Loan to buy a house for my Thai child? Kasikorn Bank said "sorry only for condo mister"

[FiftyTwo]

Get your wife to work.

Stall in a market, roadside, working as a cleaner, anything at all.

As long as she can prove an income of 15k a month or more for six months, she can apply for a home loan.

The 15k a month must be paid into a bank account every month, even if it gets spent later that month.

They will check her place of work exists, they won't check her place of work actually generated the 15k deposits.

[Annonymous]

Get your wife to work.

Stall in a market, roadside, working as a cleaner, anything at all.

As long as she can prove an income of 15k a month or more for six months, she can apply for a home loan.

The 15k a month must be paid into a bank account every month, even if it gets spent later that month.

They will check her place of work exists, they won't check her place of work actually generated the 15k deposits.

Thanks for the advice! Would this really work? My wife worked many years in a pharmacy but stopped working as she's now looking after our child, which is a fulltime job by itself so she's likely to not work again for many more years!

Won't they call and check that she's really working there? They don't ask any employment contract or anything related? That seems a bit surprising...

[FiftyTwo]

Get your wife to work.

Stall in a market, roadside, working as a cleaner, anything at all.

As long as she can prove an income of 15k a month or more for six months, she can apply for a home loan.

The 15k a month must be paid into a bank account every month, even if it gets spent later that month.

They will check her place of work exists, they won't check her place of work actually generated the 15k deposits.

Thanks for the advice! Would this really work? My wife worked many years in a pharmacy but stopped working as she's now looking after our child, which is a fulltime job by itself so she's likely to not work again for many more years!

Won't they call and check that she's really working there? They don't ask any employment contract or anything related? That seems a bit surprising...

She needs the appearance of having a job that brings in 15k a month.

She can be self employed at a market stall, but they will visit the stall.

Or any other pretence that will stand up to very light scrutiny.

[inkorat]

Get your wife to work.

Stall in a market, roadside, working as a cleaner, anything at all.

As long as she can prove an income of 15k a month or more for six months, she can apply for a home loan.

The 15k a month must be paid into a bank account every month, even if it gets spent later that month.

They will check her place of work exists, they won't check her place of work actually generated the 15k deposits.

Thanks for the advice! Would this really work? My wife worked many years in a pharmacy but stopped working as she's now looking after our child, which is a fulltime job by itself so she's likely to not work again for many more years!

Won't they call and check that she's really working there? They don't ask any employment contract or anything related? That seems a bit surprising...

She needs the appearance of having a job that brings in 15k a month.

She can be self employed at a market stall, but they will visit the stall.

Or any other pretence that will stand up to very light scrutiny.

Finally someone with a helpful and correct suggestion. Try to the guy, it seems like most posters are defeated before they start..

As stated above, your wife need's to have the appearance of having an income from self employed work with a verifiable income.

She needs to have a bank account where XX Baht is deposited into it each month showing a steady income flow for 6 months or more before you approach the bank.

You should also have a rental contract for lets say a beauty shop or market stall that you are doing business from.

The shop (who ever owns it) really needs to be a real business when the bank goes to check it and staff need to verify your wife is the owner.

Best bank from experience, "Government Savings Bank", they will also take your income as the husband into consideration and they don't try to rip you off selling insurance guarantees.

Good Luck..

[crazykopite]

I don't work in Thailand, I'm on a Non-O visa (marriage).

Stable income from business aboard.

Looking for 90% financing.

Hold on.

You have a short visa, no Thai income, no security and yet you want a Thai bank to lend you 90% of the value of a house in Thailand that you cant legally own?

And you wonder why they tell you to #!%$ off?

Personally if I was a bank I wouldn't lend you more than 50% even for a farang-name condo purchase, but then I'm the sort of prudent person who doesn't cause global financial meltdowns, so what do I know?

Pardon? I have a Non-O visa which allows me to stay ad vitam eternal in Thailand without ever leaving the country by extending it on a yearly basis, and you call this a "short visa"? Are there any longer visas than mine and if so what are they???

Second, no Thai income? I withdraw to my Thai bank account near 100 000 baht each month for almost 4 years and you call this "no Thai income, no security"??? What exactly do you need to consider it a "Thai income", that it must come from a local company? What's the difference anyway? It's still money coming in regularly. What do you mean by "no security"?

Lastly, "if you were a bank", thank god you're not! Kasikorn already offered me to finance 80% of any condo under 6 million baht that I would be interested in, so the problem doesn't come from my profile but from my preference of a house rather than a condo. Also, you should know that money is created from loans, meaning that the bank doesn't see its capital impacted by 1 baht when providing a loan of any amount. When you "refund" the loan you actually increase the bank's capital. This is a complex (and sad) financial reality that I'm sure you've heard of a few years ago with the popular "Money as dept" documentary.

