Loan In Thai Bank?

[alex_aka_P]

Hi all.

Looking for a proper Thai bank to raise a long-term loan (target: building the house on my wife's land). Foreigner, married to Thai, legal employee with WP + 2nd business owner. Long time in TH.

Do I have a chance wiz any of TH bank? Can csomeone point me to a good trustable bank which's dealing with foreigners in TH? AFAIK they have new rule about rejecting such of "foreign applications" (correct me if I wrong?)

Thanks,

AaP

[InterestedObserver]

Given your stated documentation, the short answer is maybe. The problem is that there isn't any fixed policy among the various banks, and branches of the individual banks, concerning mortgages for foreigners. You just have to make the rounds of the various banks and ask the branch manager. It is difficult at best, some say next to imposable. Did you secure long term use of the land or are you planing to put the house in your GF name? You will not get a mortgage without having full control over the land.

Edited February 12, 2009 by InterestedObserver

[IMA_FARANG]

Hi all.

Looking for a proper Thai bank to raise a long-term loan (target: building the house on my wife's land). Foreigner, married to Thai, legal employee with WP + 2nd business owner. Long time in TH.

Do I have a chance wiz any of TH bank? Can csomeone point me to a good trustable bank which's dealing with foreigners in TH? AFAIK they have new rule about rejecting such of "foreign applications" (correct me if I wrong?)

Thanks,

AaP

Depending on the colateral you have ....and are willing to put up to back the loan, it may be possible. I tried getting a loan from Bangkok Bank seversl years ago....but the amount of collateral they wanted to cover the loan was excessive. However I didn't have a WP or a Thai business to use as collaterall. Even though I could cover over 50% of the loan with assets on hand, they said no. My guess, if they even consider a loan, you will need to cover 100% of the loan with assets as collateral to get it.

Having a Thai wife and a business in Thailand will help you, but the banks are very tight with their money, and don't like the risk of lending. As far as I know there is now absolute rule that foriegners can't get loans...but it will take some convincing to get the bank to say yes. Especially now, with the economic problems.

As mentioned by another poster, for a house you will almost certainly put the property in your wife's name to get a loan approved. I was looking for a loan to start a business to be run by a Thai with me as part owner, but as I said they said no.

Edited February 12, 2009 by IMA_FARANG

[alex_aka_P]

Thanks for those who'd replied.

The question is that my wife has already checked with several TH banks (BKK bank, Ayutthaya, SCB and a TMB)...and when those clerks seen the "farang name" (even as a spouse of her) - they immediately rejected the application, all 4 banks. They do not ask even for a next document, guarantees, collaterals, building plans etc - they just close the conversation by saying their very direct "Sorry, but you have married to farang - and we have a new rule to reject any applications like this one" (even my wife has tried to apply by herself - as a local Thai person).

The problem is that she has married to farang, they said. Divorce for a few days, submit your application and marry again when (if) the loan is approved - this will work, they said.

"Green tea offers" or "alternative ways to deal with" did not work (checked).

Of course I do not want to play these logicless games about divorcing etc - I better collect the whole amount in cash, however it will take a bit of time.

PS: Do they have kinda of a "private banks" here? Chinese maybe...? Any ideas?

Edited February 12, 2009 by alex_aka_P

[InterestedObserver]

You don't want anything to do with a "private bank". Period!

[haltes]

We just got approved with SCB for a mortgage for 75% of the value of the property.

The property is in my wife's name with me as guarantor. I have had a work permit for the last 4 years with the same company and it still was not easy. We had to resubmit the application many times before we got approval.

Try to get a credit card with the bank you want a mortage with and build up a credit rating if you can!

[robblok]

Me and my wife also got a 75% morgage with a Thai bank. But then again she was working and had proof of income. They did not even need me.

[skybluestu]

Thanks for those who'd replied.

The question is that my wife has already checked with several TH banks (BKK bank, Ayutthaya, SCB and a TMB)...and when those clerks seen the "farang name" (even as a spouse of her) - they immediately rejected the application, all 4 banks. They do not ask even for a next document, guarantees, collaterals, building plans etc - they just close the conversation by saying their very direct "Sorry, but you have married to farang - and we have a new rule to reject any applications like this one" (even my wife has tried to apply by herself - as a local Thai person).

