gillap Posted July 13, 2014 Share Posted July 13, 2014 Hi everyone, My Thai wife and I want to buy a house in Pattaya. In my mind there is no doubt that getting a mortgage for a house purchased in my wife's name I would be refused has a guarantor! However I've read a thread where a farang actually succeeded getting a mortgage. Is this possible and if so can anyone please show me the process of getting a mortgage with me has the guarantor to my wife's loan or any other process that will result in us getting a mortgage for the purchase of a house! Your help is and would be much appreciated...! Link to comment Share on other sites More sharing options...
mrtoad Posted July 13, 2014 Share Posted July 13, 2014 My understanding is that you will need a Thai to be the guarantor , maybe someone might correct me. 1 Link to comment Share on other sites More sharing options...
JesseFrank Posted July 13, 2014 Share Posted July 13, 2014 I think i read once that Bangkok bank provides mortgages to foreigner through their overseas branch. I thought it was Singapore branch. Link to comment Share on other sites More sharing options...
Popular Post Soutpeel Posted July 13, 2014 Popular Post Share Posted July 13, 2014 (edited) Hi everyone, My Thai wife and I want to buy a house in Pattaya. In my mind there is no doubt that getting a mortgage for a house purchased in my wife's name I would be refused has a guarantor! However I've read a thread where a farang actually succeeded getting a mortgage. Is this possible and if so can anyone please show me the process of getting a mortgage with me has the guarantor to my wife's loan or any other process that will result in us getting a mortgage for the purchase of a house! Your help is and would be much appreciated...! A farang will not a get a mortgage on a landed property in their own name in Thailand from a bank simpleA Thai national can get a mortgage in their name and a farang can act as a guarantor on the loan, but usually,the farang needs to be working in Thailand with a WP, etc and they can have only their salary considered for the loan, ie the Thai national does not need an income or even a job How do I know ? I have done it through SCB Edited July 13, 2014 by Soutpeel 3 Link to comment Share on other sites More sharing options...
Soutpeel Posted July 13, 2014 Share Posted July 13, 2014 I think i read once that Bangkok bank provides mortgages to foreigner through their overseas branch. I thought it was Singapore branch. And I will think you will find this is not a mortgage but a personal loan ie the interest rate is high compared to a true mortgage Link to comment Share on other sites More sharing options...
gillap Posted July 13, 2014 Author Share Posted July 13, 2014 Thanks JesseFrank...I already have an acount with the Bangkok Bank and I will surely contact them! Southpeel SCB? Is this a bank? Link to comment Share on other sites More sharing options...
Soutpeel Posted July 13, 2014 Share Posted July 13, 2014 Thanks JesseFrank...I already have an acount with the Bangkok Bank and I will surely contact them! Southpeel SCB? Is this a bank? Er Siam Commercial Bank one of the biggest in Thailand Link to comment Share on other sites More sharing options...
Pralaad Posted July 13, 2014 Share Posted July 13, 2014 Spoke to a bank manager not too long ago asking if i could get a loan for a house. Answer was yes, i had to show WP, money in the bank, WP must be for 3 years. Not sure though if it would be a mortgage or a personal loan as i did not even think of it in this terms until SP brought it up However some limitations(from my understanding) House would have to be in Thai company ,so the mortgage can not be over 10 years. Link to comment Share on other sites More sharing options...
GuestHouse Posted July 13, 2014 Share Posted July 13, 2014 I have a mortgage on an appartment in Thailand. The requirement was WP for more than one year, 30% deposit, six months payslips + letter from employer and a copy of my contract of employment. Link to comment Share on other sites More sharing options...
weescotsguy66 Posted July 14, 2014 Share Posted July 14, 2014 What if the Farang does not have a job in Thailand and so no work permit? He is working overseas is it a non starter then? Link to comment Share on other sites More sharing options...
