Home Loan..which Bank?

[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

[KhaoNiaw]

I've had good experiences with UOB recently.

[trajan]

Ive had good past experiences with

HSBC Bangkok (in respect of a new purchase) and

UOB Bangkok (in respect of a re-finance of past purchase) (they even have revolving lines of credit-instead of a fixed mortgage plan if you want)....

(I find the foreign controlled banks are more customer oriented (and even come to your office etc. for max convenience)....the local banks are more like dealing with government bureaucracies who just tolerate your presence....)

[skybluestu]

I've had good experiences with UOB recently.

Thanks but they told me they have recently suspended lending to foreigners with a Thai spouse due to the economic crisis!

[Crossy]

Try Thai Farmers Bank. They were very good with us although it's 8 months plus since we organised finance against our business for a land purchase

[skybluestu]

Try Thai Farmers Bank. They were very good with us although it's 8 months plus since we organised finance against our business for a land purchase

Thanks, will do, are they also known as Kasinkorn Bank?

[LennyW]

Try Thai Farmers Bank. They were very good with us although it's 8 months plus since we organised finance against our business for a land purchase

Thanks, will do, are they also known as Kasinkorn Bank?

Yes Kasikorn bank or Kbank.

[Crossy]

Try Thai Farmers Bank. They were very good with us although it's 8 months plus since we organised finance against our business for a land purchase

Thanks, will do, are they also known as Kasinkorn Bank?

That's them, although interestingly all our paperwork says Thai Farmers Bank, heaven only knows why

[kingwillly]

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

happened to a friend of mine too, cheeky buggers.

[Heng]

Try Thai Farmers Bank. They were very good with us although it's 8 months plus since we organised finance against our business for a land purchase

Thanks, will do, are they also known as Kasinkorn Bank?

Yes Kasikorn bank or Kbank.

Also known as Thai Chinese Farmers Bank. (if you can read the Chinese lettering on your passbooks).

Anyhoo, just about all banks are tightening up loan criteria across the board at the moment, but if you have solid or better looking than average financials, you'll be approved. One common criteria is that they like to see people have significant amounts being circulated through their accounts, even if you have a low amount of total savings (that is, for some reason they like to see people move 3-4 million through their accounts per month as opposed to someone who has say 1 million saved but only 20,000 Baht coming and nothing going out in a month). I have folks borrow funds from me all the time to run through their bank accounts so that they can qualify for normal bank loans 6-8 months down the road (which is typically what the banks will want to see in retrospect).

Edited December 16, 2008 by Heng

[skybluestu]

Try Thai Farmers Bank. They were very good with us although it's 8 months plus since we organised finance against our business for a land purchase

Thanks, will do, are they also known as Kasinkorn Bank?

Yes Kasikorn bank or Kbank.

Also known as Thai Chinese Farmers Bank. (if you can read the Chinese lettering on your passbooks).

Anyhoo, just about all banks are tightening up loan criteria across the board at the moment, but if you have solid or better looking than average financials, you'll be approved. One common criteria is that they like to see people have significant amounts being circulated through their accounts, even if you have a low amount of total savings (that is, for some reason they like to see people move 3-4 million through their accounts per month as opposed to someone who has say 1 million saved but only 20,000 Baht coming and nothing going out in a month). I have folks borrow funds from me all the time to run through their bank accounts so that they can qualify for normal bank loans 6-8 months down the road (which is typically what the banks will want to see in retrospect).

Heng you are a living legend! Did you just offer to lend me 3-4 million Baht or is it just the way I read your post?!

If you could that would be mighty generous of you and I'm sure we could agree a mutually beneficial interest rate, I actually only need about 1.4 million so everyone's a winner! It's gonna be a Happy Christmas after all :-)

[Heng]

Hehe. (which is what I'd have to say in real life as well)

As opposed to some of the advice mentioned here... have you tried one of the dinosaur banks: Omsin, Agriculture, Songkro, etc.? They are really really slow but SOMETIMES have an ounce of compassion for those who might not qualify outright but generally still have good financials. They are pretty much overloaded with loan applicants who have no hope of ever qualifying [no real job, no 100% equity assets other than residence, paying off a truck, but want another loan] and when those whose financials are even relatively good they'll approve.

Edited December 17, 2008 by Heng

[skybluestu]

Hehe. (which is what I'd have to say in real life as well)

As opposed to some of the advice mentioned here... have you tried one of the dinosaur banks: Omsin, Agriculture, Songkro, etc.? They are really really slow but SOMETIMES have an ounce of compassion for those who might not qualify outright but generally still have good financials. They are pretty much overloaded with loan applicants who have no hope of ever qualifying [no real job, no 100% equity assets other than residence, paying off a truck, but want another loan] and when those whose financials are even relatively good they'll approve.

