Buying a house in BKK

[Mickey Cohen]

Hi all forum users!

I know Im being boring and redundant but here is my case :

I wanna buy a house or townhouse on my thai wifes name. She doesnt work as she takes care of our son (full time job)

I have a work permit, 3rd year now. My average salary is about 50 to 75k even though my company declares 35k for tax purpose

Do have I have any chances to get a loan from UOB, SCB or HSBC? lets say 4M

My first idea was to get a loan from my country (euro zone around 3,5% only) 100 000euros and by a house....but a foreign bank cannot own land...right??

Thanks for any ideas or advice

[Robert24]

I don't think European banks give mortgages for Thai properties. They may give you a loan depending on your circumstances which you can use for a purchase of a property in Thailand.

never heard of Thai banks providing foreign currency mortgages but even if you would carry the full currency risk. What do you do if the Euro strengthens against the THB and your income is in THB?

A 4M mortgage on 50-75k income sounds like a stretch to me but do check with the banks to find out how much you can get on your income. Also bear in mind that you would have to make a downpayment first as banks won't give you 100% of the purchase price of properties anymore.

My personal advice would be to stay away from those high interest mortgages in Thailand. If you add up what you pay on interest to the bank over the duration of the mortgage, you will see you pay a fortune just for interest to the bank. Often you are far better of just renting. But just my view.

[Mickey Cohen]

I forgot to add that I can make a downpayment

Of 600k

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[54321]

be careful what you say on line regarding tax evasion

[Mickey Cohen]

I wish they would be honest too

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[beachproperty]

My two cents

Bought a house for my wife before.

She did not have a job either (taking care of me and the children was her full time job).

Before buying the house, 6 months prior, I started depositing into her account on a monthly basis 50,000 baht. (this is to make it look like she has an income as she is the one buying the house .....obviously will be in her name)

She was then able to get a loan 1,000,000 baht from Siam Bank. (townhouse was 1,500,000 baht)

With that in mind, you may be better off looking for a 1,500,000 townhouse. Seem to have plenty of new ones out in Bangna

Good Luck

Edited August 31, 2014 by beachproperty

[jonclark]

Speak to UOB - Go direct to the main branch by PromPong BTS, as your best bet. You will be encouraged to take out insurance - about 600,000 Baht on top of 4mil mortgage. If you don,t take it they probably wont give you a mortgage as you are their money source. If you die, the insurance pays off the mortgage for UOB., Mortgage which will be in the wife,s name. Expect monthly payments on a 20 year 4.5 million mort to be in the region of 30k per month.

Also remember that the bank will send its own assessor to the house to assess value. The asking price and the assessors value often vary and the bank will use the assessors quote as the basis for any mortgage offer. i.e a mortgage based on 90% of the assessors valuation which maybe for example 500,000 below the asking price.

Wife an I have a mort with UOB - Similar situation as you.

[jonclark]

Sorry I forgot to add that the bank will want to see original copies of all pay slips dating back for the last six months. Without knowing what the figure is on your payslips (70K or 35K) you may find this problematic or not?