Townhome Mortgage

[Mickey Cohen]

Hi all,

Trying to get a Mortgage from UOB or SCB

Is there any point in applying in lets say 2 different UOB branches?

BTW are they any other banks that loan to foreigners?

Gracias

[beachproperty]

"BTW are they any other banks that loan to foreigners?"

As for a "loan" from other banks .....Yes....I got one from Kiatnakin Bank but it was an auto loan.

The title of your post though "Townhome Mortgage" would indicate that you are NOT looking for a mortgage for yourself as you CANNOT own a townhome as a farang. My guess is you want to buy a townhome for your thai wife (as only a Thai can own land) and as such your wife must apply for the loan (although the bank may ask for you to guarantee the loan).

If your wife does not have a job start depositing money (25,000 - 50,000 baht) into her account on a regular monthly basis, Then have here apply for the loan.

As for applying at 2 different branches of the same bank....don't see how it would help as they probably don't process them at the local branch but send them to the main branch to the loan processing dept. (could be wrong ...but that's how its done in the west ......and how Siam bank does it where I live)

Good luck!

Edited September 12, 2014 by beachproperty

[Mickey Cohen]

Well

Im applying for the loan on MY name and the property on her name.

Got the car loan few years back. Different story thanks anyway

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Edited September 12, 2014 by Mickey Cohen

[beachproperty]

Well

Im applying for the loan and the property on her name.

Got the car loan few years back. Different story thanks anyway

Sent from my iPhone using Thaivisa Connect Thailand mobile app

So....YOUR applying for a loan....but the property is in her name. Really don't know any bank in the world that would give YOU a loan with property in somebody else's name. From what you write that sounds like what you want to do!

As I indicated earlier, your best bet, Is for HER to apply for the loan on property SHE is buying or has already. If she doesn't have a job or has insufficient income, then you should deposit money into her account monthly for 6 months. Other alternative is the bank may require you to be a guarantor of the loan with extra fees for life and health insurance on you....Plus the bank will only give a loan for such period as until you reach 65 (ie if you're 50 ...you may get a 15 year loan, if you're 60 ...max the bank will give you is 5 year loan)

As said before ....good luck ....sounds like you'll need it!

[Mickey Cohen]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Edited September 12, 2014 by Mickey Cohen

[beachproperty]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Thanks for the English lesson

As SCB has accepted YOUR loan request, why are you then asking about applying at different branches of the same bank...."Is there any point in applying in lets say 2 different UOB branches?"? ....Do you really believe that one branch of the same bank witll give you better terms than another??????

And am curious as SCB has accepted YOUR loan request....This is to be a loan in your name alone? using Thai wifes' property as collateral? Really????

Or are they just asking you to act as a GUARANTOR of your Thai wife who is applying for a loan on her property?????

Edited September 12, 2014 by beachproperty

[Mickey Cohen]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Thanks for the English lesson

As SCB has accepted YOUR loan request, why are you then asking about applying at different branches of the same bank...."Is there any point in applying in lets say 2 different UOB branches?"? ....Do you really believe that one branch of the same bank witll give you better terms than another??????

And am curious as SCB has accepted YOUR loan request....This is to be a loan in your name alone? using Thai wifes' property as collateral? Really????

Or are they just asking you to act as a GUARANTOR of your Thai wife who is applying for a loan on her property?????

I heard that the final decision was made by the branch manager, so it would make sense that the conditions could be negotiable and diffrent. But i have no idea about that and this is why im asking.

Loan is on my name, i showed my money my salary ect.... My wife is the guarantor as she is thai

Sent from my iPhone using Thaivisa Connect Thailand mobile app

[Crossy]

Do please let us know the outcome, we tried the same with SCB (for a construction loan mind) and were laughed out of court.

No problem whatever getting the same loan in Wifey's name with me as guarantor although I never did find out how they defined how much they would lend in relation to our salaries.

[Triplebank999]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Well said.

You clearly do not need ThaiVisa posters advice, you seem to have it all covered.

Ignore everything beachproperty (or anyone else with sticking "Caps" and "?" keys) says as his credibility was lost as soon as he "shouted" that a foreigner cannot own a house here.

Edited September 13, 2014 by Triplebank999

[Farma]

I heard that the final decision was made by the branch manager, so it would make sense that the conditions could be negotiable and diffrent. But i have no idea about that and this is why im asking.

