Possible To Get A Loan On The Basis Of Owning A House Outright?

[tomuk76]

Is it possible for my wife to get a loan from a thai bank if you she owns her own house outright without getting a garanture or having to prove income?

We would rather go direct to one of the thai banks as we need a loan for a business venture, we can go through a company where we have to pay a deposit for want me want a pay the rest in monthly installments for 4 years at a very high interest rate!

Your help would be appreciated!

[bendix]

Again, it's rather silly coming and asking a bunch of amateur online experts when the only opinion that matters is the bank itself. Why not ask them?

However, if i was a banker I'd turn your loan application down. Why would a bank want to lend you money if you can't (or won't) prove your income to show you can repay the debt plus interest? It's a bank, not a charity.

[tomuk76]

Again, it's rather silly coming and asking a bunch of amateur online experts when the only opinion that matters is the bank itself. Why not ask them?

However, if i was a banker I'd turn your loan application down. Why would a bank want to lend you money if you can't (or won't) prove your income to show you can repay the debt plus interest? It's a bank, not a charity.

Ok sorry for being silly but i thought i would ask a amateur like yourself before my wife goes to bank as she is busy at this present time!!

The house is valued at 2.8m and the loan would be 500,000 THB.

They can always reposess the house if you cant make the payments, and after all the loan is for a venture where i can garantee income!!

Edited June 26, 2008 by tomuk76

[Heng]

It's a common misconception that just because banks (or pawnshops for that matter) foreclose on homes used as collateral for loans in default, that they actually "WANT" your home when deciding to loan funds to you or not.

[bendix]

If it's for a business idea, make sure you have a detailed business plan showing projected cash flow streams.

You have to see this from their point of view. You might believe passionately in your business idea, but they believe equally passionately in ensuring they get their money back. It's a banking truism that banks lend only to people who don't need a loan. If you need a loan and can't show an already secure repayment scheme . . . well, good luck.

[tomuk76]

If it's for a business idea, make sure you have a detailed business plan showing projected cash flow streams.

You have to see this from their point of view. You might believe passionately in your business idea, but they believe equally passionately in ensuring they get their money back. It's a banking truism that banks lend only to people who don't need a loan. If you need a loan and can't show an already secure repayment scheme . . . well, good luck.

Well we will be purchasing something and simply renting it out whilst the employee will be paying us a set amount once a week, so i cant really see how i can give detailed cash slow streams etc!

Well we will see what happens, my wifes has a friend who works for bangkok bank, she hasnt spoke to them for a while but maybe they can help us in some way or another! anyway finger crossed and thanks for the advise.

Edited June 26, 2008 by tomuk76

[tomuk76]

Just got back from SCB, the answer was no loan unless they see 6 months proof of income! oh well there loss i will have to borrow the money from family or freinds, they can have the interest not the the bank!

[Heng]

Way to stay positive.