The problem is that she has married to farang, they said. Divorce for a few days, submit your application and marry again when (if) the loan is approved - this will work, they said.

"Green tea offers" or "alternative ways to deal with" did not work (checked).

Of course I do not want to play these logicless games about divorcing etc - I better collect the whole amount in cash, however it will take a bit of time.

PS: Do they have kinda of a "private banks" here? Chinese maybe...? Any ideas?

Me and my wife just got a 1 Million Baht home loan from Bangkok Bank for a new build although we had to re-submit x2 times. SCB said they would but when the house is finished!

[alex_aka_P]

Have runned to Std.Chartered Bank today.

They said:

a) They will be interesting to credit us, but for the house ready for purchase - not for a new build from scratches.

They no need me at all (only Thai's applications are preferable)

c) Those "preferred" Thais must be their valuable clients (good credit history for 5 last yeares at least), have current/saving account(s) at this bank with a good money flow, with the deposit not over 150K baht for a saving account (more is better, for sure).

d) guarantors of course (also must be Thai's)

The fact is that we alreedy have a few pieces of land, thus step A is unacceptable. And my wife is a homesitter - all income being made by me so far. And we do not want killing our time about open a credit card with this only bank, spend ages to build a good credit history blahblahblah.... Instead of that, I (she) can guarantee the loan by our land itself, and I can prove enough income too.

We want to have the loan of 6M baht (+\-) and pay it back part by part - with an agreed interest, of course. That's all. Someone see the way out?

PS: what is the difference for the bank to approve the loan for "purchase a property" but not for "build your own property on your own land"? The amount of $$ is similar, the loan's time is the same, the persons are same, the guarantors...all the same. Thus what is the difference?

PPS: why not a "private banks"? Anyone has an experience, pls?

Edited February 13, 2009 by alex_aka_P

[rgw]

Have runned to Std.Chartered Bank today.

They said:

a) They will be interesting to credit us, but for the house ready for purchase - not for a new build from scratches.

They no need me at all (only Thai's applications are preferable)

c) Those "preferred" Thais must be their valuable clients (good credit history for 5 last yeares at least), have current/saving account(s) at this bank with a good money flow, with the deposit not over 150K baht for a saving account (more is better, for sure).

d) guarantors of course (also must be Thai's)

The fact is that we alreedy have a few pieces of land, thus step A is unacceptable. And my wife is a homesitter - all income being made by me so far. And we do not want killing our time about open a credit card with this only bank, spend ages to build a good credit history blahblahblah.... Instead of that, I (she) can guarantee the loan by our land itself, and I can prove enough income too.

We want to have the loan of 6M baht (+\-) and pay it back part by part - with an agreed interest, of course. That's all. Someone see the way out?

PS: what is the difference for the bank to approve the loan for "purchase a property" but not for "build your own property on your own land"? The amount of $ is similar, the loan's time is the same, the persons are same, the guarantors...all the same. Thus what is the difference?

PPS: why not a "private banks"? Anyone has an experience, pls?

We got a loan for almost 6M (last october, just before the crisis got more obvious) via UOB.

They were very helpfull, but indeed for a finished house, at a decent project.

All on the wife's name offcourse, with me as guarantor. (no need to bash me for that)

I wasn't a customer of UOB before, but was able to show them that I have all perks neccesary (previously bought a car via Thai Bank, have some decent top creditcards with Thai Bank, etcetera)

2 years here on WP, never had a problem, always paid taxes.

The main UOB office on Sukumvit is where we got it.

No need for tea money or that kind of stuff.

They could be more carefull now though, but hey, on the other hand, they also need to sell to hit their targets.

[alex_aka_P]

We got a loan for almost 6M (last october, just before the crisis got more obvious) via UOB.

They were very helpfull, but indeed for a finished house, at a decent project.

They could be more carefull now though, but hey, on the other hand, they also need to sell to hit their targets.

Thanks pal - I'll visit them next Monday.

