Need A Mortgage

[midland204]

My Thai wife and I are looking to buy a house in BKK. Understand that the land has to be in her name but even though she has a good education in a profession she works for the government and makes only 11,600 TH per month. My income is well over 100,000 THB per month and I am willing to put down 1 million THB and mortgage the other 2.5 million. But PROBLEM is that I am 66 years old and no Thai bank or offshore bank can provide a mortgage for anyone over 65 years of old. I need a solution. Anyone know of a developer that will self finance? Any other ideas?

Thanks

George

[Soutpeel]

My Thai wife and I are looking to buy a house in BKK. Understand that the land has to be in her name but even though she has a good education in a profession she works for the government and makes only 11,600 TH per month. My income is well over 100,000 THB per month and I am willing to put down 1 million THB and mortgage the other 2.5 million. But PROBLEM is that I am 66 years old and no Thai bank or offshore bank can provide a mortgage for anyone over 65 years of old. I need a solution. Anyone know of a developer that will self finance? Any other ideas?

Thanks

George

George, sorry to say, to get a mortgage from a Thai bank, it would have to be in your wifes name, your income wouldnt be considered by the bank as you are not working in Thailand, have no credit history and no bank account.

Upto a few years ago, a farang, if they were working in Thailand, could co-sign for a mortgage, I did this for my Mrs , on a property she wanted to buy and was approved even though she wasnt working, so was approved on the basis of my income only, a few months later, a collegue tried the same think with the same branch of SCB and was refused and was told the law had changed and farangs where not allowed to co-sign on a mortgage for a Thai national.

Even your wife getting a loan from a bank may be problematic, even if you put down THB 1 million, as she would be financing 2.5 million, which would work out around THB 21,000/m over 15 years, if her income is THB 11600/m, the mortgage repayment is almost double this...

Instead of applying for a mortgage with an offshore bank, cant you apply for a personal loan with your bank ? as generally the criteria for approving a personal loan are different (easier) than a mortgage...

As regards developers self financing, most developers here dont even have enough money to build things themselves without deposits/ advance money from purchasers, so would think this a a long shot

The other thing you can try is down scale a little bit, instead of buying something for THB 3.75 million, buy some thing for THB 2.0 million, your wife may get a better shot at being granted a loan for THB 1 million, if you put up 1 million, as this may be acceptable risk for bank ?..a thought

[eljeque]

I second everything below....... AND

Islamic Bank of Thailand seems to be the easiest bank to arrange a loan from. This is because they more easily accept financial asistance than the other banks to push paperwork forward. In Pattaya, One friend who is a condo developer has a loan through them after paying assistance fees and so does another friend for a loan for his wife's house. I was speaking to another friend who menioned that he knows another foreigner who was able to assist his wife get a loan through..... none other than the Islamic Bank of Thailand.

I wish you the best of luck.

My Thai wife and I are looking to buy a house in BKK. Understand that the land has to be in her name but even though she has a good education in a profession she works for the government and makes only 11,600 TH per month. My income is well over 100,000 THB per month and I am willing to put down 1 million THB and mortgage the other 2.5 million. But PROBLEM is that I am 66 years old and no Thai bank or offshore bank can provide a mortgage for anyone over 65 years of old. I need a solution. Anyone know of a developer that will self finance? Any other ideas?

Thanks

George

George, sorry to say, to get a mortgage from a Thai bank, it would have to be in your wifes name, your income wouldnt be considered by the bank as you are not working in Thailand, have no credit history and no bank account.

Upto a few years ago, a farang, if they were working in Thailand, could co-sign for a mortgage, I did this for my Mrs , on a property she wanted to buy and was approved even though she wasnt working, so was approved on the basis of my income only, a few months later, a collegue tried the same think with the same branch of SCB and was refused and was told the law had changed and farangs where not allowed to co-sign on a mortgage for a Thai national.

Even your wife getting a loan from a bank may be problematic, even if you put down THB 1 million, as she would be financing 2.5 million, which would work out around THB 21,000/m over 15 years, if her income is THB 11600/m, the mortgage repayment is almost double this...

Instead of applying for a mortgage with an offshore bank, cant you apply for a personal loan with your bank ? as generally the criteria for approving a personal loan are different (easier) than a mortgage...

As regards developers self financing, most developers here dont even have enough money to build things themselves without deposits/ advance money from purchasers, so would think this a a long shot

The other thing you can try is down scale a little bit, instead of buying something for THB 3.75 million, buy some thing for THB 2.0 million, your wife may get a better shot at being granted a loan for THB 1 million, if you put up 1 million, as this may be acceptable risk for bank ?..a thought

[midland204]

thanks for all the solid suggestions. The big issue is that being over 65 years old I am like a non-person to the banks and the developers. FYI, contacted one of my banks in US and the gave me USD100,000 (about 3,400,000 THB) on the equity of some property that I own. at a interest rate of 5.24%. So this should work as it means payments of USD 1051 (about 36,000 THB) per month for 10 years which I can handle on my THB 150,000 per month income. Now the issue becomes if I can last 10 more years with a young Thai wife

So will go this way; Thanks again

[bomb139]

I have a house in Moo Baan Wangthong to sell. 3.5m bahts. Self instalments with the owner depends/counts on trust.

65 years of age with Thai citizen could not pass the bank, so as foreigners.

The house is near the Don Muang Airport. Details call Mr.Pom 081-9996509