Buying Land

[Neeranam]

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?

[PattayaPhom]

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

[Neeranam]

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.

[Neeranam]

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

Sorry 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.

[PattayaPhom]

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

Sorry 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

[Canada]

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.