Mortgage In My Girls Name

[pautai]

what i propose is to purchase a condo with my girl with us both as the shared owners

,then send the money each month to pay the mortgage .

I dont like the idea of shelling out a lump sum for a thai property as things can change very quickly in LOS , so this idea suits us both.

Now what response would i get from a Thai bank manager for such a loan ?

She knows that if she gets itchy feet the whole thing will collapse so i hope she will be more inclined to stay on the straight and narrow.

Thai women can be notoriously 2 faced and unreliable ,not to mention sulky .

So the idea is to keep some retraint on my minx

[Harmonica]

>>>>> so i hope she will be more inclined to stay on the straight and narrow. <<<<<

Did you say "hope"? ... even before taking out the mortgage? Ouch!

>>>>> Thai women can be notoriously 2 faced and unreliable ,not to mention sulky <<<<<

With such brilliance demonstrated, pray tell us why you are considering doing what you're about to do?

>>>>> So the idea is to keep some retraint on my minx <<<<<

For 10-30 years, amigo?

[Dah fahrang]

Another trusting, loving, responsible Thai/Fahrang relationship promulgated on this site!

Can't help you mate. All my financial transactions - (in Thailand, offshore and in UK) including all bank accounts are in JOINT names -

I have been married to my 'minx' for 25 years and trust her absolutely.

Best of luck with your 'transactions'

[Sumitr Man]

what i propose is to purchase a condo with my girl with us both as the shared owners

,then send the money each month to pay the mortgage

If you are a farang, and don't have PR status, this cannot be done. You need to bring the purchase price money in from offshore, with evidence to that effect, if you want to be the registered owner of the condo.

Although there are ways in which you can be a defacto mortgagee, the structure you set out is not one of them.

SM

[Digger]

what i propose is to purchase a condo with my girl with us both as the shared owners

,then send the money each month to pay the mortgage

If you are a farang, and don't have PR status, this cannot be done. You need to bring the purchase price money in from offshore, with evidence to that effect, if you want to be the registered owner of the condo.

Although there are ways in which you can be a defacto mortgagee, the structure you set out is not one of them.

SM

<{POST_SNAPBACK}>

small point, but you do not need PR to obtain a mortgage on a property. For a condo in your name, you can do it after the full purchase price has been brought in and correctly registered at land office. For a company owned house and land, it can be done at anytime. You do though need work permit and strong income locally in Thailand.

[Sumitr Man]

For a condo in your name, you can do it after the full purchase price has been brought in and correctly registered at land office

Not sure I understand this. What you are saying is that you bring in the full purchase price, register the condo in your name, then take out a mortgage on the property? As a non-PR, this would only work on a term loan basis (maximum 10 years) (with no mortgage tax benefits) - not a mortgage (25, 30 years) per se.

The only way I've heard of non-PR residents obtaining a de facto mortgage (not a mortgage in real terms) on a condo is to bring in the 100% from offshore (possibly borrowing some from an offshore lender) then applying for a local loan/home-improvement loan (for approximately 30-50%) on the strength of their WP and using that to send back offshore. As I mentioned though, such a structure would not entitle you to tax benefits that having a mortgage can provide as this structure would be classed a "loan".

SM

[Digger]

For a condo in your name, you can do it after the full purchase price has been brought in and correctly registered at land office

Not sure I understand this. What you are saying is that you bring in the full purchase price, register the condo in your name, then take out a mortgage on the property? As a non-PR, this would only work on a term loan basis (maximum 10 years) (with no mortgage tax benefits) - not a mortgage (25, 30 years) per se.

The only way I've heard of non-PR residents obtaining a de facto mortgage (not a mortgage in real terms) on a condo is to bring in the 100% from offshore (possibly borrowing some from an offshore lender) then applying for a local loan/home-improvement loan (for approximately 30-50%) on the strength of their WP and using that to send back offshore. As I mentioned though, such a structure would not entitle you to tax benefits that having a mortgage can provide as this structure would be classed a "loan".

SM

<{POST_SNAPBACK}>

I spoke to a finance company about 1 year ago when I was considering buying a condo and saw an ad, from I think TISCO. They confirmed the above steps. No idea if you can or cannot take advantage of the tax benefit but as its only 50,000 baht deduction it would not influence me either way - I was more intrigued about how they did it, based on my understanding that you had to bring in the full purchase price. Which of course you do, they then just mortgage after the event and your free to do with the money what you want.

I decided against the condo purchase and therefore never took it any further.

[pautai]

ok say i have the money in an offshore account i still have to prove that the money is legit as regards to comply with anti- terrorism money shipping regs ?

how complex is this ? what paperwork needs filling in to comply with anti bin liner constraints ...