Any Suggestions For A 50% Home Loan?

[skybluestu]

Hi,

Can anyone recommend a bank for a home loan? I initially applied at Bangkok Bank for 1.25 Million Baht which is 50% of the purchase price, the guy here in my local branch said no problem as I have everything they ask for ie an employment contract which confirms my salary and shows I can easily make the repayments each month, valid visa and work permit and Thai marriage certificate. The application was actually in my wifes name with me as a guarantor and we also showed recent receipts, as requested, for high value cash purchases such as a new pick-up and electrical goods which total over 850k Baht and copies of my bank statement which shows we have our 50%.

I am 33 years old and the loan would have been over a 20 year period but will be paid off way before then.

So 2 months ago the loan chap here said it will be fine but need the head office in BKK to OK it but they came back today and said NO...<deleted>! I'm thinking of going to SCB but would also like some suggestions if anyone else has taken out a similar loan recently.

Thanks in advance

S

[churchill]

Was told recently when I approached Bangkok Bank that they were not taking any more loan applications at this time - My Wife thought it may have something to do with the PAD ??!

Bangkok Bank said Bank of Ayudyha was the best bet , and they were very helpful - Saying as long as all the information , Bank Statements , Guarantees etc etc etc were in order - No Problem - we will wait and see >

[bob4you]

Forget SCB they pulled the same thing on me after me signing papers they came back and wanted another 100K down, so I paid that and then they declined the loan. I had already paid the seller her equity and this was a loan to pay off their loan on the property. They lied out of both sides of their mouth. When I questioned the branch manager on how could that happen I was told this was the first mortgage the loan officer had ever done and had no experience and besides it was the VP that declined the loan. In my case I did not provide any income documents as I was told not needed.

In the end I had to pay all cash.

[skybluestu]

Forget SCB they pulled the same thing on me after me signing papers they came back and wanted another 100K down, so I paid that and then they declined the loan. I had already paid the seller her equity and this was a loan to pay off their loan on the property. They lied out of both sides of their mouth. When I questioned the branch manager on how could that happen I was told this was the first mortgage the loan officer had ever done and had no experience and besides it was the VP that declined the loan. In my case I did not provide any income documents as I was told not needed.

In the end I had to pay all cash.

[/quote

Thanks, I'm going to SCB later today so will see how it goes. Strangely enough my wife spoke to the loan officer yesterday who has worked there for years and she said they do lend money to foreigners (with a thai spouse) if they can provide all the required documents.

[Chang_paarp]

Some Thai banks lend to a Thai citizen with a falang as the gaurentor. The Thai citizen does not have to have much income if the garentor can show they are able to cover the loan.

[Maizefarmer]

I'd be suprized if any ex-pat is able to get a mortgage currently - and by any ex-pat I mean those that satisfy the legal requirments: as far as I know the banks are just not doing it. The last ex-pat I know that got a mortgage to buy his apartment was in 2002 - since then I have met no-one who has successfully apllied for and got a mortgage.

[Soutpeel]

Hi,

Can anyone recommend a bank for a home loan? I initially applied at Bangkok Bank for 1.25 Million Baht which is 50% of the purchase price, the guy here in my local branch said no problem as I have everything they ask for ie an employment contract which confirms my salary and shows I can easily make the repayments each month, valid visa and work permit and Thai marriage certificate. The application was actually in my wifes name with me as a guarantor and we also showed recent receipts, as requested, for high value cash purchases such as a new pick-up and electrical goods which total over 850k Baht and copies of my bank statement which shows we have our 50%.

I am 33 years old and the loan would have been over a 20 year period but will be paid off way before then.

So 2 months ago the loan chap here said it will be fine but need the head office in BKK to OK it but they came back today and said NO...<deleted>! I'm thinking of going to SCB but would also like some suggestions if anyone else has taken out a similar loan recently.

Thanks in advance

S

Think you find it hard going with SCB as well, suspect your branch of BB was possibly working to the old rules where a farang could act as a guarantor on a home loan for a Thai national, know this as I signed as a guarantor on a home loan for the GF (now the wife) about 4 years ago for another property she wanted to buy.

She got the loan through SCB. A collegue of mine and his wife tried the same thing about 4 months later through the same branch of SCB and was declined and they cited a change in banking law which now prohibited a farang from acting as guarantor on a home loan for a Thai national.