But I afraid that a "finished house" subject will come up again.....we need not that.

Anyway, let's visit them and have a try... I'll post ste results here once available. Thanks!

[InterestedObserver]

Private bank aka loan shark. The interest changed is exorbitant and they tend to get extremely upset when the loan is not repaid and on time. Or did you have another kind of unregulated/unregistered bank in mind? If you are talking about a personalized wealth management service such as Citi Private Bank, I'm afraid that your post does not indicate that level of financial resources.

Edited February 13, 2009 by InterestedObserver

[donx]

PS: what is the difference for the bank to approve the loan for "purchase a property" but not for "build your own property on your own land"? The amount of $$ is similar, the loan's time is the same, the persons are same, the guarantors...all the same. Thus what is the difference?

Look at this from the bank's perspective. You have some land to build on. I don't know how much that land is worth, but let's say it is worth no more than 2 million baht. You want a loan for 6 million baht to build a house on that land (a very nice house I would imagine for such a price). They give you the money. Three years later you stop payment on the loan. They go to find you where you built the house and find a shack with squatters living there. They now own a piece of land worth around 2 million baht that cost them something a bit less than 6 million baht.

Tell me, if you were them, would you make such a loan?

[alex_aka_P]

Look at this from the bank's perspective. You have some land to build on. I don't know how much that land is worth, but let's say it is worth no more than 2 million baht. You want a loan for 6 million baht to build a house on that land (a very nice house I would imagine for such a price). They give you the money. Three years later you stop payment on the loan. They go to find you where you built the house and find a shack with squatters living there. They now own a piece of land worth around 2 million baht that cost them something a bit less than 6 million baht.

Tell me, if you were them, would you make such a loan?

Firstly - it's always a risk. For them - and for me, too. They'll risking only money - and I'll risking the piece of my land (which is more valuable at all times than just a a pieces of papers+paint).

Secondly - they're free to inspect the land, the documents, the account history, my background (and my wife's, too) - and find that there was no any troubles so far. They are free to check my income for a past 10 years (hope that will be enough...?)

Thirdly, the building plan reqiuires not a single payment - but a bunch of separated payments splitted by time, part by part based on a building's plan (and surely they're free to inspect the things at the side, at any step they would).

As for me - I just do not care who'll get the interest. I have no difference in paying to who....I'll sign&pay to the one who will help me out of this case - UOB, SCB, MammaMia or whoever... It is just a simple case, requires a very common risk from their side - and there is no any known trace of cheating from my side.

I just requesting for a very common help - and ready to pay the agreed interest, that's all.

If they think that a Farang can pay them hardly than a common Thai (whose always have troubles in paying back) - it is just a nonsence. Just a fun to discover that by myself.

[donx]

Look at this from the bank's perspective. You have some land to build on. I don't know how much that land is worth, but let's say it is worth no more than 2 million baht. You want a loan for 6 million baht to build a house on that land (a very nice house I would imagine for such a price). They give you the money. Three years later you stop payment on the loan. They go to find you where you built the house and find a shack with squatters living there. They now own a piece of land worth around 2 million baht that cost them something a bit less than 6 million baht.

Tell me, if you were them, would you make such a loan?

Firstly - it's always a risk. For them - and for me, too. They'll risking only money - and I'll risking the piece of my land (which is more valuable at all times than just a a pieces of papers+paint).

Secondly - they're free to inspect the land, the documents, the account history, my background (and my wife's, too) - and find that there was no any troubles so far. They are free to check my income for a past 10 years (hope that will be enough...?)

Thirdly, the building plan reqiuires not a single payment - but a bunch of separated payments splitted by time, part by part based on a building's plan (and surely they're free to inspect the things at the side, at any step they would).

As for me - I just do not care who'll get the interest. I have no difference in paying to who....I'll sign&pay to the one who will help me out of this case - UOB, SCB, MammaMia or whoever... It is just a simple case, requires a very common risk from their side - and there is no any known trace of cheating from my side.

I just requesting for a very common help - and ready to pay the agreed interest, that's all.

