Mortgage And Title For Condo

[robby2288]

I am planning on assisting my Thai gf (soon to be married) to pay for the deposit on a condo.

She has told me she is able to get a mortgage with her bank, Kasikorn, with a letter provided from her employer.

What i would like to know is, is it possible for the mortgage to be in her name but the title of property to be in both of our names.

I know in my country of origin, if both names are on the title, banks also 'prefer' both to be on the mortgage.

Any thoughts or advise appreciated.

Thanks,

Robby.

[james24]

If you look at my profile and see my posts, yesterday I asked about this.

There is some helpful advice but the whole thing does seem like jumping through hoops of fire for not much water.

[trogers]

What i would like to know is' date=' is it possible for the mortgage to be in her name but the title of property to be in both of our names.

I know in my country of origin, if both names are on the title, banks also 'prefer' both to be on the mortgage.

[/quote']

How does a bank sieze a property that belongs equally to two persons, when the defaulted contract is with just one of them?

[mark5335]

Property title in joint names would be possible if you paid for the condo using funds transferred to Thailand in foreign currency. As your TGF is looking to obtain a THB mortgage from a local bank, title in joint names would not be possible unless you hold permanent residency status in Thailand.

[robby2288]

james,

your circumstances are more favourable than mine. i dont have a wp in thai, currently living and working in singapore.

essentially i will be funding the mortgage and the repayments and would like a little reassurance (if you know what i mean)

i have read about mbk providing mortgages for falangs (non wp) but the interest rates look a little high and i dont know the details.

it would be easier if the she applys for the mortgage, but i want our shared names on the title.

mark,

when you say paid with fund transferred to Thai from a foreign currency, i do believe you are referring to paying cash in full right?

thanks,

robby.

Edited October 21, 2010 by robby2288

[mark5335]

mark,

when you say paid with fund transferred to Thai from a foreign currency, i do believe you are referring to paying cash in full right?

thanks,

robby.

Correct. Unless you have PR here, the only legal way to have your name included on the property title is by transferring the cash from overseas to finance the purchase. If your TGF goes ahead with the K Bank mortgage then I don't believe it possible for the property title to be issued in your joint names.

[InterestedObserver]

With the information provided the short answer is NO. The property title (chanote) and mortgage will be in your GF name only.

[robby2288]

Thanks for the feedback guys.

If she takes a mortgage via a Thai bank, then it looks like a no go for me.

How about MBK (anyone have any information or experience to share) or an offshore mortgage fund (considering i work and live in Singapore).

Cheers

Robby.

[mark5335]

With an offshore mortgage, your objective should be achievable. I have foreign friends in Singapore who have purchased/mortgaged BKK properties in their names using UOB SG (if SG PR is held), and HSBC SG (if a Premier customer). I don't know anyone who has yet been successful with MBK (the company is not very responsive to enquiries).

[donx]

Depending upon your financial situation, perhaps you could obtain some other type of loan. For example, in the US, I'm able to get a home equity loan or a loan against my 401K retirement fund. I don't know if there are any similar types of loans available to you in Singapore or if you are in a position to obtain such a loan. If you are then you could transfer that money to Thailand to purchase the condo. You will need to transfer the entire amount needed to purchase the condo so this may be difficult especially since you were planning on initially only providing a down payment.

[rachit85]

Does anybody have any experience with MBK finance? I am about to take loan from them so your feedback/experience is highly appreciated.