Cheers

If you pull 100,000 baht every month from your Thai bank account why do you need a loan that is a lot of money to support a Thai wife and child unless the child is going to a private school why not get a personel loan from your own Country if you can show good income you should not have a problem !!!!

[FiftyTwo]

If you pull 100,000 baht every month from your Thai bank account why do you need a loan that is a lot of money to support a Thai wife and child unless the child is going to a private school why not get a personel loan from your own Country if you can show good income you should not have a problem !!!!

Many foreigners in Thailand would like to live in a house.

Giving a Thai lady a house worth $$$$s outright is a high risk investment.

Paying off a home loan in a Thai ladies name every month is a low risk investment.

[elektrified]

Kitten Kong may sound "holier than thou" but that is exactly how a bank will look at the situation.

[Sayonarax]

If you pull 100,000 baht every month from your Thai bank account why do you need a loan that is a lot of money to support a Thai wife and child unless the child is going to a private school why not get a personel loan from your own Country if you can show good income you should not have a problem !!!!

Many foreigners in Thailand would like to live in a house.

Giving a Thai lady a house worth $$$$s outright is a high risk investment.

Paying off a home loan in a Thai ladies name every month is a low risk investment.

[Annonymous]

I don't work in Thailand, I'm on a Non-O visa (marriage).

Stable income from business aboard.

Looking for 90% financing.

Hold on.

You have a short visa, no Thai income, no security and yet you want a Thai bank to lend you 90% of the value of a house in Thailand that you cant legally own?

And you wonder why they tell you to #!%$ off?

Personally if I was a bank I wouldn't lend you more than 50% even for a farang-name condo purchase, but then I'm the sort of prudent person who doesn't cause global financial meltdowns, so what do I know?

Pardon? I have a Non-O visa which allows me to stay ad vitam eternal in Thailand without ever leaving the country by extending it on a yearly basis, and you call this a "short visa"? Are there any longer visas than mine and if so what are they???

Second, no Thai income? I withdraw to my Thai bank account near 100 000 baht each month for almost 4 years and you call this "no Thai income, no security"??? What exactly do you need to consider it a "Thai income", that it must come from a local company? What's the difference anyway? It's still money coming in regularly. What do you mean by "no security"?

Lastly, "if you were a bank", thank god you're not! Kasikorn already offered me to finance 80% of any condo under 6 million baht that I would be interested in, so the problem doesn't come from my profile but from my preference of a house rather than a condo. Also, you should know that money is created from loans, meaning that the bank doesn't see its capital impacted by 1 baht when providing a loan of any amount. When you "refund" the loan you actually increase the bank's capital. This is a complex (and sad) financial reality that I'm sure you've heard of a few years ago with the popular "Money as dept" documentary.

Cheers

If you pull 100,000 baht every month from your Thai bank account why do you need a loan that is a lot of money to support a Thai wife and child unless the child is going to a private school why not get a personel loan from your own Country if you can show good income you should not have a problem !!!!

I'm not sure if I could get a loan (30 years) for a property on the other side of the world! I could probably get a personal credit with installments on a few years, but not a real loan to buy a house... and even that I'm not sure as I don't live there anymore (while I have an income from there my official address is now in Thailand registered with my embassy etc.).

[NoshowJones]

As far as I know a child has no real legal standing until they are 7 & even then someone else (such as their mother) would have complete control over their estate & have poor of attorney

You really need qualified legal advice on this one fella

SJ

Thanks a lot for the info!

It's fine, I can still buy a house to my wife then, if I can get a loan to buy a house of course!

I really don't understand why Kasikorn Bank would provide me with a loan for a condo with no problem, but won't offer it for a house... that's discrimination, and racism against houses!! lol

I am ready to cancel my account with Kasikorn Bank because of their stupid rules, and they gave me so much hassle trying to set up online banking, I just gave up.

[rct99q]

Am I missing something here?? Why do you need to go to a bank for a loan. You stated you withdraw up to 100,000 baht a month for 4 years. That is ..... working on my calculator......carry the one....4,800,000....!!

No need for a loan you should have 3 or 4 million in the bank. Unless of course your wife has quit working because your income just barely covers her new monthly spending.

Maybe introduce her to the word "save" as in let's save up for our house in 4 years we will be able to pay cash for it. Just curious how much she has sunk you for...i mean....asked for in the value of her house.....very nice places can be had for less than a million baht...but I get the feeling your wife wants a 10 million bahter...