If they think that a Farang can pay them hardly than a common Thai (whose always have troubles in paying back) - it is just a nonsence. Just a fun to discover that by myself.

All I'm saying is that there is a difference between an already built house verses a building loan. There is more risk to the bank with a building loan. This is the case in Thailand as it is in many other areas of the world. It would be more difficult for me to get a loan to build a house in the US than it would be to get a mortgage on an already built house. IMHO, the loans are not the same.

Perhaps you could find a builder that would be willing to build the house with their own money and once completed you could get a mortgage for the already built house. Unfortunately, I doubt you will find a builder willing to do this.

[WhiteTrash]

I secured a 90% Mortgage over 21yrs on a 8.5million Baht house with UOB, no problems at all.

[KhaoNiaw]

Similar experiences to others at UOB, late September.

[rhino533]

Go with your wife to The Government Savings Bank, they have great rates and it's doesn't seem to difficult to get a loan there. My wife and I are going to biuld a house really soon, We bought 2 rai of land and went to GS Bank and asked them about a mortgage. I'm pretty sure the mortgage will have to be in your wifes name. Here is a list of what they asked for:

1. Wifes ID and Your ID

2. Marriage Certificate

3. Thai Address Book

4. Saleray Slip or if you own a business, Business Registration Certificate

5. Bank Book showing incoming coming in. ( This is more if your a business owner )

6. You need the Chanote Land Document proving you own the land.

7. Map to get to the land where the house will be built

8. Need a Stamped Document saying how much the land is worth. You can get it from the Government Land office.

9. Plan of the house from the company who will build it for you

10. You need a document from the Government stating you can build a house on that land( I think you get the document from the Government office where you register to get a new home address, but I'm not 100% sure )

11. You need the contract from you builder stating how much everything will cost.

I'm going to try to get a 1,500,000 baht loan. The fixed mortgage rates at GS Bank are around 5% but they have many different ways you can do your mortgage. You'll have to go in and talk with them. Hope this may help you a bit!

[donx]

Go with your wife to The Government Savings Bank, they have great rates and it's doesn't seem to difficult to get a loan there. My wife and I are going to biuld a house really soon, We bought 2 rai of land and went to GS Bank and asked them about a mortgage. I'm pretty sure the mortgage will have to be in your wifes name. Here is a list of what they asked for:

1. Wifes ID and Your ID

2. Marriage Certificate

3. Thai Address Book

4. Saleray Slip or if you own a business, Business Registration Certificate

5. Bank Book showing incoming coming in. ( This is more if your a business owner )

6. You need the Chanote Land Document proving you own the land.

7. Map to get to the land where the house will be built

8. Need a Stamped Document saying how much the land is worth. You can get it from the Government Land office.

9. Plan of the house from the company who will build it for you

10. You need a document from the Government stating you can build a house on that land( I think you get the document from the Government office where you register to get a new home address, but I'm not 100% sure )

11. You need the contract from you builder stating how much everything will cost.

I'm going to try to get a 1,500,000 baht loan. The fixed mortgage rates at GS Bank are around 5% but they have many different ways you can do your mortgage. You'll have to go in and talk with them. Hope this may help you a bit!

Let us know if and when you get a loan. How much is the land worth? If you don't want to say (or say how much you paid for the land) then just let us know if it is more or less than you are asking to borrow. I'm curious if the bank will lend you more than what the land by itself is worth.

[rhino533]

!

Let us know if and when you get a loan. How much is the land worth? If you don't want to say (or say how much you paid for the land) then just let us know if it is more or less than you are asking to borrow. I'm curious if the bank will lend you more than what the land by itself is worth.

