Mortgage For Condo Or Property

[james24]

If I am to stay here I am seriously thinking about a property. Thing is I probably cant afford to buy one straight out. Ive been researching my options this morning and am a bit confused. It seems some banks, if Im not married to a Thai will give me a mortgage if I buy a condo as long as I have a w.p and proof of income for 12 months. Do I need other stuff...? Is this correct..? Also my main question is why would they give you a mortgage for a condo but perhaps not a land property (just to clarify a land property is a house built on someone elses land right..) I know a moo ban has to be 51 per cent owned by Thai but are there any other home options for me to get a mortgage, my own mortgage for...?

[astral]

1. You cannot own a landed property, as you are a foreigner.

2. For a condo, the 51% Thai ownership rule for the block applies.

Do you have assests back home that you can borrow against?

That may be easier that trying for a mortgage in Thailand

[james24]

Mmm no not really.

I was kinda hoping maybe a deposit and w.p and statements might be enough.

[dominique355]

About 6 years ago I bought a house here in Bangkok in the name of my wife. I didn't have the full amount in cash, so we applied for a mortgage at Siam City Bank and they granted us a mortgage, no big problem. I had to give a written confirmation from my employer that I have a monthly income plus copies of 3 credit cards (don't ask). Since I was self-employed, that was not a real problem. Mortgage was granted in no time. And 2 years later I applied to pay back in full, which they agreed to.

Now we own the house 100% and no more mortgage. I can only recommend Siam City Bank.

[Soutpeel]

About 6 years ago I bought a house here in Bangkok in the name of my wife. I didn't have the full amount in cash, so we applied for a mortgage at Siam City Bank and they granted us a mortgage, no big problem. I had to give a written confirmation from my employer that I have a monthly income plus copies of 3 credit cards (don't ask). Since I was self-employed, that was not a real problem. Mortgage was granted in no time. And 2 years later I applied to pay back in full, which they agreed to.

Now we own the house 100% and no more mortgage. I can only recommend Siam City Bank.

And if you applied again today based on the above you most likely wouldnt be granted the mortgage, as typically the mimum time you can pay it back is 3 years....so in your case the bank made no money on the deal...

For the OP.....yes a mortgage can be had on a WP + 1 years payslips + a letter from your company.....but the key point point is that it is highly unlikely you will get the mortgage in your own name, it will need to be a Thai national, as described above, and you would co-sign on the loan, I did this for the GF (who is now the wife) about 6 years ago as well, through SCB (Siam Commerical Bank) and I had to promise the nice bank manager I wouldnt pay it back in less than 3 years....

[way2muchcoffee]

About 6 years ago I bought a house here in Bangkok in the name of my wife. I didn't have the full amount in cash, so we applied for a mortgage at Siam City Bank and they granted us a mortgage, no big problem. I had to give a written confirmation from my employer that I have a monthly income plus copies of 3 credit cards (don't ask). Since I was self-employed, that was not a real problem. Mortgage was granted in no time. And 2 years later I applied to pay back in full, which they agreed to.

Now we own the house 100% and no more mortgage. I can only recommend Siam City Bank.

And if you applied again today based on the above you most likely wouldnt be granted the mortgage, as typically the mimum time you can pay it back is 3 years....so in your case the bank made no money on the deal...

For the OP.....yes a mortgage can be had on a WP + 1 years payslips + a letter from your company.....but the key point point is that it is highly unlikely you will get the mortgage in your own name, it will need to be a Thai national, as described above, and you would co-sign on the loan, I did this for the GF (who is now the wife) about 6 years ago as well, through SCB (Siam Commerical Bank) and I had to promise the nice bank manager I wouldnt pay it back in less than 3 years....

Does Mrs. Soutpeel work? I can afford mortgage payments, am married to a Thai, but was under the impression that unless my wife was employed with a decent salary then we wouldn't qualify for a mortgage. I am employed in Thailand and am in the 20% tax bracket. My wife doesn't work.