Getting A Mortgage

[goostew]

Any advice on getting a mortgage here for the purchase of a condo in Bkk? I am getting married to a Thai soon, I will be looking to borrow 2 million Baht. The Mrs has a steady salary of 20,000 (not ill gotten gains - Uni job). Can she borrow the whole lot without me getting involved? If I do get involved will it complicate matters? If I am included in the loan (which I am presuming I will be as 20,000 won't get the 2 million we need) what kind of hoops do I have to jump through? Will there be credit checks in my home country, will I need to produce paperwork here and will they actually let Thai/whitey couples have the money? I am most interested in the things I will have to supply/prove.

Apologies if this is a rather vague inquiry, but I know nothing of mortgages!

[ProThaiExpat]

The answer to your post invites so many variables that it would require a book to explain all the ramifications.

If you have never gotten a mortgage then you need to read up on the subject. In any case, it is largely a credit situation with the property as collateral.

Your wifes income is what the loan will be based on and I am sure most lenders have tables readily available as to how much what income level allows in borrowed funds.

Your guarantee might make the application stronger if your have substantial funds on deposit with the lender.

Buying a property from the lender, ie. a bank repo gives you an additional edge.

Take the time and find a bank lender with English speaking staff and start to find out from the "horses mouth" what is required.

[Dragonman]

Any advice on getting a mortgage here for the purchase of a condo in Bkk? I am getting married to a Thai soon, I will be looking to borrow 2 million Baht. The Mrs has a steady salary of 20,000 (not ill gotten gains - Uni job). Can she borrow the whole lot without me getting involved? If I do get involved will it complicate matters? If I am included in the loan (which I am presuming I will be as 20,000 won't get the 2 million we need) what kind of hoops do I have to jump through? Will there be credit checks in my home country, will I need to produce paperwork here and will they actually let Thai/whitey couples have the money? I am most interested in the things I will have to supply/prove.

Apologies if this is a rather vague inquiry, but I know nothing of mortgages!

I can only speak from my personal experience with Bangkok Bank, every Bank Manager will look at things differently. He said 12,000 baht a month would get 1 million mortgage, but I would need to be guarantor based on my monthly pension and 3 months Bank statements from UK, plus 30% deposit. No such thing as 100% mortgage in Thailand, but if she is a Government employee she will be able to get prectically 100%.

[rishi]

Bangkok Bank is quite informative on their website. Here's a link to their homeloan page

http://www.bangkokbank.com/Bangkok+Bank/Pe...ans/Default.htm

Among info on lending criteria, doc. requirements, etc., it also has a loan calculator. According to that Dragonman's 12,000 income requirement for a 1 m loan corresponds to a 10 year term on a 7.5% interest loan. A loan of 2 m over 10 years with 7.5% would require an income of 23,740. It would take a term of 14 years to bring the requirement below 20,000.

[rishi]

... oh, stupid me ... the amounts above is the monthly payments - which can be at most 40% of monthly income. Sorry.