The land is located less than 5 mins (1km) from Rayong City in Amphur Muang. Did a lot of research how much land was going for in that area before we bought it. My wife and I must of looked at or called 15 + different plots of land for sale in the general area. All were more than 1,500,000 baht per rai and some were over 2,000,000 baht per rai. We bought the land for 2,700,000 baht for 2 rai. So after all the research I feel the price was great. The Land Government office appraises the land for a lot less than that but the land prices haven't been updated for a few years now and there has been many upgrades like a new 4 lane road build Etc. The land we bought is less than 100m off the 4 lane road and it's located on a paved road. We told the Bank what we paid for the land and what the Land Government office said it was worth and they said the Gov. keeps prices of land low so people won't have to pay as much tax. She said almost all land is under appraised due to old records. There have been many upgrades in that area boosting land prices and just being 5 mins (1km) away from rayong makes a big difference in the price. The Land Gov place appraised the land 500,000 baht per rai but there was no way in hel_l anyone in that area would sell land for that price. People would just laugh if you mentioned that price and say cannot find a price like that in this area or any area around rayong. Note, if we had a meeting with anyone regarding land I let my wife deal with it and I would stay out of the picture to avoid farang pricing. Other plots we just called them and the told us how much the land was selling for over the phone.

Regarding the loan the lady at the bank said they will give 100% loan and the price of the land doesn’t matter much they go buy the price of the house. Land price will help of course. I was surprised when she said this. I will be asking for 1,500,000 or so. The bank sends there representative to go to the land and see what’s it like. He probably will appraise it and tells the bank what he thinks its worth. She also gave us the list of requirements I listed in my original post. All said and done it doesn’t seem to difficult to get this loan but I will have to wait and see to know for sure. The lady at the bank also said if you have any other payments its ok but all payments including the payment for the 1,500,000 baht loan I'll be asking for must not exceed half your monthly salary and if it does you won't be able to get the loan.

[alex_aka_P]

1. Wifes ID and Your ID

2. Marriage Certificate

3. Thai Address Book

4. Saleray Slip or if you own a business, Business Registration Certificate

5. Bank Book showing incoming coming in. ( This is more if your a business owner )

6. You need the Chanote Land Document proving you own the land.

7. Map to get to the land where the house will be built

8. Need a Stamped Document saying how much the land is worth. You can get it from the Government Land office.

9. Plan of the house from the company who will build it for you

10. You need a document from the Government stating you can build a house on that land( I think you get the document from the Government office where you register to get a new home address, but I'm not 100% sure )

11. You need the contract from you builder stating how much everything will cost.

I'm going to try to get a 1,500,000 baht loan. The fixed mortgage rates at GS Bank are around 5% but they have many different ways you can do your mortgage. You'll have to go in and talk with them. Hope this may help you a bit!

Yes, we do have all of these (and even more). The problem is that me (myself) unable to get the loan due to this logicless rule about farangs - see above, and my wife already has a few opened credits (just a small ones - such as buying a notebook with PowerBuy or something like this). She is not blacklisted and always pay in time, but her name is in the Credit Bureau - or how you call that - and that is the first place where the banks checking our names, and where they got an answer that her name already has a few active loans. Than they replied NO to her too. Seems we are to close those small credits firstly...

PS: And more than that - we need an amount much more than your 1.5M.....

[alex_aka_P]

Runned to UOB-Main office (Sukhumvit) today. No luck. They not even look through my papers.

"The loan for foreigner buying a condo is OK, and we able to give you the credit even you'll ask us 10M baht or even more....but not for the new built. We are sorry abt that, thanks for interesting in UOB services, blahblahblah...". dam_n.

Will try GSB this week.

[rhino533]

Runned to UOB-Main office (Sukhumvit) today. No luck. They not even look through my papers.

"The loan for foreigner buying a condo is OK, and we able to give you the credit even you'll ask us 10M baht or even more....but not for the new built. We are sorry abt that, thanks for interesting in UOB services, blahblahblah...". dam_n.

Will try GSB this week.

Ok here is the problem, It's pretty much impossible for a foreigner to get a loan to build a house because a foreigner can't own land. The bank will only give you a loan if the name on the Land Document and the name of the person getting the loan is the same. If it's not they won't even look at you application. It will be denied right away. So really you can go to any bank but will keep getting the same outcome. Foreigners are allowed to own condos/appartments and have the condo/app in his/her name without any problems in Thailand. That's why you can get a loan for a condo/app. If the land is in your wifes name and she applies for the loan there is a chance she can get it. But she will need to have an income, good credit, and have not many outstanding loans large or small. Having outstanding loans will make the bank worry and there is a greater chance she will be denied. So if you keep going to the banks to get a loan in your name to build a house you will be denied right away no matter what bank you go to. You will have to re-think how you want to go about getting this loan before heading to the Bank again. Best of luck and keep us posted!!!

