Money

[choppychugger]

Hi,

I am hopeing some one can help me.

I am 27 years old, lived her for 4 years, been with my girlfriend for 3 years and have a 10 mth old son with dual nationality. (UK/Thai)

I previously had a work permit, but now have a non immigrant business visa.

I am not married, but will be soon, and have had a joint account with my girlfriend for 2 and a half years.

My problem is this; I would like to buy some land to build my dream home for my family, but dont have quick access to the money.

Do I have to be married, have a business etc.. before a Thai bank would look at me and my (soon to be wife) and say they would borrow us some money at least for a short while to get us started.

I just paid 50% off our new car (hi lux vigo) and they were happy enough to spread the rest over 1 year.

I am a consultant engineer and travel all over the world, with Thailand being my home, I earn on average between 300,000thb-400,000thb a month depending on work pattern.

What steps could I take ,, if any to borrowing some money from the bank?

Any advice out there would be much apreciated.

p.s spellings terrible

[solo siam]

Banks will most probably lend you 50%, either that or arrange to buy the land in installments which is quite common.

Else just put it in the girlfriends name, depending on your trust level.

[sonicdragon]

Even if you are married I don't think a Thai bank will be interested in lending you money to purchase land. For one thing, foreigners cannot own land, so unless you do it through a company contrivance (or you lease the land), it will have to be in your wife's name

You say you "dont have quick access to the money" - this implies that you have other funds or assets. If that is the case then you may be able to pedge those as security and an offshore bank may then make a loan against them.

[Upcountry]

Check this out:

http://www.prosper.com/

With prosper, both a borrower and a lender can you be. ;-)

Edited July 8, 2007 by Upcountry

[PCA]

Hi,

I am hopeing some one can help me.

I am 27 years old, lived her for 4 years, been with my girlfriend for 3 years and have a 10 mth old son with dual nationality. (UK/Thai)

I previously had a work permit, but now have a non immigrant business visa.

I am not married, but will be soon, and have had a joint account with my girlfriend for 2 and a half years.

My problem is this; I would like to buy some land to build my dream home for my family, but dont have quick access to the money.

Do I have to be married, have a business etc.. before a Thai bank would look at me and my (soon to be wife) and say they would borrow us some money at least for a short while to get us started.

I just paid 50% off our new car (hi lux vigo) and they were happy enough to spread the rest over 1 year.

I am a consultant engineer and travel all over the world, with Thailand being my home, I earn on average between 300,000thb-400,000thb a month depending on work pattern.

What steps could I take ,, if any to borrowing some money from the bank?

Any advice out there would be much apreciated.

p.s spellings terrible

Hi,

why are you in such a rush? With that salary just rent a luxury place for a while and exclude the bank from your deals. Maybe currency and real estate prices will move to your favour. Probably it must be this thai traditional buy-a-house-when- marry what urges you to act.

You could deposit a mill or so (dont know how much exactly) on your wifes account which she could use as a guarantee for a bank loan on her name.

[choppychugger]

Thanks, for the good advice so far.

I am renting @ present, and saving the money as best I can. Guess I am in too much of a hurry.

I have no prob's putting anything in my wife to be's name, and think the idea of saving the money in our joint account would be a good one, with a view to re-open talks with the bank when we have around 1-2 mill in there??

[simon43]

Prosper is of no help to him. He's a Brit and it's only available to UK residents...

Simon

[think_too_mut]

I am a consultant engineer and travel all over the world, with Thailand being my home, I earn on average between 300,000thb-400,000thb a month depending on work pattern.

What steps could I take ,, if any to borrowing some money from the bank?

Any advice out there would be much apreciated.

p.s spellings terrible

On that money, why do you have to borrow anything? Your monthly salary can make a livable home in 1 month.

Looks like a troll.

[expatwannabe]

I do know of a Brit who got a home loan with his Thai wife. They've both got decent-payment Thailand-based jobs, though, and have been working here for more than 10 years.

The problem with your loan is securitization. If they make a loan to you, it's really just based on your signature because they know you can't own the property yourself. If they lend to your wife, the problem is (probably) that she doesn't have your income. For a properly underwritten home loan, you need both collateral and a source of repayment. And it's difficult for you to offer both in combination.

I agree with others that you should wait until you have a good-sized down payment. If the bank still won't give you a loan, you'll have to fund it on your own. But that doesn't sound like it'll be a problem.

[Heng]

Just save for a couple of years and pay cash. 7-8 million will get you one of the smaller homes in most Land and House projects in Bangkok (in town... not way out in the 'burbs). No need to go through loan interviews, business registration docs, passbook copies, etc.

[bendix]

On that money, why do you have to borrow anything? Your monthly salary can make a livable home in 1 month.

Looks like a troll.

Why assume he's a troll? Because he has a good income? That's a well thought out argument . . .

Anyway, back to the OP. I know of at least one guy who has a mortgage through his Thai wife (she has no income) so it can be done. I was also told by my bank that based on my circumstances I could leverage my marriage to a Thai to secure a mortgage if I wanted to - that's not the same as actually applying for and getting one, but at least the bank didnt rule it out. In the end i decided to pay cash for the place I'm buying.

[choppychugger]

On that money, why do you have to borrow anything? Your monthly salary can make a livable home in 1 month.

Looks like a troll.

Troll I am not,,,, rig pig I am

[bendix]

Don't worry choppychugger. Some people on here get very upset if you earn money in Thailand. They wonder why they can't do it themselves . . . . .

[choppychugger]

Don't worry choppychugger. Some people on here get very upset if you earn money in Thailand. They wonder why they can't do it themselves . . . . .

Bendix, could you assist.

What is a troll?

[quiksilva]

Bank's will not provide mortgages on land, they will on a land & house though. My wife and I managed to secure one earlier this year.

If you absolutely must finance the acquisition, you may have to think about getting your wife-to-be (congrats BTW) taking some other form of persona loan and act as her guarantor.

Although the terms will not be very favourable if you did that. So you'd be better off in the long run if you wait and save up, or, look for an existing house and modify that to your dream specs. Actually banks also view newly built houses much more favourably, and better still if its from a reputable developer.