May 14, 201411 yr I already have a mortgage with Krung Thai Bank and want a loan to buy land for my wife. I want to know when I get the loan, does she get the 'chanote' immediately or do the people selling the land give it to the bank?
May 14, 201411 yr As the land will be security against the loan, the bank will not lend you money on land that is owned by your wife. She can apply for a mortgage with you as gauranture. The Chanote will be held by the lender with lein on reverse. Land cant be transferred without lender present with mortgage being redeemed. Alternativley you could borrow against your exsisting property to purchase the land outright for your wife
May 14, 201411 yr Author on a scale of 1 to 10 (ratings before and after land purchase), how much more beautiful will the proposed land make your wife?We've been married 13 years. The land Ibreally want as an investment for my children, nothong to do with my wife's looks.
May 14, 201411 yr Author As the land will be security against the loan, the bank will not lend you money on land that is owned by your wife. She can apply for a mortgage with you as gauranture. The Chanote will be held by the lender with lein on reverse. Land cant be transferred without lender present with mortgage being redeemed. Alternativley you could borrow against your exsisting property to purchase the land outright for your wifeSorry I was unclear. I want the loan in my wife's name. Or I want my wife to get the loan. I have a mortgage already in my name as my wife doesn't work.Is the loan on the land the same as the loan on the house re the chanote.
May 14, 201411 yr As the land will be security against the loan, the bank will not lend you money on land that is owned by your wife. She can apply for a mortgage with you as gauranture. The Chanote will be held by the lender with lein on reverse. Land cant be transferred without lender present with mortgage being redeemed. Alternativley you could borrow against your exsisting property to purchase the land outright for your wifeSorry I was unclear. I want the loan in my wife's name. Or I want my wife to get the loan. I have a mortgage already in my name as my wife doesn't work.Is the loan on the land the same as the loan on the house re the chanote. The bank/lender retains the Chanote until loan is redeemed. If the value of the land is more than the mortgage there is nothing stopping your wife having a 2nd mortgage attached providing there is enough equity based on the lenders valuation and LTV
May 14, 201411 yr Banks will loan on proven ability to pay, not LTV. So if the wife can prove ability to pay a second mortgage as well as the first, then yes she could attach a second to it. Just having a low LTV will not get a loan.
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