Bank Loan With Thai Wife

[Capealava]

I am thinking of taking out a loan to purchase a house in Bangkok area. Of course the loan will be in my wife's name. I am wondering about the yearly income to be presented to the bank. Can we as a married couple include both our income{her salary and my pension) to the bank as combined yearly income. I have heard stories that Thai banks possibly frown on giving loans to Thai wife and husband is not. I would think it would be to the contrary, since most farangs salary or pension is usually much higher than a Thai. Any reliable advice would be appreciated.

[Artisi]

I am thinking of taking out a loan to purchase a house in Bangkok area. Of course the loan will be in my wife's name. I am wondering about the yearly income to be presented to the bank. Can we as a married couple include both our income{her salary and my pension) to the bank as combined yearly income. I have heard stories that Thai banks possibly frown on giving loans to Thai wife and husband is not. I would think it would be to the contrary, since most farangs salary or pension is usually much higher than a Thai. Any reliable advice would be appreciated.

Best solution is to ask the bank.

[Soutpeel]

I am thinking of taking out a loan to purchase a house in Bangkok area. Of course the loan will be in my wife's name. I am wondering about the yearly income to be presented to the bank. Can we as a married couple include both our income{her salary and my pension) to the bank as combined yearly income. I have heard stories that Thai banks possibly frown on giving loans to Thai wife and husband is not. I would think it would be to the contrary, since most farangs salary or pension is usually much higher than a Thai. Any reliable advice would be appreciated.

As with most things in Thailand, there are not definitive answers to your situation. At the end of the day it appears it has nothing to do with your income versus what a thai national is earning.

A few years ago I managed to get a co-signatory for a home loan for the GF at the time (now the wife) and she had no income and wasnt working, the loan was granted through SCB based on my salary alone, in my situation, I was working in Thailand on a WP, got a letter from the company and 12 months salary slips.

A collegue tried the same thing with the same branch a few months later and was turned down, citing a change in banking law, which stopped the co-signatory route. Have recently heard that this has possibly changed again to allow a co-signatory. (dont know how true this is ??)

But it appears in this situation, you will require a WP etc etc at the very least, so dont think you can go this route in your circumstances.

Why dont you explore the possiblity of getting a home loan from your own country first ?? at the very least you will have to go and talk to individual banks in Thailand and see what they say....but wouldnt hold my breath on this one

[getgoin]

Thai banks do not go on yearly income nor do they ask for tax returns or statements of income. They look for only one thing. They want a copy of your wife's checking or savings account for 6 months. The way most Thais do it is they put in a large amount of money, as much as they can afford, take it out and repeat the process for 6 months. This is the only thing the bank looks at when qualifying your wife for the loan. Sure, you can co-sign but they may or may not, usually may not, care about your income. If the wife does not have sufficient income going in and out of the bank book, forget it.

Edited July 16, 2009 by getgoin

[Jeffro008]

Thai banks do not go on yearly income nor do they ask for tax returns or statements of income. They look for only one thing. They want a copy of your wife's checking or savings account for 6 months. The way most Thais do it is they put in a large amount of money, as much as they can afford, take it out and repeat the process for 6 months. This is the only thing the bank looks at when qualifying your wife for the loan. Sure, you can co-sign but they may or may not, usually may not, care about your income. If the wife does not have sufficient income going in and out of the bank book, forget it.

Just to second the statement above and experienced the same thing. Back up your wife's finanial possition through the bank and book and then straight forward from there. We deposit every month and we withdraw whats needed, the printed statement says it all in the end.

[Soutpeel]

Sure, you can co-sign but they may or may not, usually may not, care about your income. If the wife does not have sufficient income going in and out of the bank book, forget it.

Having been through this ie co-signed on a home loan for the GF (now the wife), I know you are talking absolute rubbish.

To Co-sign on a loan at the time SCB were more interested in my WP, Salary slips and a letter from my company over what my GF at the time had in her bank account, in fact she wasnt even working and had minimal savings, but she was still granted a 100% loan. so the loan was based purely on my income..

[kurnell]

I got a home load from UOB Bank.

[bojo]

I am thinking of taking out a loan to purchase a house in Bangkok area. Of course the loan will be in my wife's name. I am wondering about the yearly income to be presented to the bank. Can we as a married couple include both our income{her salary and my pension) to the bank as combined yearly income. I have heard stories that Thai banks possibly frown on giving loans to Thai wife and husband is not. I would think it would be to the contrary, since most farangs salary or pension is usually much higher than a Thai. Any reliable advice would be appreciated.

My wide was granted a mortgage by both SCB and Bangkok bank just a few months ago as we applied to both banks just in case. Surprisingly both loan officers stated in a round about way that the Head offices' at Bangkok didn't like giving mortgages to women with foreign husbands. Of course I asked why and the answer given was that we we're likely to leave the country. Basically I got the impression that the banks weren't keen. Had to keep my mouth shut at that point!!

Anyway all I can say is that they weren't interested in the foreigner's income or status but the more documents you can provide to build up a big picture about yourselves the better. We provided deeds for other property in my wife's name and payment slips for a car on loan and even pictures of a business that we run and my bank account book and other stuff.

Luckily after 8 weeks the loan offer came through. Unluckily it was 2 weeks after the deposit contract with the vendor had run out. We lost our 50K deposit as the vendor took the property off the market and loaned against it himself with no need to sell anymore.

So just incase you're going to make a contract with a vendor, don't make the same mistake as I did and give yourself plenty of time.

regards Bojo

[iang]

We took out a housing loan with Siam Commercial Bank several years ago. Wife at that time was not working & with my income coming from overseas - had absolutely zero locally generated Thai income. Bank loan was in her name, with me as guarantor. It took a little while & there was lots of paperwork & supporting documentation requirted, but it all eventually happened. The only hiccup at one point was that SCB changed their minds on the amount of deposit required at the last moment - an increase of course, but once that had been negotiated & agreed, it all went smoothly.

I think SCB were even a little disappointed when after only 2 or 3 years, we paid the loan off in full and at that time there were offers of loans if we ever needed more or wanted to buy an investment property, but haven't put that offer to the ultimate test!

Of course all this was well before the current economic situation, so everything could well have changed.

I do remember SCB telling me at the time we were negotiating the loan, that they'd been 'hit' during the Asian economic crisis many years ago, by foreigners (and foreign partners) defaulting on loans and simply leaving the country & thus SCB holding a property that at that time they couldn't sell, except perhaps at a loss.

I can therefore understand their hesitancy, but there again, if you're able to establish a good credit record in Thailand (car loans repaid on time etc), then no doubt one's credit history is also taken into account.

Good luck & I hope you can make this woirk for you.