mortgage or loan for farang

[thaibook]

Is it possible for a farang with a Thai wife coming to live in Thailand to obtain a mortgage or a loan to buy a house/condo?  I am retired with assets and income outside Thailand and some assets in Thailand.  I am not yet in Thailand and do not yet have a visa/residency permit.

 

[Peterw42]

Foreigners cannot usually get a mortgage in Thailand, or buy land/houses. any mortgage or land ownership would be in your wife's name

A foreigner can pay cash and own a foreign quota Condominium.

Some foreigners set up a company (foreigner 49%, Thai 51%) to indirectly own land.

[kamalabob2]

Good answer above. The OP can also look on the English language pages of all the major banks. They list what is required from potential borrowers. Age matters on loans in Thailand. There is in fact at least one major credit reporting agency in Thailand.  They do not care one single bit about assets outside of Thailand when applying for a car loan or credit cards in Thailand in my personal experience. Just like a bank in your native country would not care one bit about your assets outside of your country. Often a home SELLER will offer finance to qualified buyers with a suitable downpayment in Thailand. The OP can gain a valid credit rating by buying a car in Thailand in his name, with the contract just in his name, and bank payments automatic form his own bank account. No co signer necessary in my car buying experiences in Thailand. 

[Tounge Thaied]

1 hour ago, thaibook said:

Is it possible for a farang with a Thai wife coming to live in Thailand to obtain a mortgage or a loan to buy a house/condo?  I am retired with assets and income outside Thailand and some assets in Thailand.  I am not yet in Thailand and do not yet have a visa/residency permit.

 

You're better off buying a small piece of land from her family, an uncle who wants some cash, then build you small abode on that. Pay in cash. Of course you will own nothing, but if you ever have to cut your losses, you won't be out much. A guy can by a small piece out here in the village for as low as 100,000 baht and build you a 50 Sq M house for about a million. I bought a 3 rai piece right on our main road, has power and I put a water well for 300,000 total including the cost of adding dirt for the building site and a water well. My 36 sq M house, with an additional 20 Sq meter of outside space (outdoor kitchen etc.) is going to cost me only another 400,000. This is using a local builder, using a qualified engineered plan in Buriram, but will be using the simply (cheaper) materials. Point is, it can be done well and inexpensively... no loan or mortgage required. As they say, never invest more than you are ready to walk away from. 

Edited October 31, 2020 by Crossy
Fixed the font

[spetersen]

On 10/31/2020 at 11:11 AM, thaibook said:

Is it possible for a farang with a Thai wife coming to live in Thailand to obtain a mortgage or a loan to buy a house/condo?  I am retired with assets and income outside Thailand and some assets in Thailand.  I am not yet in Thailand and do not yet have a visa/residency permit.

 

Yes it is

[Satcommlee]

I got a mortgage with UOB bank for a house in my wife's name with myself as Guarantor, having 5 years of tax returns seemed to do the trick.

[thaibook]

thank you for all your contributions.

[YT3k72Em]

They will be primarily looking for Thai based income, and earned by your wife as a starting point.