[Annonymous]

Am I missing something here?? Why do you need to go to a bank for a loan. You stated you withdraw up to 100,000 baht a month for 4 years. That is ..... working on my calculator......carry the one....4,800,000....!!

No need for a loan you should have 3 or 4 million in the bank. Unless of course your wife has quit working because your income just barely covers her new monthly spending.

Maybe introduce her to the word "save" as in let's save up for our house in 4 years we will be able to pay cash for it. Just curious how much she has sunk you for...i mean....asked for in the value of her house.....very nice places can be had for less than a million baht...but I get the feeling your wife wants a 10 million bahter...

Yes you're missing something here. The cost of an exciting life!

I don't need to explain myself but you should know that traveling a lot has a serious impact on any saving you might accumulate. Also, living like a poor and avoiding plane tickets for the next 4-5 years might be an option for you, but personally I worked hard to have the file that I have now and it would be really difficult to switch to a 5k baht/month room rental, eat only cheap thai food (no olive oil, no salmon, no strawberries, no avocados or anything a little fancy here), no occasional car rental, no flights whatsoever to anywhere (no visits to the family and friends in europe, america, etc.) and pass the time for 4 or 5 years to finally recover a rich fulfilled passionate life... Doesn't worth it! It would be 5 lost years!

In regard to my wife, I know that in Thailand it's common practice to provide financial help but mine doesn't need it, she actually helps by paying her things with her own money. She never asked anything. The only thing that I pay for her is the plane tickets which she couldn't afford. Buying a home in her name is totally my idea as I can't own a land, and I'm really bored of condos!

[Paul888]

If you pull 100,000 baht every month from your Thai bank account why do you need a loan that is a lot of money to support a Thai wife and child unless the child is going to a private school why not get a personel loan from your own Country if you can show good income you should not have a problem !!!!

Many foreigners in Thailand would like to live in a house.

Giving a Thai lady a house worth $$$$s outright is a high risk investment.

Paying off a home loan in a Thai ladies name every month is a low risk investment.

By "low risk investment", you mean low risk for the farang who can stop paying anytime he wants. Guess what that scenario is for the bank....yes, it is "high risk". THIS is exactly why the bank is not interested and anybody who has money in the bank should appreciate that it is not being lent to people on so casual a basis.

If you want to get started down the road of buying a house here for your wife and don't have a lump sum of cash, the best thing is to buy offplan from a reputable developer. You normally pay something like "x" for deposit "y" for contract and then while the house is being built 6 monthly payments of "z" which normally takes you up to anywhere between 60% and 80% of the price (remember also the completed house will already probably have a higher value at that point).

At that point, having demonstrated an ability to pay, you can either contact the developer's bank, or another bank for a smaller percent of loan (lower risk for the bank). You can sometimes arrange developer finance if banks fail to bite, but I would discuss the possibility of that early on.

[Annonymous]

anybody who has money in the bank should appreciate that it is not being lent to people on so casual a basis.

PLEASE make yourself a favor and watch this documentary:

Banks NEVER lend your money. When making a loan the money is CREATED (from nowhere) and then DESTROYED once fully "refunded".

[Annonymous]

By "low risk investment", you mean low risk for the farang who can stop paying anytime he wants. Guess what that scenario is for the bank....yes, it is "high risk". THIS is exactly why the bank is not interested

You could say the same for condos then. I can stop paying for a condo "anytime I want". So why does the bank accept to lend me money to buy a condo, but not a house?

In both case it's a low risk for the bank because they own the property and if I stop paying they still have the property and can sale it.

[Annonymous]

If you want to get started down the road of buying a house here for your wife and don't have a lump sum of cash, the best thing is to buy offplan from a reputable developer. You normally pay something like "x" for deposit "y" for contract and then while the house is being built 6 monthly payments of "z" which normally takes you up to anywhere between 60% and 80% of the price (remember also the completed house will already probably have a higher value at that point).

At that point, having demonstrated an ability to pay, you can either contact the developer's bank, or another bank for a smaller percent of loan (lower risk for the bank). You can sometimes arrange developer finance if banks fail to bite, but I would discuss the possibility of that early on.

Ok thanks for the advice! I believe I need to find a nice Moo Baan where the developer offers finance, correct?

[khunPer]

As far as I know a child has no real legal standing until they are 7 & even then someone else (such as their mother) would have complete control over their estate & have poor of attorney

You really need qualified legal advice on this one fella

SJ

Thanks a lot for the info!

It's fine, I can still buy a house to my wife then, if I can get a loan to buy a house of course!