Thanks, have just been to Bangkok Bank for a chat about why they said no and it seems most banks are saying no at the moment, said January would be a better time as he thinks things will have changed by then with the new PM etc etc

He also suggested Omsin so will enjoy Christmas and NY and then get out my begging bowl again! ;-)

[choppychugger]

I just recently secured 5.5 million from SCB. Couldn't get it myself as I don't work in Thailand and don't have a marriage cert - But do have a son with my partner, so I acted as Guarantor.

As I am sure you know you have to show that you have the equivalent or there about of the money you want to borrow. We said that we had already paid 2 million towards the house and borrowed the other 3.5 million and left it in our account for about a month. We returned the 3.5 mill and about a week later we received a cheque for the 5.5 million. Lucky too as the land office rate was reduced and 60,000 baht was reduced to about 600 baht.

Of course there were about 1000 pieces of paper to sign, but all in all it worked out quite well.

We knew the seller and her family, and she knew the bank Manager very well

Choppy

[choppychugger]

And a bottle of whiskey helps

[paperplates]

I just got an 80% mortgage from Standard Chartered. It all went like clockwork. Very professional.

[Livinginexile]

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

Sorry but I don't understand...let me get this straight.

You have applied for a loan in ur wife's name for a house.

And You will pay all the repayments?

At the end of the day the house is in ur wife's name? you own nothing?

In other words...you are giving her 2 or 3 million baht?

Why don't you buy a condo in ur name? you can own it 100%

What's that I hear you say? she will leave you if you do this?

Ohhhh sorry....carry on...

[Livinginexile]

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 yourself lucky.

They have probably saved you a lot of money in the long run.

[Heng]

You really shouldn't be buying processed cheese slices. It's nothing but oil and fat. Put that down and come over with me to the real cheese counter. I know what's best for you.

[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

Sorry but I don't understand...let me get this straight.

You have applied for a loan in ur wife's name for a house.

And You will pay all the repayments?

At the end of the day the house is in ur wife's name? you own nothing?

In other words...you are giving her 2 or 3 million baht?

Why don't you buy a condo in ur name? you can own it 100%

What's that I hear you say? she will leave you if you do this?

Ohhhh sorry....carry on...

So every single Thai female who is in a relationship with a farang guy is only after their money? Are you one of these silly, old guys who has come to Thailand (Pattaya, Phuket etc) and met a beautiful young girl (in a bar) and thought they were with you for any reason apart from money? IMO it serves you right if you then marry her and she rips you off, you shouldn't have been so stupid.

I am 33 and my wife is 25 and it is HER who will pay the 50% deposit on our house and I will then pay the other 50% over 10-20 years by way of a Home Loan. I will have a Usufruct and a contract signed by both of us that confirms what both of us get if we were to divorce and am happy with the outcome if that was to happen.

Anyway thanks for your comment my friend and have a Happy Christmas. Hopefully Santa will make you a happy boy instead of the bitter and resentful sceptic that you are today ;-)

[Rdrokit]

Got a preferred loan (over one million baht) from Krung Thai Bank in the wife's name with me a guarantor last April.

The preferred loan gave the best interest rates. The loan was for 10 years with the first 3 months no interest charge, the next 9 months the interest rate is 3.50% then increases to 5.5% for the remainder of the loan.

[cocopops]

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

Sorry but I don't understand...let me get this straight.

You have applied for a loan in ur wife's name for a house.

And You will pay all the repayments?

At the end of the day the house is in ur wife's name? you own nothing?

In other words...you are giving her 2 or 3 million baht?

Why don't you buy a condo in ur name? you can own it 100%

What's that I hear you say? she will leave you if you do this?

Ohhhh sorry....carry on...

So every single Thai female who is in a relationship with a farang guy is only after their money? Are you one of these silly, old guys who has come to Thailand (Pattaya, Phuket etc) and met a beautiful young girl (in a bar) and thought they were with you for any reason apart from money? IMO it serves you right if you then marry her and she rips you off, you shouldn't have been so stupid.

Hear, hear. Well said sir.

Edited December 29, 2008 by cocopops

[zackxx]

Umm... So has any farang here been successful in applying for a local bank loan for a condo without Thai residency permit, without Thai citizenship, without Thai wife/husband and without going offshore through the UOB or BBL banks?

What you will have are 1 yr work permits going back consecutively for 10yrs, steady employment, money for deposit (up to 30%) and existing 3.8mB BBK condo under your name (for security if required).

Is there a minimum amount you need to borrow? Is there a minimum salary you need to command?

Also: assuming borrowing locally is actually possible under the above conditions how does it work that foreigners buying a condo here need to bring in overseas currency in order to make the purchase?

Thanks for your advice.