Borrowing Money Against A House

[BIGJIMMY]

We or rather the Mrs owns our house and we would like to borrow against it, I.e use some of the equity from it, is this possible, there is money in and out of the wife's account, we would like the money to buy a piece of land possibly a new car, has anyone experience in doing this here??

Thanks

[happynthailand]

yes,we use SCB Bank,never had a prolbum borrowing money from them. wife takes out a loan,they take the money from(my) your account every month

your house must be paid off,to borrow money useing the house

[BIGJIMMY]

The house is all paid for and we have the chanote, although we don't bank with SCB, would that make a difference, I mean it would in the UK but as this is Thailand.......?

Edited March 8, 2013 by BIGJIMMY

[PattayaPhom]

yes,we use SCB Bank,never had a prolbum borrowing money from them. wife takes out a loan,they take the money from(my) your account every month

your house must be paid off,to borrow money useing the house

Was that recently, and what was the loan name. SCB at present is 11% interest upto 25 years, must show income and also gauarantor, property must be on Government Road. Property valuation approx 5,000 Baht, 1% of loan to pay at Land office when loan attached to Chanote, insurance paid up front.

Edited March 8, 2013 by PattayaPhom

[uptheos]

Most banks will lend you money if the house is paid for.

A banks main function is attracting deposits and lending money.

[BIGJIMMY]

Is that 11% of the total amount borrowed or per year, forgive me for bring dumb so if you borrowed 3 mil over 10 years etc??

[PattayaPhom]

Is that 11% of the total amount borrowed or per year, forgive me for bring dumb so if you borrowed 3 mil over 10 years etc??

Use a loan calculator, 11% and that will give you payments. No its not 11% of loan then divide that by x amount of years...that would be nice

[Payboy]

I think you would also need to show some proof of ability to pay the monthly installments. Money in and out of wife's account would suffice if it is a reasonable amount, steady, and regular occurrence.

[BEVUP]

A rather high interest rate if they are worried about ability to show monthly repayments rather than relying on guarantor

So thats 1perc to put on title + 2 perc land tax

Ok SCB may be different but Thai banks will only give loan on the land that the house sits on

But the op said for land or car (I dont think loan from land only would cover either )

Would this be less than 11 perc for a house as i was offered 9 perc & all dealings from my information through the builder/owner of new eastate ( Moo Baan )

& how much would SCB be willing to lend against your land / house chanoote

[Crossy]

SCB loaned us 50% of our construction cost against the house that didn't yet exist (construction loan). Actually, by the time they got their a**es into gear the house was nearly finished but you get my drift.

They then valued the house and land and topped up the mortgage to 50% of that, nice of them

Now 12 months later they're angling to lend us more.

Wifey has a good salary and I'm down as guarantor, never did work out how they decided on the actual amount we could borrow in regards of our income, seems to be a black art.

We've both banked with SCB for 10+ years.

[Totster]

SCB are actively trying to lend money, we are close to finishing payments on a car and they are trying everything in the book to get us to borrow more money..

totster

[BIGJIMMY]

Thanks folks, neither if us bank with SCB but we'll look into it.

Jimmy

[jbrain]

yes,we use SCB Bank,never had a prolbum borrowing money from them. wife takes out a loan,they take the money from(my) your account every month

your house must be paid off,to borrow money useing the house

Was that recently, and what was the loan name. SCB at present is 11% interest upto 25 years, must show income and also gauarantor, property must be on Government Road. Property valuation approx 5,000 Baht, 1% of loan to pay at Land office when loan attached to Chanote, insurance paid up front.

Is Scb an exception or have loan rates gonne up that much ?

About 4 months ago the mortgage rate was 8.5% at the mjor banks.

[Totster]

Thanks folks, neither if us bank with SCB but we'll look into it.

Jimmy

We don't bank with SCB either...

totster

[PattayaPhom]

Its not a mortgage so MLR dosnt come into play thats why the rate is high.

[Khun Jean]

Surely hope it is not a mortgage (death contract).

If a house is used for a loan, better make sure it is a "mortgage loan".

Better regulated then a personal loan and much better interest rate.

Edited March 11, 2013 by Khun Jean

[Sigurris]

MBK (same people as the shopping centre) have a loan company who will lend foreigners up to 50% of their condo or home at 9.35%

[BIGJIMMY]

Through Kasikorn bank we're making headway on doing this but now they are asking for me to get a stamp from my government, I don't understand what they mean and they guy can't explain it to the wife, I've asked him to get me a copy of someone else's so I can see, I assume it's something from the UK Embassy - anyone else know what this is, just to recap, we want to borrow some money against our house and I will obviously pay the monthlies.

Thanks

Jimmy

[rgs2001uk]

Through Kasikorn bank we're making headway on doing this but now they are asking for me to get a stamp from my government, I don't understand what they mean and they guy can't explain it to the wife, I've asked him to get me a copy of someone else's so I can see, I assume it's something from the UK Embassy - anyone else know what this is, just to recap, we want to borrow some money against our house and I will obviously pay the monthlies.

Thanks

Jimmy

I assume the guy can explain in Thai to your wife and she understands, but your mrs lacks the vocabulary to explain to you in English, perfectly understandable.

Tell the guy to write down in Thai (in legible writing) what he means, then take a photo of the writing and post it on the language forum.

[BIGJIMMY]

no, all he is saying is 'stamp from your government' he said it to me in English and to the wife in Thai.

[BIGJIMMY]

I spoke to the guy today and he kept saying - a stamp from your government about tax, I said you already have my payslips, bank statements and P60's, can't think what else he means.

Giving up now, guess I'll just have to save up.

[rgs2001uk]

I spoke to the guy today and he kept saying - a stamp from your government about tax, I said you already have my payslips, bank statements and P60's, can't think what else he means.

Giving up now, guess I'll just have to save up.

One of the little pleasures of Thailand, face and bureaucracy, a lethal mix.

I suppose its gone past the point of asking to speak to his boss and have this explained to you.

Was once ask for a, garanty, after the terrible mangled Tinglish had been deciphered, it was meant to be a guarantee.

A guarantee of what and issued by whom?

No answer or explanation given.

Gawd I miss the HSBC.

[Khun Jean]

I spoke to the guy today and he kept saying - a stamp from your government about tax, I said you already have my payslips, bank statements and P60's, can't think what else he means.

Giving up now, guess I'll just have to save up.

I learned from experience that saving is often much better, so don't despair.