Thai mortgage while residing in the U.S.A.

[dvddvd]

My wife (Thai) and I are interested in taking out a mortgage in Thailand. (We both live in the USA) We will be in Bangkok in the near future and would like to visit with a few banks. My wife does not have a Thai bank account or any past credit, but she has her own US bank account. Also, she has been consistently employed for the last 5 years with an international company and her checks have always been deposited directly into her US account.

Is it possible for her to get a mortgage even though she doesn’t live in Thailand? If so, from what I’ve read, she would need to establish some sort of credit in Thailand. Yes? To do that, would she simply need to start depositing her income into a Thai bank? Which bank(s) should we consider speaking with? I’ve seen SCB mentioned, but I’d like to know of others. Lastly, if we wanted to buy a condo (while both of us are working and living here) and put it in both of our names, would I also need to establish credit in Thailand??? Is that even possible? We'd appreciate any information that any of you can provide. Thanks.

[Lancelot]

I really don't know the answer. However, why complicate matters? Give the Thai bank an address in Thailand of a trusted family member, pay the mortgage bill and all parties should be happy.

Good luck!

[Soutpeel]

Allow me to answer the question this way.....if the situation was reversed would a US bank given someone a mortgage in the same circumstances ?...one thinks not...Lancelot's answer is the best

[Jerry Cornelius]

I really don't know the answer. However, why complicate matters? Give the Thai bank an address in Thailand of a trusted family member, pay the mortgage bill and all parties should be happy.

Good luck!

If the mortgage is to be in your wifes name, its probably a good idea to arrange that the address on your wifes ID matches that of the family member first.

If you're looking to buy a condo in your name. The funds need to come from the US.

Jerry

[PattayaPhom]

Proof of salary in Thailand and tax payments are normally required

[Mrjlh]

Why call the Bangkok Bank in New York? They should lead you in the correct direction.

Business Hours: Mon-Fri (9:00 am to 5:00 pm)
Tel: (1-212) 422-8200
Fax: (1-212) 422-0728
SWIFT: BKKB US 33
E-mail: [email protected]
FED Routing No: 026008691
CHIPS ABA: 0869

[dvddvd]

Thank you all for your replies. I was really hoping that neither of us would would be required to be working in Thailand, but we'll make a few phone calls. Thanks again.

[Soutpeel]

Thank you all for your replies. I was really hoping that neither of us would would be required to be working in Thailand, but we'll make a few phone calls. Thanks again.

why dont you secure a loan in the US seeing as you are both working there and transfer the money into Thailand to purchase the property ?

[Tmymaimee]

I looked into this last year. Easy to get a mortgage but the terms were ridiculous. 50% downpayment and 5 year amortization at 7%. No thanks. Best deal I found was to open a brokerage account in Canada and borrow at prime - 2% as a line of credit on a margin account. Even Thais working in Thailand with a work history are paying over 5% from what I've been told. Last mortgage I applied for in Canada was 2.3%, 2 year open with a 20% downpayment.

[RAZZELL]

What bank in Thailand offered that mortgage?

RAZZ

[dvddvd]

Today, my wife and I went to SCB to find out if it's possible for my wife to take out a mortgage. The answer was yes. She is not required to live in Thailand. Our combined incomes can be used to secure the loan. She does not have to make monthly deposits into a Thai bank account, though it was recommended. We did not discuss terms.

[RAZZELL]

Which branch?

RAZZ

[RAZZELL]

Which branch?

RAZZ

[dvddvd]

Razzell - We went to an SCB on Ramkhamhaeng in front of a Big C around Soi 170 something.

[rbreen]

I`m Norwegian and live with my thai wife in Norway. We apply for a mortage in SCB in May this year and got a loan in June covered 72% of the cost of the condo. In July we bought the condo with the help of SCB and everything went smooth. Now we back in Norway and pay the mortage every month to SCB. No problem

[RAZZELL]

Very interesting. Will look into it next trip

RAZZ