Wife Can Borrow Only 50% Because Married To Farang?

[blakegeee]

For SCB, it's correct if you buy land and then build a house seperatly. Apparently you plan to buy land and use a contractor to build the house that is originaly not on the land yet. In other words, you seem not to purchase land + house from the same person. If this is correct, SCB will give only 50% loan if mixed couple. If the project is "one" land + house from same contractor, then you can get up to 80% (and not only 70% as some would say).

I was faced to the same issue a few weeks ago.

Hope this can help.

We are trying to buy a home and land in a small development by Somwang. The land and house would both be purchased directly from this developer but the house has not been started as it is to be built to our specifications.

[Travel2003]

Me and the missus got 110% loan from UOB, value nearly 6 million.

Interesting.

I use UOB.

Joint account with (Thai) wife.

I work overseas, and she is presently without a job.

Have about 1,2 Mill Baht on the account.

Want to build/buy a house prox 3 Mill in Khon Kaen.

So question is can we (that will be me) borrow the other half when we reach 1,5 on the account?

[GarryP]

For SCB, it's correct if you buy land and then build a house seperatly. Apparently you plan to buy land and use a contractor to build the house that is originaly not on the land yet. In other words, you seem not to purchase land + house from the same person. If this is correct, SCB will give only 50% loan if mixed couple. If the project is "one" land + house from same contractor, then you can get up to 80% (and not only 70% as some would say).

I was faced to the same issue a few weeks ago.

Hope this can help.

We are trying to buy a home and land in a small development by Somwang. The land and house would both be purchased directly from this developer but the house has not been started as it is to be built to our specifications.

Similar situation here in Bangkok. I am in the process of buying a town house. Before the developer would let my son sign the contract they checked with a number of banks to see if my wife and son qualified for a mortgage based on my salary as guarantor. BBL said they would provide the mortgage. However, we will not get the mortgage until the house is completed. As such, no mortgage papers have been signed, just the contract with the developer. I have already paid off the deposit so now there is nothing for me to do until the house is finished, at which time we will enter a mortgage with the bank.

Of course it is a bit of a worry that when the time comes the bank does an about face and refuses the mortgate. However, the contract I have clearly states that all the deposit will be returned if that happens. Not something I wish, but nice to know.

PS the bank said that we could get 100 percent, not that I want that.

Edited January 17, 2011 by GarryP

[blakegeee]

For SCB, it's correct if you buy land and then build a house seperatly. Apparently you plan to buy land and use a contractor to build the house that is originaly not on the land yet. In other words, you seem not to purchase land + house from the same person. If this is correct, SCB will give only 50% loan if mixed couple. If the project is "one" land + house from same contractor, then you can get up to 80% (and not only 70% as some would say).

I was faced to the same issue a few weeks ago.

Hope this can help.

We are trying to buy a home and land in a small development by Somwang. The land and house would both be purchased directly from this developer but the house has not been started as it is to be built to our specifications.

Similar situation here in Bangkok. I am in the process of buying a town house. Before the developer would let my son sign the contract they checked with a number of banks to see if my wife and son qualified for a mortgage based on my salary as guarantor. BBL said they would provide the mortgage. However, we will not get the mortgage until the house is completed. As such, no mortgage papers have been signed, just the contract with the developer. I have already paid off the deposit so now there is nothing for me to do until the house is finished, at which time we will enter a mortgage with the bank.

Of course it is a bit of a worry that when the time comes the bank does an about face and refuses the mortgate. However, the contract I have clearly states that all the deposit will be returned if that happens. Not something I wish, but nice to know.

PS the bank said that we could get 100 percent, not that I want that.

SIam Commercial ended up telling us the same thing. Once the house is built, they can surely finance it, but until they see the house, they will only offer 50%.

That being said, we just got the final word from Bangkok Bank today. We asked for a 15 year mortage but they are willing to only give us a 10 year mortgage "because I am farang" and farangs usually pay off mortgages early anyways. I have always heard that they prefer to have people on longer mortgages as they naturally make more money, and of course its easier for the borrower to make the smaller payments. This is weird that they are willing to lend us the 80% as requested but at 10 years instead of 15. I would be more comfortable with the 15 year payments but I think we will be able to manage the 10 year payments. We have one month to accept the offer anyways so we'll have to think about it and see what the other banks can offer us. Also, this deal is based on us accepting at roughly 15,000b insurance plan in case the wife dies, than the insurance will pay off the mortgage, and another 6000b plan for fire/theft/flood insurance. Neither one sounds all that bad i guess as the amount covers the insurance for 10 years. Hopefully Kasikorn gets back to us soon so we can compare the offers.