A Loan For The Wife.

[lukey1979]

Hi everybody Just a quick question.

Me and the misses have found a nice premises to set up a business and i need to borrow approx 3 million baht from the bank to snap up the property quickly. I can lay down 500 000 deposit.

1. I work outside of Thailand and earn approx 350 000 baht per month.

2. I have a multi entry non imm 0 visa.

3. The wife doesnt work. therefore earns no income.

4. We (she) own a property worth 3 million baht already.

We bank with Siam bank already, Do you think there is a good chance she can recieve a loan and i can be the garuntor under these curtain circumstances?

[lingnoi34]

Don't make any hasty investment decisions which you will regret later. Nobody is giving away anything for free. Especially not in Thailand. And nobody is buying at the moment anyways. So take your time. Or did your wife tell you that you must buy today???

L

Edited October 31, 2008 by lingnoi34

[CroBiker]

I hear banks are beginning to tighten the rules on loans.

She can use existing property as collateral but need to have a bank account with funds going in and out. 30% downpayment would certainly guarantee approval. Also, believe it or not, it is much better if she doesn't mention being married to foreigner, chances of getting financing are much higher.

[sunlife2000]

went to siam (commercial) last week they told me there is a stop on most lending at the moment, also if your wife says she is not married to a foreigner but has no job i would have thought your chances are very low. went to siam city yesterday and they were vert helpful.

[LennyW]

Thai banks have been very particular on loans since the 97 Asian mess, that is why there is a lot less fallout in Thaialnd from the present worldwide crisis.

[GuestHouse]

I'm on the side of waiting too.

Recession is in the wind and Cash is King.

Hold on to your savings, keep adding to them and wait until in the New Year - you might find ready cash gets you a better price once the financial truth hits home in Thailand.

[GuestHouse]

I think too with the economic problems we have its not a good idea to spend savings and borrow money. Moving from the Black to the Red. Not unless that is you are very sure of the security of your job.

[WilliamJarvis]

I have no opinion one way or the other about whether or not it is a good investment - only you can decide that.

On the money side of things, however, I would suggest that you set up a monthly money transfer to your wife's account for an amount that would slightly exceed the monthly mortgage repayments. If time alllows, I would suggest you do this for 6 months and then apply for the mortgage in your wife's name using the monthly funds transfer as evidence that she has the income to make the repayments.

Chances are you will be required to do provide some form of guarantee, but it is a start.

[lukey1979]

Thanks for the sound advice guys,

I think what with the global financial crisis some of you are right in saying it will be better to wait for a while.

Guest house i could'nt agree more mate, Cash is definately king.