Are Older Men in Thailand Trading Love for Financial Ruin

[Neeranam]

I got a morgage with Krung Thai bank and they're really hassling me to buy insurance. Has anyone else used this insurance?

I was thinking that it isn't worth getting for a few years when I've actually got something to lose. Any advice? Thanks.

They could only give me a 17 year morgage because of my age.2.6 mill baht.

I'm actually really surprised as Krung Thai have been very rascist with me in the past.

[happynthailand]

they want you to buy morgage insurance,so if you die before the loan is paid off

they will get the insurance money to pay off the rest of your loan

[dave111223]

This was my take with Krung Thai mortgage.

The insurance is not required, but the loan officer gets a commission, so they will be more inclined to approve the loan if you buy some insurance.

Buy a couple of years insurance (will cost probably 4000-5000), loan officer will be happy and rubber stamp your loan. When the insurance expires you don't need to renew it.

[Neeranam]

This was my take with Krung Thai mortgage.

The insurance is not required, but the loan officer gets a commission, so they will be more inclined to approve the loan if you buy some insurance.

Buy a couple of years insurance (will cost probably 4000-5000), loan officer will be happy and rubber stamp your loan. When the insurance expires you don't need to renew it.

They say it's 15,000 baht a year!

[meatboy]

This was my take with Krung Thai mortgage.

The insurance is not required, but the loan officer gets a commission, so they will be more inclined to approve the loan if you buy some insurance.

Buy a couple of years insurance (will cost probably 4000-5000), loan officer will be happy and rubber stamp your loan. When the insurance expires you don't need to renew it.

They say it's 15,000 baht a year!

if they lend you 2.6mil.and the house burned down who will pay the loan back,just like back in the uk.anything you have on credit,house car you must have comprehensive ins.dont forget in thailand they will add the interest to the loan.

[RedBullHorn]

I paid insurance 34'000 THB for a 1.2mil THB loan from Krung Thai morgage to build a new house. The loan is for 20 years and the insurance premium that i paid will cover 10 years, after that i can decided if I'd like to continue for remaining years or 10 years period. In my case early repayment of the loan will only be allow after the 4th year.

Edited February 15, 2013 by RedBullHorn

[meatboy]

if you have no mortgage and the wf.owns the land make sure if you take out buildings ins.only cover the cost of the build.our first year the wf. was led to believe by taking out ins.for more than the cost of a re-build they would pay it not so it was only a way of getting you to pay more,we found out this after been misinformed when renewal came up and had a quote elswhere 2,000bht.less.