Can A Thai National Get A House Loan Using Foreign Income?

[meme]

My husband is Thai and we are working in Canada right now. We want to build a house on his land eventually. Would a bank give him a loan for a house using proof of foreign income?

[fletchsmile]

A Thai bank probably not.

There are certain specialised lenders globally that might - not sure about Canada though.

[gregb]

I would say it is unlikely if you are talking about a standard mortgage. If you present it as a business/rental opportunity and go for a commercial loan then maybe. Those are typically only 5 years though.

The problem is a standard mortgage is supposed to be only for your primary residence. This isn't strictly enforced. Lot's of people get them on 2nd or 3rd homes, but if you are living in Thailand it is easy enough to make the argument you will be moving, and the bank never really checks. In your case however, living overseas, it would be glaringly obvious this was not the case, and I can't imagine anyone being able to overlook that and keep a straight face. The fact that they couldn't verify the income would simply be a secondary reason for refusal.

Now, if you moved back to Thailand and kept the income from Canada for a year or 2, and paid Thai taxes on that income and could verify it with tax returns, then the income stream itself would probably not be an issue. But I seriously doubt anyone is going to give you a standard mortgage while you are permanently living overseas, even if your employer was a Thai company and could provide documentation.

Never hurts to check with a bank though. You might get lucky.

[meme]

I would say it is unlikely if you are talking about a standard mortgage. If you present it as a business/rental opportunity and go for a commercial loan then maybe. Those are typically only 5 years though.

The problem is a standard mortgage is supposed to be only for your primary residence. This isn't strictly enforced. Lot's of people get them on 2nd or 3rd homes, but if you are living in Thailand it is easy enough to make the argument you will be moving, and the bank never really checks. In your case however, living overseas, it would be glaringly obvious this was not the case, and I can't imagine anyone being able to overlook that and keep a straight face. The fact that they couldn't verify the income would simply be a secondary reason for refusal.

Now, if you moved back to Thailand and kept the income from Canada for a year or 2, and paid Thai taxes on that income and could verify it with tax returns, then the income stream itself would probably not be an issue. But I seriously doubt anyone is going to give you a standard mortgage while you are permanently living overseas, even if your employer was a Thai company and could provide documentation.

Never hurts to check with a bank though. You might get lucky.

Cheers, thanks for that info.

That is too bad. We don't have all the money upfront but we have land and would like to build a new home for his mom and for us when we eventually return. Putting some money down and paying every month would be no problem for us. But I guess that may not work.

[keemapoot]

Very, very unlikely based on personal experience.

[taxin]

Very, very unlikely based on personal experience.

I checked this with a bank and yes, it is possible to get a loan for a house if your Thai partner has an income from overseas however, I think the income must actually be going into Thailand, working in Canada and being paid in Canada may not suffice.

In order to get the loan you simply put the land up as collateral.

[stinkyfarang]

too easy

just send 20k into your thai bank account to establish an income stream for 6 months. then you have 120 k already. then they know you have steady money coming in. use this 120kas a deposit and apply for your loan.

get some big shots to guarantee your loan if theres any problems.

now youre living the american dream!

[samran]

Very, very unlikely based on personal experience.

I checked this with a bank and yes, it is possible to get a loan for a house if your Thai partner has an income from overseas however, I think the income must actually be going into Thailand, working in Canada and being paid in Canada may not suffice.

In order to get the loan you simply put the land up as collateral.

checking with the bank is one thing...wait till they start processing the paper work. All sorts of issues come up. I say this as a Thai citizen working in Thailand with a pretty good offshore income.

[mosan]

How about giving us some insight as to what type of issues you're talking about...a short list of three to five items would suffice.

1)

2)

3)...etc.

[Pakboong]

I know the home loan rules are posted on the Siam Commercial Bank web site, you simply have to insert your situation into their rules.