So possibly this could be the reason why the local branch said yes....and BKK said no...

[moo9]

Hi,

Can anyone recommend a bank for a home loan? I initially applied at Bangkok Bank for 1.25 Million Baht which is 50% of the purchase price, the guy here in my local branch said no problem as I have everything they ask for ie an employment contract which confirms my salary and shows I can easily make the repayments each month, valid visa and work permit and Thai marriage certificate. The application was actually in my wifes name with me as a guarantor and we also showed recent receipts, as requested, for high value cash purchases such as a new pick-up and electrical goods which total over 850k Baht and copies of my bank statement which shows we have our 50%.

I am 33 years old and the loan would have been over a 20 year period but will be paid off way before then.

So 2 months ago the loan chap here said it will be fine but need the head office in BKK to OK it but they came back today and said NO...<deleted>! I'm thinking of going to SCB but would also like some suggestions if anyone else has taken out a similar loan recently.

Thanks in advance

S

Think you find it hard going with SCB as well, suspect your branch of BB was possibly working to the old rules where a farang could act as a guarantor on a home loan for a Thai national, know this as I signed as a guarantor on a home loan for the GF (now the wife) about 4 years ago for another property she wanted to buy.

She got the loan through SCB. A collegue of mine and his wife tried the same thing about 4 months later through the same branch of SCB and was declined and they cited a change in banking law which now prohibited a farang from acting as guarantor on a home loan for a Thai national.

So possibly this could be the reason why the local branch said yes....and BKK said no...

Anybody has news on this? Why should an expat not get a loan (resp. his spouse with him as a guarantor)?

I contacted SCB and BB, so far no negative response, but those were the local branches.

Cheers

Moo9

[khunjake]

In the end I had to pay all cash.

This is really the only viable option. On the news, they are even saying that loan approvals for Thais is much stricter now so don't feel bad if your a farang and can't approved. This is nothing new anyway as "Deny the Farang" has been best practice here for years and years now.

[moo9]

In the end I had to pay all cash.

This is really the only viable option. On the news, they are even saying that loan approvals for Thais is much stricter now so don't feel bad if your a farang and can't approved. This is nothing new anyway as "Deny the Farang" has been best practice here for years and years now.

Any Recent and Real experience would be more helpful than "deny the farang" type of comments.

[Benjie]

Surely there's no need for a guarantor for a 50% down.

I did hear something about Farangs not being able to stand as guarantors recently.

[torrenova]

In over 10 years of looking at mortgage issues in Thailand I long ago came to the conclusion that they had no idea what they were doing. The concept of risk management is just an on / off switch.

[aurelius]

Farang spouse as g'tor is still ok at Bangkok Bank; last month a friend of mine got a loan there.

[Time Traveller]

For loans to be approved from Bangkok Bank you need to be working in the same job for at least 3 years in the case where the applicant is non thai.

[ivowatson]

Anybody has news on this? Why should an expat not get a loan (resp. his spouse with him as a guarantor)?

I contacted SCB and BB, so far no negative response, but those were the local branches.

Cheers

Moo9

Had bad experience with BB, SCB and KB but got the loan from UOB. Didn't count on it anymore but they agreed, saying possible finance up to 70%.

[Melpomene]

In over 10 years of looking at mortgage issues in Thailand I long ago came to the conclusion that they had no idea what they were doing. The concept of risk management is just an on / off switch.

I think that same accusation could be levelled at financial institutions the world over !

[sanmiguellight]

In over 10 years of looking at mortgage issues in Thailand I long ago came to the conclusion that they had no idea what they were doing. The concept of risk management is just an on / off switch.

I think that same accusation could be levelled at financial institutions the world over !

Most notably the US and the UK.

Edited July 10, 2009 by sanmiguellight

[Tokay]

I was recently looking at a house and the neighborhood was backed by SCB. I was told I could get a 50% loan, but in a Thai's name, so long as I had everything they needed. We spoke to the loan officer and he said the main thing was that I could show them 6 months of bank statements to show I had enough money coming in.

We did not pull the trigger on the house so I don't know if the loan would have gone through or not. I was wanting the loan more to lock the house down with the bank so the TG could not get crazy with it. She may be able to cheat me someday (I don't think she would but we never know), but she won't be able to get one past the bank, with the loan in her name and the bank holding the chanote.