Seelow Posted July 14, 2014 Share Posted July 14, 2014 UOB Bangkok will give 75% mortgages to foreigners not living or working in Thailand for buying condos. The rates are a little on the high side as are all the charges. Unfortunately they are also the most appallingly inefficient and quite frankly unprofessional outfits I have ever had the misfortune to deal with. Valium is strongly recommended before picking up the phone to them. Bangkok Bank also offers mortgages but the rates were extreme. Link to comment Share on other sites More sharing options...
umbanda Posted July 14, 2014 Share Posted July 14, 2014 (edited) Probably any Thai citizen, working or not, will get a single house mortgage with 50% down payment, if proving the funds legal source....In any case, the maximum loan bank term in Thailand is 66 minus the age of the principal borrower. Condos mortgages are easier to get, specially when financed directed by the developers. It is possible to get those with 30% down payment, without job or proof of income, even for foreigners. Edited July 14, 2014 by metisdead Bold font removed again. Please stop using bold font when posting. Link to comment Share on other sites More sharing options...
kerrysum Posted July 14, 2014 Share Posted July 14, 2014 My understanding is that you will need a Thai to be the guarantor , maybe someone might correct me.That would be my thought, and it may have changed but, one could do a? Trutor/Trustee agreement.... Probably not the realm anymore.... Kerry Link to comment Share on other sites More sharing options...
stgrhe Posted July 14, 2014 Share Posted July 14, 2014 OP, you could get a morgage by City Bank if the property is located within Bangkok Metropolitan area. Link to comment Share on other sites More sharing options...
afternoon1440 Posted July 14, 2014 Share Posted July 14, 2014 Yes it is possible to get a Mortgage on a house, I have 2 with Krung Thai Bank in Korat. I don't work in Thailand, my wife and I had to show payslips and bank statements for 12 months, a letter from my employer, and a marriage certificate. The first application took about 6 months to be approved, the second one earlier this year only took a couple of weeks. Requirements vary from bank to bank, branch to branch. A friend was refused a mortgage because he had a marriage certificate, for me it was a requirement. Link to comment Share on other sites More sharing options...
fabphil Posted July 14, 2014 Share Posted July 14, 2014 Yes it is possible to get a Mortgage on a house, I have 2 with Krung Thai Bank in Korat. I don't work in Thailand, my wife and I had to show payslips and bank statements for 12 months, a letter from my employer, and a marriage certificate. The first application took about 6 months to be approved, the second one earlier this year only took a couple of weeks. Requirements vary from bank to bank, branch to branch. A friend was refused a mortgage because he had a marriage certificate, for me it was a requirement. I assume then it was payslips from ur home country employer..? Link to comment Share on other sites More sharing options...
afternoon1440 Posted July 14, 2014 Share Posted July 14, 2014 My employer in Singapore, not my home country. When I applied for the mortgage Krung Thai Bank cross checked all the my payslips against my bank statements to make sure the transfers matched. Link to comment Share on other sites More sharing options...
Soutpeel Posted July 14, 2014 Share Posted July 14, 2014 (edited) I have a mortgage on an appartment in Thailand. The requirement was WP for more than one year, 30% deposit, six months payslips + letter from employer and a copy of my contract of employment. YeapCondo's are not a issue on the mortgage front, as I have been a guarantor for Mrs S's mortgage (the house we bought) SCB have offered me a mortgage in my own name on a condo no strings attached The problem is with landed property, as we all know foreigners are not allowed to own land in their names, therefore it follows a bank will not grant a mortgage in a foreigners own name as they would financing something which is illegal in the first instance and secondly not business sense to lend money to someone for something they can't own or have legal right to anyway Edited July 14, 2014 by Soutpeel Link to comment Share on other sites More sharing options...
Soutpeel Posted July 14, 2014 Share Posted July 14, 2014 (edited) Yes it is possible to get a Mortgage on a house, I have 2 with Krung Thai Bank in Korat. I don't work in Thailand, my wife and I had to show payslips and bank statements for 12 months, a letter from my employer, and a marriage certificate. The first application took about 6 months to be approved, the second one earlier this year only took a couple of weeks. Requirements vary from bank to bank, branch to branch. A friend was refused a mortgage because he had a marriage certificate, for me it was a requirement. But I will bet the mortgage is not in your name, its in your wife's ? You have signed as a guarantor, not as the mortgage holder, 6 months to be approved ? The one I signed as guarantor for took 6 weeks from start to finishCertainly with SCB whether your married on not has no bearing on the application Edited July 14, 2014 by Soutpeel Link to comment Share on other sites More sharing options...
Soutpeel Posted July 14, 2014 Share Posted July 14, 2014 (edited) UOB Bangkok will give 75% mortgages to foreigners not living or working in Thailand for buying condos. The rates are a little on the high side as are all the charges. Unfortunately they are also the most appallingly inefficient and quite frankly unprofessional outfits I have ever had the misfortune to deal with. Valium is strongly recommended before picking up the phone to them. Bangkok Bank also offers mortgages but the rates were extreme. Are they mortgages or personal loans, big difference on the interest rates ? Further with a personal loan banks don't typically care what the money is for, for a mortgage, they come and look at the property your buying Dont get mortgages and personal loans confused different animals completely Edited July 14, 2014 by Soutpeel Link to comment Share on other sites More sharing options...
