Best Way For Wife to Get Home Loan

[haveaniceday]

We are looking at a home loan next year or so for a small house as a base to keep the car and stuff while we spend much time abroad.

Wife has no documented income for over 5 years now, she has many pieces of land that worth that she has a habit of making money on and some small cash stall business.

She is liquidating all Thai assets except her car and house contents and sending the money abroad to buy a house in farlang-ville.

She doesn't wish to leave anything at any family houses, (and neither do a I) as it is likely to go missing.

We have recently sold our main house and now renting in a new area, renting sucks and I would prefer to have a little 2 mill B shack in Thailand as we will still spend 4 months a year here.

For her to get a loan, I have been told that the banks want at least 2 years of paper records if self employed but happy with 6 months if employed. We are setting a Thai company up in the very near future to export goods we intent to distribute abroad, is paying my wife a salary the best way to get to give the best chance of a home loan? Like pay her 50k a month and she pay tax on that etc to get the loan ? This is my main question in this post.

Can we buy a plot of land, build the house we want (or buy one) then try to get finance on a property we already own ?

Having the bank owning the house will also take pressure off greedy inlaws trying to wiggle in and taking it over as well. If they want it, they can take over the loan.

[PattayaPhom]

Without income, tax payments or security, no chance of a mortgage or loan. If she is selling everything and sending that money abroad, why not just purchase with those funds and borrow in your home country...will be easier and interest rates a lot lower.

[happynthailand]

Doesn't matter if your wife works or not

SCB will give wife a loan,you pay

wife works 80%,loan you pay only 50%

we have a few like loans that wifes nane,money taken out of my account every month

have heard that in some cases banks will give wife 100%,you pay

chech around at some of the banks,they'll tell you real quick,loan or not

we'v found SCB the best bank for loans, just my 2 TB

[haveaniceday]

Can you please explain this a bit better from the comment above?

" wife works 80%,loan you pay only 50% "

What I am really asking n the first post, is if banks prefer employed workers over biz owners ? This is what I have been told.

[happynthailand]

sorry, if wife working,bank will loan 80%

wife not working loan in her name,you pay bank will loan you 50%

banks like to lend money,were expats pay

[Soutpeel]

sorry, if wife working,bank will loan 80%

wife not working loan in her name,you pay bank will loan you 50%

banks like to lend money,were expats pay

Sorry not true...

Mrs S got a 100% loan some 7 years ago through SCB and she wasn't working, I signed as guarantor and it was based solely on my income in Thailand, I work here and had to provide a letter from the company, 12 months pay slips, WP, PP....think the total cash I had to put up was around THB 55k in "admin costs"..took 6 weeks to be approved

[Daniel Boon]

How about if Wife has income come from overseas on a regular basis, is there a *factor process based on income from overseas?

(loans in OZ are usually about 30% of annual income less other outgoings)

[sanuk711]

if you can not get a loan --there is always the local money lender.......... Most agreeable people, with out of this world...deals for you.......

[markeewan]

My wife just got approved for a two million Baht loan on a 4.35 million house with Bangkok Bank. She works for herself in an outside market and the loans officer came around to the market to check she actually worked there and she also had to get a letter from the market to confirm how long she had been there.

The bank wanted to know what she sold and what percentage markup, but mainly they wanted to see a history of cash transactions going in and out of her bank account and from that I guess they worked out that she can afford the 14000 Baht per month repayments. They seemed happy with just 6 months records, although by the time the house is built and the mortgage is required to be taken out there will be nearly 12 months records.

She also had to summarise all her other assets for them. They were also interested in where the balance of the money was coming from, so she said she will sell something.

The reason that my wife wanted to buy a house was because her friend in the same market got a 90% mortgage on a 2.8 million Baht house and it didn't seem that difficult, The whole process for us took less than a month, although Songkran was in the middle so that made things a bit slower.

In both cases the houses were being constructed by a developer and the bank already had a link with the seller of the property, so that may have made things easier.

[BB1955]

Doesn't matter if your wife works or not

SCB will give wife a loan,you pay

wife works 80%,loan you pay only 50%

we have a few like loans that wifes nane,money taken out of my account every month

have heard that in some cases banks will give wife 100%,you pay

chech around at some of the banks,they'll tell you real quick,loan or not

we'v found SCB the best bank for loans, just my 2 TB

SCB will do it 50% if she shows nothing and you guarantee it . You can also buy a lot and build as well ... Just have to have a lot and house plan

[Dellie]

I've heard that the non thai banks are more willing to lend to foreigner/thai couples where the wife doesn't work and the husband works overseas. Not sure though as I've never taken out a loan in Thailand but that's what everyone in my area keeps telling me. Non thai banks mean UOB, CIMB, etc etc.

[Torrens54]

Just out of interest, what is the INTEREST Rate here on home loans through the banks mentioned above?

Thanks in advance!

[belg]

she sold a house a lots of plots of land, but you still need a bank loan to buy a small 2 mb baht house ? strange ? why ? you pay back at least half in intrests

[Soutpeel]

Doesn't matter if your wife works or not

SCB will give wife a loan,you pay

wife works 80%,loan you pay only 50%

we have a few like loans that wifes nane,money taken out of my account every month

have heard that in some cases banks will give wife 100%,you pay

chech around at some of the banks,they'll tell you real quick,loan or not

we'v found SCB the best bank for loans, just my 2 TB

SCB will do it 50% if she shows nothing and you guarantee it . You can also buy a lot and build as well ... Just have to have a lot and house plan

SCB will give her a 100% if your guaranteeing it, work in Thailand and earn enough money, as they assess your earning only...