I really don't understand why Kasikorn Bank would provide me with a loan for a condo with no problem, but won't offer it for a house... that's discrimination, and racism against houses!! lol

A minor child (under 7 y.o.) can both own land and shares/stocks (including fund books) in a company, but cannt dispose of it; need a guardian (fx. mom or dad). Land cannot be sold before the child come of age, 20 or 21 y.o. (not sure about stocks etc.). Have done all of it (land, stocks, fund books).

[Paul888]

By "low risk investment", you mean low risk for the farang who can stop paying anytime he wants. Guess what that scenario is for the bank....yes, it is "high risk". THIS is exactly why the bank is not interested

You could say the same for condos then. I can stop paying for a condo "anytime I want". So why does the bank accept to lend me money to buy a condo, but not a house?

In both case it's a low risk for the bank because they own the property and if I stop paying they still have the property and can sale it.

How is that working out for you?

Doesn't matter how knowledgeable youtube has made you feel about banking, you just don't get it.

You are right that anybody could walk away from any loan at any time, but banks take the view that a normal person is less likely to walk away from a loan used to pay for an asset in his own name than he would be to walk away from a loan for an asset that he will never own.

They also didn't say for sure that they would lend you the money for a condo, there would still be plenty of hoops to jump through for sure, and I do not believe they would lend anywhere near the LTV you want.

Regardless, keeping going on about how the bank is stupid to not loan you 90% will not get you a house.

This thread contains 2 ideas for you as to how you can achieve your objective. Buying off plan as I mentioned in the post that you disected but missed the point of, and saving a larger deposit. You could also of course raise finance on an asset outside Thailand if you had one and pay cash here.

[Equalizer]

I don't work in Thailand, I'm on a Non-O visa (marriage).

Stable income from business aboard.

Looking for 90% financing.

Hold on.

You have a short visa, no Thai income, no security and yet you want a Thai bank to lend you 90% of the value of a house in Thailand that you cant legally own?

And you wonder why they tell you to #!%$ off?

Personally if I was a bank I wouldn't lend you more than 50% even for a farang-name condo purchase, but then I'm the sort of prudent person who doesn't cause global financial meltdowns, so what do I know?

Pardon? I have a Non-O visa which allows me to stay ad vitam eternal in Thailand without ever leaving the country by extending it on a yearly basis, and you call this a "short visa"? Are there any longer visas than mine and if so what are they???

Second, no Thai income? I withdraw to my Thai bank account near 100 000 baht each month for almost 4 years and you call this "no Thai income, no security"??? What exactly do you need to consider it a "Thai income", that it must come from a local company? What's the difference anyway? It's still money coming in regularly. What do you mean by "no security"?

Lastly, "if you were a bank", thank god you're not! Kasikorn already offered me to finance 80% of any condo under 6 million baht that I would be interested in, so the problem doesn't come from my profile but from my preference of a house rather than a condo. Also, you should know that money is created from loans, meaning that the bank doesn't see its capital impacted by 1 baht when providing a loan of any amount. When you "refund" the loan you actually increase the bank's capital. This is a complex (and sad) financial reality that I'm sure you've heard of a few years ago with the popular "Money as dept" documentary.

Cheers

Just a thought but could you not do a deal with the Condo and get the 80% from the bank, buy the Condo then sell the condo back to them for cash and then buy the house. As far as the bank are concerned you are paying back the loan.

[NBD]

So according to some on this thread, if you're bringing in a whopping 100K a month and supporting a wife and baby, you should be able to buy a house outright for cash? I must be a bit careless with my money then...

I have it on reasonably good authority that "employing" your wife works, and we've just started doing this. Fortunately she's registered as a director of my company and that's all legitimate, so we're hoping to do the same in a few months.

Ideally I'd put it in my daughter's (18 months) name and lease the house off her for 30 years as a bit of added security. Would be interested to hear if anyone has much experience of this route. I understand the mother would have power of attorney over the property, but the 30 year lease should cover that?

[louse1953]

By "low risk investment", you mean low risk for the farang who can stop paying anytime he wants. Guess what that scenario is for the bank....yes, it is "high risk". THIS is exactly why the bank is not interested

You could say the same for condos then. I can stop paying for a condo "anytime I want". So why does the bank accept to lend me money to buy a condo, but not a house?

In both case it's a low risk for the bank because they own the property and if I stop paying they still have the property and can sale it.

The bank doesn't want your 2nd hand condo/house.Too many already,and plenty to come.

[Annonymous]

Just a thought but could you not do a deal with the Condo and get the 80% from the bank, buy the Condo then sell the condo back to them for cash and then buy the house. As far as the bank are concerned you are paying back the loan.