Seelow Posted July 14, 2014 Share Posted July 14, 2014 (edited) UOB Bangkok will give 75% mortgages to foreigners not living or working in Thailand for buying condos. The rates are a little on the high side as are all the charges. Unfortunately they are also the most appallingly inefficient and quite frankly unprofessional outfits I have ever had the misfortune to deal with. Valium is strongly recommended before picking up the phone to them. Bangkok Bank also offers mortgages but the rates were extreme. Are they mortgages or personal loans, big difference on the interest rates ? Further with a personal loan banks don't typically care what the money is for, for a mortgage, they come and look at the property your buyingDont get mortgages and personal loans confused different animals completely It was definitely a mortgage. http://www.uob.com.sg/personal/loans/property/uob_international_home_loan_thailand.html Edited July 14, 2014 by Seelow Link to comment Share on other sites More sharing options...
In Search of Space Posted July 14, 2014 Share Posted July 14, 2014 I bought a house in Pattaya in late 2011 and took a 50 % mortgage. The mortgage with SCB was in the wife's name, but it was me that had to take the medical ! Link to comment Share on other sites More sharing options...
96tehtarp Posted July 14, 2014 Share Posted July 14, 2014 I don't live in Pattaya, however many of my friends "own" homes there and I get a chance to visit and check out the gated communities (villages) they live in frequently. My observation is that there are an awful lot of homes for sale by farangs that don't sell. There are a lot of properties on the market. There are a lot of motivated and or outright distressed sellers. Several of my farang friends have been able to find properties where financing is available from the owner. Maybe the OP should look into that. Good Luck. Link to comment Share on other sites More sharing options...
TheAceFace Posted July 14, 2014 Share Posted July 14, 2014 We also got a mortgage with SCB in Pattaya for 80%. As others I also do not work in Thailand, I am the guarantor. Just had to show payslips, bank statements, letter of employment ect......Whole process took around 3 - 4 weeks. Link to comment Share on other sites More sharing options...
Soutpeel Posted July 14, 2014 Share Posted July 14, 2014 Hi everyone, My Thai wife and I want to buy a house in Pattaya. In my mind there is no doubt that getting a mortgage for a house purchased in my wife's name I would be refused has a guarantor! However I've read a thread where a farang actually succeeded getting a mortgage. Is this possible and if so can anyone please show me the process of getting a mortgage with me has the guarantor to my wife's loan or any other process that will result in us getting a mortgage for the purchase of a house! Your help is and would be much appreciated...! A farang will not a get a mortgage on a landed property in their own name in Thailand from a bank simpleA Thai national can get a mortgage in their name and a farang can act as a guarantor on the loan, but usually,the farang needs to be working in Thailand with a WP, etc and they can have only their salary considered for the loan, ie the Thai national does not need an income or even a job How do I know ? I have done it through SCB Actually, I was guarantor for both of my wifes mortgage's and I did not have a WP. I showed proof of income from overseas contracts, funds being TT to Thailand, and a letter from a former employer stating my monthly wage. This was good enough for my name to go on and it allowed my wife to get a larger sum. And actually that was the reason I said "usually" needs a WP, as with most things in Thailand there are "exceptions to the rule" Link to comment Share on other sites More sharing options...
Soutpeel Posted July 14, 2014 Share Posted July 14, 2014 (edited) UOB Bangkok will give 75% mortgages to foreigners not living or working in Thailand for buying condos. The rates are a little on the high side as are all the charges. Unfortunately they are also the most appallingly inefficient and quite frankly unprofessional outfits I have ever had the misfortune to deal with. Valium is strongly recommended before picking up the phone to them. Bangkok Bank also offers mortgages but the rates were extreme. Are they mortgages or personal loans, big difference on the interest rates ? Further with a personal loan banks don't typically care what the money is for, for a mortgage, they come and look at the property your buyingDont get mortgages and personal loans confused different animals completely It was definitely a mortgage. http://www.uob.com.sg/personal/loans/property/uob_international_home_loan_thailand.html OK thanks per the T&C's, its only for a freehold condo and you need to be earning a minimum of SGD 100k, p.a or equivalent, so it seems based on this you will not get this loan if your trying to buy a house/land Edited July 14, 2014 by Soutpeel Link to comment Share on other sites More sharing options...
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