[alex_aka_P]

Ok here is the problem, It's pretty much impossible for a foreigner to get a loan to build a house because a foreigner can't own land. The bank will only give you a loan if the name on the Land Document and the name of the person getting the loan is the same. If it's not they won't even look at you application. It will be denied right away.

Is there a way to apply as a "family"? Because I went to the bank with my wife along, and she's the one who own land, and Im the one who provide the income for both of us (include the amount for the land purchase - but it is out of the question, of course). Is there an option to "combine" these two parts into one loan? Can she apply for this loan by herself (as a land owner), but can I guarantee the return from my side (as her spouse)? Or something like this - Im not an expert in these "bank games", frankly speakin'...

Because my wife is just a homesitter for her pleasure, she doesnt have to work (thus no income could be shown from her side). And I can easily handle this loan by my income (and able to confirm that by papers). Thus we really need a way to "combine" these two means into one but "bank-positive". Any thoughts?

[rhino533]

Ok here is the problem, It's pretty much impossible for a foreigner to get a loan to build a house because a foreigner can't own land. The bank will only give you a loan if the name on the Land Document and the name of the person getting the loan is the same. If it's not they won't even look at you application. It will be denied right away.

Is there a way to apply as a "family"? Because I went to the bank with my wife along, and she's the one who own land, and Im the one who provide the income for both of us (include the amount for the land purchase - but it is out of the question, of course). Is there an option to "combine" these two parts into one loan? Can she apply for this loan by herself (as a land owner), but can I guarantee the return from my side (as her spouse)? Or something like this - Im not an expert in these "bank games", frankly speakin'...

Because my wife is just a homesitter for her pleasure, she doesnt have to work (thus no income could be shown from her side). And I can easily handle this loan by my income (and able to confirm that by papers). Thus we really need a way to "combine" these two means into one but "bank-positive". Any thoughts?

HMMMM this may be a problem, I think they really want your wife to have an income. For Example: Say you and you wife get divorce (not saying it will ever happen just an example) and you leave Thailand back to your country and she is stuck with the loan, the Bank worries she has no way to re-pay the loan. So for the bank giving you a loan seems really risky. I know this really sucks. I think the only way you can get a loan is to have everything in your wifes name and your wife must prove she can re-pay the loan without you if it comes to that. Your asking for quite a large loan in Thai standards so the bank worries even more.

For me, my wife and I have a business together. The business is in her name, land is in her name and her credit is reallly good. I'm considered a non income spouse. My wife makes all the money and she supposts me. Which really isn't true but in banks and Governmants eyes it is. Now the Bank feels a lot less risk to give us a loan because if we do get divorced (which I never plan on) she will have means to pay the loan back. The loan really won't have anything to do with me what so ever. I know people will say it's risky to put everything in your wifes name but it's really the only way the get certian things such as loans to build a house in Thailand. I also feel if people are serious about mariage why not put things in your wifes name. If people worry she will rip you off don't get married. What kind of marriage is that if people worry about that. It's like they planned on a divorce before they even got married. Not a marriage in my eyes, where is the trust. Well I really hope you can get a loan eventually. Keep us posted.

[KhaoNiaw]

HMMMM this may be a problem, I think they really want your wife to have an income. For Example: Say you and you wife get divorce (not saying it will ever happen just an example) and you leave Thailand back to your country and she is stuck with the loan, the Bank worries she has no way to re-pay the loan. So for the bank giving you a loan seems really risky. I know this really sucks. I think the only way you can get a loan is to have everything in your wifes name and your wife must prove she can re-pay the loan without you if it comes to that.

From UOB last year, the loan was made to my wife, I am guarantor. My wife has no income and no outstanding debts. Mine is the only income and my wife did not have to prove she could repay the loan without me. They may require you to take on some life insurance though?

