100% Mortgage, Is It Possible?

[rhino533]

From the last topic I post " Mortgage With Thai Banks (uob Bank, Gov. Savings Bank, Tmb Bank) " What I'm currious about is, has anyone got a 100% construction mortgage to build there house? I noticed that most poeple who got a mortgage didn't get a 100%. Most of them got between 40% and 80% mortgage. Is this because they didn't own the land and the land was part of the mortgage? Does anyone know if it's possible to get a 100% construction of a home mortgage? My wife and I already own the land and won't need a mortgage for purchase of the land just for the construction of the house and we want 100% mortgage. The land we own is worth over 3,000,000 baht and the mortgage we are asking for is 1,279,520 baht. 100% mortgage shoulden't be a problem right? We are going to apply for a mortgage as soon as we recieve some documents we need form the Amphur. I'm also new when it comes to mortgages this will be my first one and just want to know a bit more before actually applying. The mortgage will be in my wifes name and she should pass the banks requirements without much of a problem. Thanks for any replies!!!!

[trogers]

You are seeking to mortgage the land. Period. The bank will not imagine a house built on it. Evaluation will be based on condition of land and surrounding, location, and ease of selling the likely price when auctioning it off if there is default on the loan. Then the borrower's ability to service the loan.

The final amount of money from this evaluation is the amount the bank can offer. It can be more or less than your request.

My wife was offered Bt1.5m, but we only took Bt1.2m.

[rhino533]

You are seeking to mortgage the land. Period. The bank will not imagine a house built on it. Evaluation will be based on condition of land and surrounding, location, and ease of selling the likely price when auctioning it off if there is default on the loan. Then the borrower's ability to service the loan.

The final amount of money from this evaluation is the amount the bank can offer. It can be more or less than your request.

My wife was offered Bt1.5m, but we only took Bt1.2m.

This really helps, Thanks! Our land is located in a prime area on the outskirts of Rayong City in Amphur Muang. We have over 2 rai and the land in that area goes for 1,500,000 + baht per rai on average. The land is in perfect shape ready to build on and the area has a lot of nice houses around. If the bank was ever to auction it off it would sell easily but that will never happen. So with what you just told me I think we shoulden't have to much problem getting the loan we wanted and hopefully they will give a 100% mortgage. Thanks again for your reply.