

1,000,000 in the middle of Korat 

[GreasyFingers]

The only figure I have seen was 1%. Do not know if there is a sliding scale

[BEVUP]

31 minutes ago, GreasyFingers said:

The only figure I have seen was 1%. Do not know if there is a sliding scale

thanks

[BEVUP]

They want wife to pay 70,000 - This sounds like a complete Transfer (purchase ) on appr. 4,000,000 bht house 

[AussieBob18]

3 minutes ago, BEVUP said:

They want wife to pay 70,000 - This sounds like a complete Transfer (purchase ) on appr. 4,000,000 bht house 

Careful.  Go to a bank mate. This could go very very wrong - Thais trust Thais and she will not argue, and you dont know what is going on. Thgis is the sort of story where in a year or so the bloke has lost his/wife's house. Or has to pay back an exorbitant amount of money to clear the title.  Go to The Old Farmers Bank - Bank for Agriculture and Agricultural Cooperatives (BAAC) is my recommendation - used by my Thai family a bit - they often lend to Faremrs who need money for projects/equipment etc. 

https://www.baac.or.th/baac_en/index.php  If wife not accepted, then use one of the Thai Govt owned ones, far less chance of local manager screwing her over - big issue with people in trouble right now.. 

 

[GreasyFingers]

3 hours ago, BEVUP said:

They want wife to pay 70,000 - This sounds like a complete Transfer (purchase ) on appr. 4,000,000 bht house 

Not sure where I got this from but it mentions cost to register mortgage.

 

Transfer fee

1. Individual Income tax ( Less At paid) = According to the Revenue department basis.

2. Legal fee ( Transfer fee ) = 2% From the appraised value of the department

3. The mortgage ( Mortgage cases with financial institutions ) = 1% of the mortgage value (total loan amount)

4. Stamp duty (Pay either between stamp duty or specific business) = 0.50 According to the trading price, but not less than the estimated price of the department.

[BEVUP]

Thanks all

Have been doing some home work

Kai Far = sign over Title, pay the taxes (like buying house ) & pay out within time frame

             I guess if not very cheap house for new owner (This would be why they do not want to                  register a Mortgage & wait for house sale )

If pay out within time frame would no doubt attract further taxes to change name back

 

Now the new news

 

Still have to do above - BUT

It,s amazing that the property could be hocked in the first place with out my recognition 

Now on this occasion they are asking for my signature due to something I signed at the Amphor/land (maybe because of son ) office & that we are married 

 

So since I am out of country at the moment I need to make a Power of attorney for wife & stipulate in detail

This requires a bit of to & from mailing