Banks And Home Mortgages

[BB1955]

In Chiang Mai has anyone had any experience or have any knowlege about getting a home financed in part by a bank here in Chiang Mai . I have been told that my wife who is Thai could possibly get a mortgage based on my income if I was under 60 years of age . We have not called any of the banks as of yet to see if this is indeed true . Just wondering if anyone else has had any issues in this area .

Yes I know easier to rent which I am doing now but in the long terms of things would be nice for her to have something to show for what we are shelling out each month .

Any advice or sugestions ????

[bob4you]

Forget it, almost impossible if you are Farang and income not from Thai employment.

[hellodolly]

I asked a couple of years ago at Siam and was told I would have to pay half down. I am retired and have fixed pensions.

[WinnieTheKhwai]

And yet, I'm doing it.

You need to find the right bank, or actually, the right branch with a receptive person in charge; some seem to want to make you jump through hoops and delay and get all bureaucratic, others actually aspire to be a bank, and are focused on your needs and want to sell you the right product.

In the end they actually issued a mortgage for a little more than the price we're paying for the house, so the whole purchase price was covered.

Makes a big difference compared to renting a house; in a rented house you never really want to put in serious effort and funds in making it truly a home. It was more of a difference than I expected.

Edited December 27, 2011 by WinnieTheKhwai

[WinnieTheKhwai]

I asked a couple of years ago at Siam and was told I would have to pay half down. I am retired and have fixed pensions.

Pensions are fixed as long as you keep breathing. When you stop doing that, the pension stops. The bank probably realizes this.