Please let me know what you find out with SCB. Curious to see if they come through for you or not. It sounded a little to easy when we spoke to them.

[moo9]

I was recently looking at a house and the neighborhood was backed by SCB. I was told I could get a 50% loan, but in a Thai's name, so long as I had everything they needed. We spoke to the loan officer and he said the main thing was that I could show them 6 months of bank statements to show I had enough money coming in.

We did not pull the trigger on the house so I don't know if the loan would have gone through or not. I was wanting the loan more to lock the house down with the bank so the TG could not get crazy with it. She may be able to cheat me someday (I don't think she would but we never know), but she won't be able to get one past the bank, with the loan in her name and the bank holding the chanote.

Please let me know what you find out with SCB. Curious to see if they come through for you or not. It sounded a little to easy when we spoke to them.

Approval usually takes 2 weeks from complete filing. When did you or GF apply for it?

Yes, according to my experience at first everything seems to be easy. That is why I was hoping to get some real answers here.

It seems that the applications quite ofter are blocked at the bank's HQs in BKK. Good luck anyway!

[Tokay]

I was recently looking at a house and the neighborhood was backed by SCB. I was told I could get a 50% loan, but in a Thai's name, so long as I had everything they needed. We spoke to the loan officer and he said the main thing was that I could show them 6 months of bank statements to show I had enough money coming in.

We did not pull the trigger on the house so I don't know if the loan would have gone through or not. I was wanting the loan more to lock the house down with the bank so the TG could not get crazy with it. She may be able to cheat me someday (I don't think she would but we never know), but she won't be able to get one past the bank, with the loan in her name and the bank holding the chanote.

Please let me know what you find out with SCB. Curious to see if they come through for you or not. It sounded a little to easy when we spoke to them.

Approval usually takes 2 weeks from complete filing. When did you or GF apply for it?

Yes, according to my experience at first everything seems to be easy. That is why I was hoping to get some real answers here.

It seems that the applications quite ofter are blocked at the bank's HQs in BKK. Good luck anyway!

We didn't actually try to get the loan yet. We talked about it with them (SCB) but we have not made the final decision to buy this house or not. If we do and use the loan, I will post and let you know.

[TheAceFace]

I used SCB and got an 80% loan / morgage on the house, It was a fairly straight forward process, providing you meet all the criteria and can show all the relevant documents and income I am sure you will be fine.

The development where we bought were also very helpful in assisting with the bank as was the lawyer I hired.

Good Luck.

[TheAceFace]

I was recently looking at a house and the neighborhood was backed by SCB. I was told I could get a 50% loan, but in a Thai's name, so long as I had everything they needed. We spoke to the loan officer and he said the main thing was that I could show them 6 months of bank statements to show I had enough money coming in.

We did not pull the trigger on the house so I don't know if the loan would have gone through or not. I was wanting the loan more to lock the house down with the bank so the TG could not get crazy with it. She may be able to cheat me someday (I don't think she would but we never know), but she won't be able to get one past the bank, with the loan in her name and the bank holding the chanote.

Please let me know what you find out with SCB. Curious to see if they come through for you or not. It sounded a little to easy when we spoke to them.

Approval usually takes 2 weeks from complete filing. When did you or GF apply for it?

Yes, according to my experience at first everything seems to be easy. That is why I was hoping to get some real answers here.

It seems that the applications quite ofter are blocked at the bank's HQs in BKK. Good luck anyway!

Moo9 I see you are in Banglamung, thats where I am too, we bought on the East side. If you need any more info then I will be happy to help.

Edited July 20, 2009 by TheAceFace

[moo9]

I was recently looking at a house and the neighborhood was backed by SCB. I was told I could get a 50% loan, but in a Thai's name, so long as I had everything they needed. We spoke to the loan officer and he said the main thing was that I could show them 6 months of bank statements to show I had enough money coming in.

We did not pull the trigger on the house so I don't know if the loan would have gone through or not. I was wanting the loan more to lock the house down with the bank so the TG could not get crazy with it. She may be able to cheat me someday (I don't think she would but we never know), but she won't be able to get one past the bank, with the loan in her name and the bank holding the chanote.

