Mortgage For Thai Wife Based On My Income?

[CDNinLOS]

I am not sure you can, not living or working in Thailand. My wife bought the property with cash, outright, and now we are in the process of getting the mortgage from SCB to build the house. They are appraising the value of the land, and the house we have designed, and then they will give us 70% of the total value, but the first question they asked us if I am working here do I have a work permit and if I am being paid here. I am getting paid a portion of my salary here and the rest in Canada.

However, with that said, they did say that if I used my Canadian salary, then they would give us 50%. So it is worth talking to a bank, but you will not get as much as you might like.

[bkk_mike]

My wife, who doesn't work, got a mortgage in Thailand with me as guarantor based on my Hong Kong income.

i.e. I have no work permit for Thailand (I do have one for Hong Kong obviously).

Admittedly, the amount borrowed was less than 1 x yearly salary (I think we could have gone higher on this), and they would only lend about 85% of the property value where the same bank lends higher multiples/%ge to Thais. A retiree might have a problem as the mortgage required to be paid off before I reach retirement age (60 in HK).

[banchangbob]

Thanks for all the tips on this thread. I was wondering on the amount given on home loans. If it is possible to use my income as a guarantor, how much could we borrow? As a rough guide the wife takes home 20,000 thb after tax and I bring in 92,000 thb after tax? Before we start going to banks and looking at condos we'd like to know roughly the price of the property we could expect to purchase. At present our down payment is only about 150,000 thb but this will soon be closer to 250,000.

Thanks for your help

[trogers]

Thanks for all the tips on this thread. I was wondering on the amount given on home loans. If it is possible to use my income as a guarantor, how much could we borrow? As a rough guide the wife takes home 20,000 thb after tax and I bring in 92,000 thb after tax? Before we start going to banks and looking at condos we'd like to know roughly the price of the property we could expect to purchase. At present our down payment is only about 150,000 thb but this will soon be closer to 250,000.

Thanks for your help

Not enough savings. You will need at least Bt400k as down payment for a new studio if it is to be near to BTS or MRT.

[banchangbob]

Thanks for all the tips on this thread. I was wondering on the amount given on home loans. If it is possible to use my income as a guarantor, how much could we borrow? As a rough guide the wife takes home 20,000 thb after tax and I bring in 92,000 thb after tax? Before we start going to banks and looking at condos we'd like to know roughly the price of the property we could expect to purchase. At present our down payment is only about 150,000 thb but this will soon be closer to 250,000.

Thanks for your help

Not enough savings. You will need at least Bt400k as down payment for a new studio if it is to be near to BTS or MRT.

Well the BTS or MRT don't get anywhere near me down here in Rayong province. Would our income and savings rule us out of any kind of home loan?

[nara80]

One of my friend has just got loan from Standard Charter Bank last week.

Loan quantum: Up to 70% of property price (lower of purchasing or appraisal price)

Tenor: Up to 15 years

His condo locate at Sattahip front beach and he works at Ban Chang as well.

I can't post contact number due to web admin. policy, if so, just PM. to me, I would give it to you.

Probably, you need to pay roughly 3-4 K for bank appraisal. and you will get pricing idea for planning your financial down payment.

[GarryP]

Thanks for all the tips on this thread. I was wondering on the amount given on home loans. If it is possible to use my income as a guarantor, how much could we borrow? As a rough guide the wife takes home 20,000 thb after tax and I bring in 92,000 thb after tax? Before we start going to banks and looking at condos we'd like to know roughly the price of the property we could expect to purchase. At present our down payment is only about 150,000 thb but this will soon be closer to 250,000.

Thanks for your help

Not enough savings. You will need at least Bt400k as down payment for a new studio if it is to be near to BTS or MRT.

Well the BTS or MRT don't get anywhere near me down here in Rayong province. Would our income and savings rule us out of any kind of home loan?

Didn't you know, BTS means "By the Sea".

I am not sure about condos. For the house I am buying, the mortgage will be in my wife and son's name and the property will be registered in my son's name. Neither my wife nor my son have any income. I am acting as guarantor, have a WP and after tax income of a bit more than your combined income. The property I am buying is going for just a tiny bit over 3 milllion and the bank was prepared to give a 95 percent mortgage. If this is anything to go by, you should be okay. You will need to shop around a bit though and just because one branch of a particular bank says no, it does not mean that another branch of the same bank will also say no. In my case I tried three different branches of the same bank and got three different answers, i.e. yes 95% mortgage, absolutely NO, and yes, but 50 percent mortgage with only my wife as mortgagee.

PS I am hoping that the completion of my house is delayed a little and then I can thumb my nose at the bank and pay cash.

Edited November 3, 2010 by GarryP