Question re: Home equity line of credit in Thailand

[bigtime]

Hi all. I have a query i hope one of you might have direct knowlege of. My situation :

- have fully paid off 4 million baht home

- home is in wife's name

- wife is a housewife and therefore does not have salary slips

- can show however the track record of money i give her

- also have paid off car worth 600k

 

Now.... my house has an extra plot of land next door. I want to use some of the equity in the house to finance an upgrade, as in a redo of the back garden. only looking for a small portion of the value of the house (maybe 500k) as an overdraft or home equity line of credit. Want it like that so i can pay it back as quickly as i want without penalties, and then retain the line of credit for any future emergencies or whatnot. In my country this would be extremely simple since the collateral is worth way more than the amount requested. but here it seems all the banks a) will not consider my income b) want my wife to have an employment history DESPITE the amount we want being a small fraction of the value of the home. c) most banks want 3k to 5k fee just to look at your application successful or not, which is absurd.

 

anybody aware of some more reasonable bank that does this sort of thing? in my country i would just get a good mortgage broker or personal banker to find me a good deal, but here everything seems so convoluted. And my wife is not very banking savvy so she isn't much help. 

 

Any info appreciated. Best would be if any of you have an actual banker you've used that cuts thru the bs and actually gets things done.

[Gottfrid]

If she can show a regular deposit into her bank account every month for at least 6 month. Then she can just take out a loan on the amount with her house as security.

[bigtime]

8 hours ago, Gottfrid said:

If she can show a regular deposit into her bank account every month for at least 6 month. Then she can just take out a loan on the amount with her house as security.

any idea what bank? every bank we asked wants actual pay slips from a thai employer, not just deposits unfortunately

 

[Gottfrid]

5 hours ago, bigtime said:

any idea what bank? every bank we asked wants actual pay slips from a thai employer, not just deposits unfortunately

 

Not exactly. Just know that my wife done the same. That is SCB, but she got yes from many before she decided.

[Onerak]

IN the USA for HELOC loan, one needs to have an income. For Future equity loan (becoming popular with high values loan as US home prices are reaching a million dollar in some areas) and Reverse Mortgage, no income is required.