Proof Needed For A Home Mortgage

[MattFS218]

When a Thai national tries to get a loan to purchase a house, what kind of documents must be produced to prove the income?

Would 6 months of monthly deposits into a bank account + a letter written from a company be enough to prove salary? Do they do any follow-up with the company writing the letter?

Would a letter from an employer with no office in Thailand be sufficient? or must the company be Thailand based?

[teej]

The above would not be sufficient.

They want TAX RECORDS (which would show real income -- rather than just deposits into a bank account). That will be the #1 thing they look for.

[choppychugger]

They also like to see a HOME phone number ..???????

[Tomkagai]

When a Thai national tries to get a loan to purchase a house, what kind of documents must be produced to prove the income?

Would 6 months of monthly deposits into a bank account + a letter written from a company be enough to prove salary? Do they do any follow-up with the company writing the letter?

Would a letter from an employer with no office in Thailand be sufficient? or must the company be Thailand based?

Going on experience you would have to provide at least the last 12 months payslips and the company letter, being as the letter is coming from a non-thai company, would guess they may be a little suspect of that..... but can't answer definite on that one....

Not trying to be instrusive here...but are you trying to back door a home loan through your Mrs by any chance....

[Cyberstar]

According to my interpretation of own experience regarding getting a mortgage in TW's name with me as guarantor, the bank will require whatever they feel is needed to feel convinced that you don't really need the loan. We did get the mortgage, but not until they'd seen evidence that I had sufficient on offshore accounts to pay out the whole mortgage.

The bank statements I produced were in my native language, Danish, and - for all they could possible know - could have been homemade. Nevertheless, my own translation of the lead texts of amounts were accepted... This sort of lead me to the conclusion that: the bank will want to see papers with reasonable large amounts on them, rather than wanting to see this or that particular piece of paper.

[MattFS218]

Cyberstar, when you were able to show sufficient funds to pay the entire mortgage, did they still require work history, etc? Were the funds in your name or your wife's? Thanks so much for your help.

[MattFS218]

Can i be a guarantor without being married to my thai girlfriend?

[MattFS218]

Cyberstar,

one more question...what % of the homes value were you trying to get a mortgage on? thanks again

[Tomkagai]

Can i be a guarantor without being married to my thai girlfriend?

I went through this a few years ago....

My GF at the time (now the wife) want to buy another property, she doesnt work and she applied for a home loan, they wanted to see 12 months of my payslips, letter from the Thai company I work for, passport and WP. Even though she didnt work and was not married at the time, she was given the home loan - 100% finance less THB 50,000 fees - based on me being the guarantor on the loan - the process was pretty painless, I only had to submit my documents and sign in two places....my involvement in the whole process was about 15 mintues...

A few months later a collegue in under the same circumstances applied through the same bank dealing with the same bank manger (SCB) and was turned down based on apperant changes in the banking law which prevented banks from granting home loans this way any more...

Re other posters comments having to show sufficient funds to hand to honour the whole loan...believe this is the norm now..ie if you want to borrow THB 1mil you have to show you have THB 1 mil.....which kinda defeats the object of getting the loan to some degree...

As TIT - give it go with the bank, they can only say no to you.....

[ignis]

It would appear that on Mortgages and Car/Truck Loans, the approval is almost guaranteed if you put a good sized down payment.. 25% or more..

Also check the interest rates, it would appear the more ‘down payment’ the less the interest rate is

[7robbie7]

The above would not be sufficient.

They want TAX RECORDS (which would show real income -- rather than just deposits into a bank account). That will be the #1 thing they look for.

thats not 100% true

my wife got a home loan house was 1.4 million and we or she had a loan of 900k

all she showed was 6 months of bank statments and that was it

[torrenova]

I've been through this further to doing the truck on finance (which was just regular cash payments into a bank account and they being saved) and they want 6 months tax statements as a minimum. There also seems to be a problem with some annual tax form as this would only show half the stated annual "salary".

The work arounds are fairly obvious if you think about them (i.e. you don't need a job to pay the tax !).

A high deposit has effectively the same status as in the UK where you would / could go "non status" and they don't care about your income (or not very much) as they have a lot of equity in the property.

My solution is / was to put down around 500k on a 3m property and thus borrow around 83% but be prepared to put down 25% to smooth the process.

My experience is that if you talk to them, they (the banks that is) will actually tell you whether you will get what you want before you apply and often suggest ways that you can pass their current guidelines. However most often this is in Thai !

[MattFS218]

Thanks everyone for the responses...

One last question...what kind of rate can I expect to get above the base-line rate? In the US it would be the Fed Fund rate.

Should I be shopping around for a mortgage at a better rate?

--matt

[Tomkagai]

Thanks everyone for the responses...

One last question...what kind of rate can I expect to get above the base-line rate? In the US it would be the Fed Fund rate.

Should I be shopping around for a mortgage at a better rate?

--matt

The first issue would be to see it you can get approved for the home loan then worry about the rate....you may not be in the position to be to choosey........