Loan to buy a house? Kasikorn Bank said "only for condo mister"

[Annonymous]

Hello,

Say I agree to buy a land for my wife or child (if possible), how can I get a loan for the house?

I went to Kasikorn Bank (I have an active account there for almost 4 years) and asked about loans to buy a land+house and they said that they would only provide a loan to buy a condo... and recommended me to (believe it or not) go ask another bank!!!

Any advice?

I really want to buy a house with a garden, and I really don't want to buy a condo.

I've asked if my wife could get a loan and that I would serve as a guarantor (I have stable income) but apparently it's not possible either.

What are my options?

Thank you!

[innerspace]

Name on mortgage should match name on chanote paper so your wife needs to get it. It is possible (but harder) with you as guarantor as long as your finances are in order. Easiest if your wife has a good and stable income.

Children can own land but not if any debt on it, so only put in kids name if you pay without loan.

[Annonymous]

Name on mortgage should match name on chanote paper so your wife needs to get it. It is possible (but harder) with you as guarantor as long as your finances are in order. Easiest if your wife has a good and stable income.

Children can own land but not if any debt on it, so only put in kids name if you pay without loan.

Thanks for the info!

Wife doesn't work so it's a no go, I'm the only one with good stable income!

[DonaldBattles]

In a country where foreigners have virtually no rights provided by the government the banks do not want to stick their necks out. I got a business loan from KBank to build Don's Mall in Phuket. This was based on 5 years of cash flow, a business plan in Thai, a scale model of the facility and a chanote in company name for the land. I applied to several banks. Some like Bangkok Bank and Siam Commercial took 6 months to say no.

Recently a former Thai employee tried to get a 1m loan based on her cash flow in her business and the land and building being collateral and it was denied. House loans to Thais have really been tightened up in the past year.

[PattayaPhom]

They will not lend you money for land you can not own. Simple. If your wife had an income you could act as gauranter

[Pomthai]

To answer the question, SCB gave a mortgage to us (my Thai wife with me as a garantour') after checking my finances were in order and after an international (or so they said) credit check.

This was for a 3 bedroom house with large garden about 5 years ago. They also gave a fixed interest rate for the first 2 years and there is no penalty for paying off extra throughout the duration.

Edit to add; my wife wasn't working at the time. Kids puts a stop to that well the paid kind anyways...

Edited October 1, 2013 by Pomthai

[bocceball1]

My wife (who doesn't work either) just recently got a loan from Siam Bank. I was used as a guarantor (also had to take out life insurance ....extra expense)...Funny thing was, though, that they said to put 50,000 baht a month into my wife's account (to make it look like she did have an income) and come back in 6 months and they will refinance in her name alone....Cheaper interest rate and no life insurance as I no longer will be a guarantor.

[rickb]

My wife (Thai) also got a loan with SCB for building our house. The loan was based on my pensions and Social Security payments each month. We had to show a lot of paperwork regarding my monthly incomes and also had to buy life insurance, which she was permitted to cancel after one year. We also received an attractive fixed interest rate for the first two years, after which it became a variable interest rate. Loan can be paid off anytime without penalties. So it is possible to get a loan from SCB at least.

[xylophone]

Name on mortgage should match name on chanote paper so your wife needs to get it. It is possible (but harder) with you as guarantor as long as your finances are in order. Easiest if your wife has a good and stable income.

Children can own land but not if any debt on it, so only put in kids name if you pay without loan.

Thanks for the info!

Wife doesn't work so it's a no go, I'm the only one with good stable income!

If you have been giving your wife a monthly "income" which she has been banking, then some banks will take this as "actual income" (as if working). If not then start now and look to the future to try again.

Seems like some posters have had success..........good luck to you.

[happynthailand]

use SCB bank,they will lend you the money, every thing in wifes name, you pay will take money out of your account every month,

we use SCB all time time for loans