If this is really possible then it would be great! but aren't they some regulations forbidding me to do that? I've heard that when selling a property in Thailand they check that there aren't any mortgage on it before processing...

[KittenKong]

I'm not sure if I could get a loan (30 years) for a property on the other side of the world! I could probably get a personal credit with installments on a few years, but not a real loan to buy a house... and even that I'm not sure as I don't live there anymore (while I have an income from there my official address is now in Thailand registered with my embassy etc.).

That all rather depends on your bank and your relationship with them. A bank in your own country would probably look on your business earnings there more sympathetically than a bank in another country.

[KittenKong]

The bank doesn't want your 2nd hand condo/house.Too many already,and plenty to come.

If I were a Thai bank I would be thinking about that also. There's more domestic credit in Thailand than I like the look of. (Not that there isn't more than I like the look of in the West also.)

[elektrified]

very nice places can be had for less than a million baht

Very nice to you maybe.

[FiftyTwo]

If you pull 100,000 baht every month from your Thai bank account why do you need a loan that is a lot of money to support a Thai wife and child unless the child is going to a private school why not get a personel loan from your own Country if you can show good income you should not have a problem !!!!

Many foreigners in Thailand would like to live in a house.

Giving a Thai lady a house worth $$$$s outright is a high risk investment.

Paying off a home loan in a Thai ladies name every month is a low risk investment.

By "low risk investment", you mean low risk for the farang who can stop paying anytime he wants. Guess what that scenario is for the bank....yes, it is "high risk". THIS is exactly why the bank is not interested and anybody who has money in the bank should appreciate that it is not being lent to people on so casual a basis.

If you want to get started down the road of buying a house here for your wife and don't have a lump sum of cash, the best thing is to buy offplan from a reputable developer. You normally pay something like "x" for deposit "y" for contract and then while the house is being built 6 monthly payments of "z" which normally takes you up to anywhere between 60% and 80% of the price (remember also the completed house will already probably have a higher value at that point).

At that point, having demonstrated an ability to pay, you can either contact the developer's bank, or another bank for a smaller percent of loan (lower risk for the bank). You can sometimes arrange developer finance if banks fail to bite, but I would discuss the possibility of that early on.

Sorry to burst your bubble but both BKB and SCB were happy to give my gf a home loan on that 'casual a basis'.

You were right about the off plan, but wrong about the payments, x,y and z added up to 7% of the house price, another 10% changed hands at the land office, the other 80% is being paid back to the bank over the next 25 years.

[elektrified]

As far as I know a child has no real legal standing until they are 7 & even then someone else (such as their mother) would have complete control over their estate & have poor of attorney

You really need qualified legal advice on this one fella

SJ

Thanks a lot for the info!

It's fine, I can still buy a house to my wife then, if I can get a loan to buy a house of course!

I really don't understand why Kasikorn Bank would provide me with a loan for a condo with no problem, but won't offer it for a house... that's discrimination, and racism against houses!! lol

A minor child (under 7 y.o.) can both own land and shares/stocks (including fund books) in a company, but cannt dispose of it; need a guardian (fx. mom or dad). Land cannot be sold before the child come of age, 20 or 21 y.o. (not sure about stocks etc.). Have done all of it (land, stocks, fund books).

My brokerage firm (one of the largest brokerage firms in Thailand) told me that a minor can not own shares in publicly traded companies or have a brokerage account. I forget what the age was they said - perhaps 16? but that such account at that time would require court supervision. I was thinking about putting one of my accounts in my child's name. They checked and double-checked and said it was not possible.

[Johnniey]

My wife would be very offended that I never trusted her to put the house in her name.

My kids, who are now adults are useful for some of my business transactions. Id never have thought of giving them a house. What if your kid grows up to dislije you?

Sent from my GT-I9152 using Thaivisa Connect Thailand mobile app

[NBD]

If my kids grow up to dislike me enough to screw me out of a house I've probably screwed up.

I implicitly trust my wife and think highly of her family but divorces do happen and are seldom fair on the farang.

Also as much as I don't want to you have to consider what if my wife died and the ownership of the house defaulted to the family? Things could get very messy.

[elektrified]

My wife would be very offended that I never trusted her to put the house in her name.

My kids, who are now adults are useful for some of my business transactions. Id never have thought of giving them a house. What if your kid grows up to dislije you?

Sent from my GT-I9152 using Thaivisa Connect Thailand mobile app

Mine would never ask me to buy a house and put it in her name. If your child grows up to dislike you then you have failed as a parent.