haveaniceday Posted April 8, 2014 Share Posted April 8, 2014 Hi, The wife has no income as such. She buys and sells a few things for cash every now and then. She wants to get a loan for a house. She will need an income on paper one would presume. No more money is going to Thailand from abroad for another house. I am happy to rent, she wants to own. (We don't live in our house much these days, and the last landlord was an A hole) I have been told that if she works for 6 months that that is enough for a bank to give a loan in Thailand. Is this true if she has a biz for 6 months that makes money and pays tax that this would satisfy the banks as well? I heard on the grape vine that employment is 6 months min, biz is 24minths min. Any comments. Link to comment Share on other sites More sharing options...
happynthailand Posted April 8, 2014 Share Posted April 8, 2014 most banks (scb) will only lend your wife 80% if working ,20% down they will lend you 50%,wifes name, you pay,50% down they will take the monthly payment out of your account( if account is with scb) don't know about how long wife has to work. my wife owns a shop,they came around and looked,must have been ok as she got the loan. Link to comment Share on other sites More sharing options...
Kf6vci Posted April 8, 2014 Share Posted April 8, 2014 While I wouldn't know the answers to your questions, my concern would be whether buying another house would make business sense. Just let me share a house purchase I made last December in Alabama. It went horribly wrong as far as the remodeling goes. Over budget by a 5-digit amount. But we are still talking a net return of 12,000 B after taxes and PM fees with about 1 M Baht spent. (Replaced old metal pipes and the electrical wires). Over here, I'm astonished at the real estate "deals" people go for. Town house in Nan @ 1.5 M. To rent for what, 4,500 B? Do the math, think this through. does this makes any sense?!??? That house in AL cost $ 15,000. Key is to find a motivated seller, then close quickly with cash. Not sure if this would work over here (a neighbor chose to let a remodeled condo sit vacant for many years, instead of offering incentives or reducing the rent. Doesn't make sense to me, but then I can't comment on the thought processes of Thais. Except when friends and clever folks - she's a senior accountant - bought an awful inconvenient and overpriced condo. Split levels, bedroom upstairs. 1.5 M and I would not want to rent it for 6,000 B. and they could rent it for 7 k or 7.5 k with the LL paying the HOA fee. The layout was so bad, they couldn't use normal furniture or have a nice sofa. Wish I could post the layout, it was insane. And the daughter for whom they wanted it may go to a university like Rangsit.*** my own family destroyed wealth by making a silly SFH purchase decades before there was any need (in another state). Don't let her just go out and buy something. That's stupid, although it will increase her "face" with friends. At the moment, I'm struggling to get rid of all the junk I'veaccumulated over decades. Clothes, toys, ... Don't go there. Buy when you have a good business deal or a need to use a house yourself and renting isn't an option. There are okay LLs out there, you know. Good luck! Link to comment Share on other sites More sharing options...
Krataiboy Posted April 9, 2014 Share Posted April 9, 2014 Worth bearing in mind that if your wife runs up any debts and cannot pay them, you will be legally responsible for them. 1 Link to comment Share on other sites More sharing options...
recycler Posted April 9, 2014 Share Posted April 9, 2014 most banks (scb) will only lend your wife 80% if working ,20% down they will lend you 50%,wifes name, you pay,50% down they will take the monthly payment out of your account( if account is with scb) don't know about how long wife has to work. my wife owns a shop,they came around and looked,must have been ok as she got the loan. It all depends on the contact with the bank and negotiation on the deal. My wife doesn't work but we got 80% or more from SCB on my income, the monthly amount is taken from her account at SCB, I have an account at Kasikorn. Just try. Thais feel much better in their own house over renting. Link to comment Share on other sites More sharing options...