We had previously paid off a mortgage with another bank for our old house that was in her name. The bank was able to run a credit check on my wife, but I had to request a Credit Bureau check myself - that can be done in a few minutes at their office at GSB headquarters, or you can fill in a form at a branch of, I think, any bank and have the results sent to you by mail within a few days.

[rhino533]

HMMMM this may be a problem, I think they really want your wife to have an income. For Example: Say you and you wife get divorce (not saying it will ever happen just an example) and you leave Thailand back to your country and she is stuck with the loan, the Bank worries she has no way to re-pay the loan. So for the bank giving you a loan seems really risky. I know this really sucks. I think the only way you can get a loan is to have everything in your wifes name and your wife must prove she can re-pay the loan without you if it comes to that.

From UOB last year, the loan was made to my wife, I am guarantor. My wife has no income and no outstanding debts. Mine is the only income and my wife did not have to prove she could repay the loan without me. They may require you to take on some life insurance though?

We had previously paid off a mortgage with another bank for our old house that was in her name. The bank was able to run a credit check on my wife, but I had to request a Credit Bureau check myself - that can be done in a few minutes at their office at GSB headquarters, or you can fill in a form at a branch of, I think, any bank and have the results sent to you by mail within a few days.

Well, thats good to know. Wonder why alex_aka_P is having so much trouble to get the loan then?? Maybe since the economy has slumped like it has they are being more cautious giving out loans. But in your case it totally helps that you paid off a mortgage with your wife before and she has good credit. That makes a big diffrence I think. Do you mind me asking how much your loan was for? What bank did you use for your previous loan? What intrest rate did you get last year for your loan with UOB? Maybe alex_aka_p is having a problem because he's asking for a 6,000,000 baht loan. hmmmmmmmmmm

[rgw]

HMMMM this may be a problem, I think they really want your wife to have an income. For Example: Say you and you wife get divorce (not saying it will ever happen just an example) and you leave Thailand back to your country and she is stuck with the loan, the Bank worries she has no way to re-pay the loan. So for the bank giving you a loan seems really risky. I know this really sucks. I think the only way you can get a loan is to have everything in your wifes name and your wife must prove she can re-pay the loan without you if it comes to that.

From UOB last year, the loan was made to my wife, I am guarantor. My wife has no income and no outstanding debts. Mine is the only income and my wife did not have to prove she could repay the loan without me. They may require you to take on some life insurance though?

We had previously paid off a mortgage with another bank for our old house that was in her name. The bank was able to run a credit check on my wife, but I had to request a Credit Bureau check myself - that can be done in a few minutes at their office at GSB headquarters, or you can fill in a form at a branch of, I think, any bank and have the results sent to you by mail within a few days.

Exactly same story for me.

Did the National Credit Bureau check for both of us at the NCB office, no problems, it showed correctly that I have a car on some Finance as well, so it's no porblem to have additional small loans. Indeed wife has no income or debts and I am the guarantor. Had to take the Life Insurance though, but that's tax deductable for a good part !! This was all before the credit crunch though and for a completed house, although I agree that the latter should not be the real trouble.

[alex_aka_P]

Well, thats good to know. Wonder why alex_aka_P is having so much trouble to get the loan then??

They (at banks) said that this "new law about foreigners" has come to power since this Jan.

Well, I did not read that "law" by myself yet, and not even see a piece of that - but those clerks say this. All of them, at several banks. Seems they know what they're talking about.

Maybe alex_aka_p is having a problem because he's asking for a 6,000,000 baht loan. hmmmmmmmmmm

That's the second "why". Yupeee, I got a huge house to be built (~420sq.m x 2 floors)

[giruz]

Can anyone clarify how this thing is going?

My gf just spoke with her mum in BKK and her mum (who works for a bank) said that they are currently offering a 100% morgage, first 3 months interest free+ 2.00% afterwards (or something similar depending on what you want).

My gf did not elaborate too much about that....but we are thinking about buying a 2/3 bed condo for investment and the offer looked interesting (esp. because we have a few pennies in the UK that are not enough for buying an house given that now you need a +25% deposit).

giruzz