Please let me know what you find out with SCB. Curious to see if they come through for you or not. It sounded a little to easy when we spoke to them.

Approval usually takes 2 weeks from complete filing. When did you or GF apply for it?

Yes, according to my experience at first everything seems to be easy. That is why I was hoping to get some real answers here.

It seems that the applications quite ofter are blocked at the bank's HQs in BKK. Good luck anyway!

Moo9 I see you are in Banglamung, thats where I am too, we bought on the East side. If you need any more info then I will be happy to help.

Hi thanks for the offer, we are waiting and however did not decide finally. If I need some assistance I'll PM you!

[angiud]

Few years ago I asked a 750k baht loan to Government Saving Bank with my company papers, WP, 50k/month salary etc etc to buy an house. Rejected.

I put my thai partner like employed in my (small) company, with a nominal 14.000 baht salary. She ask the same loan and she got in one week.

Same to get a credit card. For me they want proof of 100.000/month

For my wife is enough 20.000

Sometime we are second class people.

[Soutpeel]

Sometime we are second class people.

Not sometimes, my friend...all the time in Thailand...

[trogers]

My Thai wife got a Bt1.2m (10-year) mortgage last Dec on a condo that we purchased with Bt2.45m cash last year Aug.

That was from Kasikorn Bank at Seri Centre. Then, they were heavily promoting housing loans.

You can try there.

[torrenova]

........I was wanting the loan more to lock the house down with the bank so the TG could not get crazy with it. She may be able to cheat me someday (I don't think she would but we never know), but she won't be able to get one past the bank, with the loan in her name and the bank holding the chanote.

I wanted to set up a similar scheme with a 20% deposit or so and payments over 20 years. They would be roughly the same as the rent now and would obviously decline in real terms over time.

The house was to be about 2.5m with 500k or so down. The bank would hold the chanote but I also wanted a second charge for perhaps 100m or even more in favour of myself or if that was a problem in favour of my daughter. The rationale being that if she and I separated or I passed on, she could not just sell it and piss the money up the wall and leave my daughter without a home. Didn't get that far in the end.

[cshort64]

I have been through the mortgage process twice here and was approved one time and backed out on the other one. The first was approved by HSBC on Sathorn, the main office, I am married to a Thai Women and was working for a MNC. The 2nd experience that I worked with was through Bangkok Bank and this I did through their branch in Singapore, I applied for a 70% mortgage for 10 years and they approved this, the requirements were that they would finance a max of 70% and only for 10 years, I was able to get better terms with HSBC so I chose them but BBK did work.

If you have all the documents in order and don't mind spending an extra few hundred $'s on a long weekend in Singapore it may be a good option. They all speak English very well, the documents are in English, and I was able to get all my questions answered very easily. I know it is inconvenient as heck, but it may be an option for some.

Cheers

[choppychugger]

SCB in Phuket town lent us 5.5 million towards our house.

I acted as garuntor for my partner. We are not married, she doesnt work, and I work outside of Thailand. We do however have a child together. We agreed to pay back 50,000 a month (fixed @ 4% for the first year). I provided my company deets ( based in Singapore ) and 6 mths pay slips, my passport etc.... She provided her paperwork and our sons information. We both had to go to the private hospitol and have a full medical on acceptance.

Reading other stories I guess we were lucky. The timing was good as it was just before the global recession apperently kicked inn.

choppy

[Soutpeel]

SCB in Phuket town lent us 5.5 million towards our house.

I acted as garuntor for my partner. We are not married, she doesnt work, and I work outside of Thailand. We do however have a child together. We agreed to pay back 50,000 a month (fixed @ 4% for the first year). I provided my company deets ( based in Singapore ) and 6 mths pay slips, my passport etc.... She provided her paperwork and our sons information. We both had to go to the private hospitol and have a full medical on acceptance.

Reading other stories I guess we were lucky. The timing was good as it was just before the global recession apperently kicked inn.

choppy

Choppy...how long ago was this, as I did much the same as you with SCB a few years ago, only difference was I work in Thailand...

Recently heard two different stories, one says, as a Farang you cannot co-sign on the loan anymore for a Thai national, heard from a different source you can...

Not that I am in the market for another loan, just trying to figure out what exactly the polices are "this week"...

Edited August 5, 2009 by Soutpeel