Greg Nixon Posted April 9, 2014 Share Posted April 9, 2014 If you pay her rent for the house that she buys, then she will have an income. If you are willing to pay rent, pay it to her. Let her worry about the borrowing details unless of course you want to help her and enter into the morass of Thai relationships. . Personally I give 3000 THB / month to my wife which she uses to pay the mortgage. I also give her 9000 THB for purchase of her 1/2 T truck which I also use. Two more months and the truck is paid for. I buy the groceries and pay for the utilities. She has committed her small salary to buying 3 properties. She will need these properties when she retires and when her daughter goes to University. I asked my wife how did she live before I got to Thailand and her answer has always been - borrow from the bank. I couldn't see how until I learned that she has overtime income that she was not telling me about. I cut way back on the allowance I gave her each month. I know she lived very frugally before I came and her daughter says, "Everything got a lot better after Papa came. " My Thai wife admits to being a skinflint but she is not a skin flint with my money. Link to comment Share on other sites More sharing options...
davidmann Posted April 9, 2014 Share Posted April 9, 2014 Get Thai Wife ,next comes car ,next comes land next comes a house ,get english wife ,next comes house ,next comes divorce ,half /if not all your money gone ,i am never sure if pay as you go or contract is best ,of course i am talking about mobile phone Link to comment Share on other sites More sharing options...
transam Posted April 9, 2014 Share Posted April 9, 2014 OP, I think you may well be heading for a financial "slippery slope". Saying that, it is the norm, once a farang is hooked then the milking starts. seen it time and time again. Link to comment Share on other sites More sharing options...
SOTIRIOS Posted April 9, 2014 Share Posted April 9, 2014 ....careful now....... Link to comment Share on other sites More sharing options...
BB1955 Posted April 9, 2014 Share Posted April 9, 2014 Hey guys its all in fun !!! Always my saying don't spend here what you wont leave here ... My wife and I bought a house used SCB the loan officer wanted us to start a business for 6 months and me pay her 15,000 a month just to show in her account . We opted for the 50% down and got by fine . They over appraised and we ended up with more than 50% ... was all ok ... I swore when I sold my property in the USA I would never be a home owner again . I guess I m still ok,I don't own jack sh-t ... 2 Link to comment Share on other sites More sharing options...
worgeordie Posted April 9, 2014 Share Posted April 9, 2014 Surely it would depend on how much shes earning as well, they are tougher now than before,she will have to show she is earning enough to pay the mortgage, regards Worgeordie Link to comment Share on other sites More sharing options...
haveaniceday Posted April 9, 2014 Author Share Posted April 9, 2014 Hey guys its all in fun !!! Always my saying don't spend here what you wont leave here ... My wife and I bought a house used SCB the loan officer wanted us to start a business for 6 months and me pay her 15,000 a month just to show in her account . We opted for the 50% down and got by fine . They over appraised and we ended up with more than 50% ... was all ok ... I swore when I sold my property in the USA I would never be a home owner again . I guess I m still ok,I don't own jack sh-t ... HI, Did she set up a full company for her biz? What level of a biz was the bank happy with ? Link to comment Share on other sites More sharing options...
BB1955 Posted April 10, 2014 Share Posted April 10, 2014 Hey guys its all in fun !!! Always my saying don't spend here what you wont leave here ... My wife and I bought a house used SCB the loan officer wanted us to start a business for 6 months and me pay her 15,000 a month just to show in her account . We opted for the 50% down and got by fine . They over appraised and we ended up with more than 50% ... was all ok ... I swore when I sold my property in the USA I would never be a home owner again . I guess I m still ok,I don't own jack sh-t ... HI, Did she set up a full company for her biz? What level of a biz was the bank happy with ? No we did not go the route . We opted for the 50% down . Link to comment Share on other sites More sharing options...
Satcommlee Posted April 10, 2014 Share Posted April 10, 2014 Thailand is very much a cash economy for the majority... It is possible for Thais with no certified income to get home loans.. Usual Thai style routine... Take photos of you working at your noodle stand etc.. And I guess thats why you see so many reposessions!! Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now