On bank loans my wife has had in the past the Branch manager only approves the loan request.

The loan request is then sent to head office for loan approval.

I was told the head office of the bank she last used met once a month to decide whether or not to approve a loan. Many factors then come into play like your ability to repay, the amount of funds allocated and already lent out to your area etc.

[beachproperty]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Well said.

You clearly do not need ThaiVisa posters advice, you seem to have it all covered.

Ignore everything beachproperty (or anyone else with sticking "Caps" and "?" keys) says as his credibility was lost as soon as he "shouted" that a foreigner cannot own a house here.

Well Triplebum999....a little sensitive are we?

This post is not about ownership of a "house" ...which, Yes, you're correct ...a foreigner can own the building ! BUT he cannot own the land!

This post was and is apparently about poster getting a loan while NOT owning any property, but based upon his income and having his Thai wife/girlfriend act as a guarantor.

Seems to me far fetched that he would get approval on that basis, but then again TIT! I believe my post would not only be helpful to him but to other readers looking for fiancing as the situation is one that I have actual experience and that worked for My wife and I...

No need to be snide or rude! And clearly your post adds nothing to the discussion so WHY post! In need of attention!

Edited September 13, 2014 by beachproperty

[KhaoNiaw]

My wife got a mortgage from UOB without having any income and using my income with me as guarantor. That's going back 5 or 6 years though and I don't think it was decided at branch level.

[trogers]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

I believe SCB is offering you a personal loan at high interest rate, and not a house mortgage.

[donx]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

I believe SCB is offering you a personal loan at high interest rate, and not a house mortgage.

Perhaps Mickey can reveal the interest rate. I and I'm sure others are very curious.

When my wife and I decided to buy a townhouse last year, I found the best method for financing this (besides the money we already had in Thailand from selling farm land) was for us to obtain a home equity line of credit. In the USA this is relatively easy to get as long as you have good credit and sufficient equity in your home. The interest yet is variable but was initially and is currently 3.99%.

[trogers]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

I believe SCB is offering you a personal loan at high interest rate, and not a house mortgage.

Perhaps Mickey can reveal the interest rate. I and I'm sure others are very curious.

When my wife and I decided to buy a townhouse last year, I found the best method for financing this (besides the money we already had in Thailand from selling farm land) was for us to obtain a home equity line of credit. In the USA this is relatively easy to get as long as you have good credit and sufficient equity in your home. The interest yet is variable but was initially and is currently 3.99%.

Not advisable to use short term credit to finance long term liability, especially when debt is in foreign currency. This was the major cause of the Tomyum Kung crisis back in 1997.

[donx]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

I believe SCB is offering you a personal loan at high interest rate, and not a house mortgage.

Perhaps Mickey can reveal the interest rate. I and I'm sure others are very curious.

When my wife and I decided to buy a townhouse last year, I found the best method for financing this (besides the money we already had in Thailand from selling farm land) was for us to obtain a home equity line of credit. In the USA this is relatively easy to get as long as you have good credit and sufficient equity in your home. The interest yet is variable but was initially and is currently 3.99%.

Not advisable to use short term credit to finance long term liability, especially when debt is in foreign currency. This was the major cause of the Tomyum Kung crisis back in 1997.

Are you inferring that a home equity line of credit is short term credit? If so then I have to disagree.

Edited September 14, 2014 by donx

[eeeya]

kbank worked for me and the wife for a house. Gave them my work permit, pay slips and waited 2 weeks. approved for 80% of purchase price

might add, we didnt take up the offer, but nice to have the info at hand

Edited September 14, 2014 by eeeya

[Soutpeel]

English is my 3rd language but its not Your but you're

Scb just accepted my loan request so it is possible apparently. Im just looking at other possibilities as the interest rate is high.

And btw im less than 30

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Thanks for the English lesson

As SCB has accepted YOUR loan request, why are you then asking about applying at different branches of the same bank...."Is there any point in applying in lets say 2 different UOB branches?"? ....Do you really believe that one branch of the same bank witll give you better terms than another??????

And am curious as SCB has accepted YOUR loan request....This is to be a loan in your name alone? using Thai wifes' property as collateral? Really????

Or are they just asking you to act as a GUARANTOR of your Thai wife who is applying for a loan on her property?????

I heard that the final decision was made by the branch manager, so it would make sense that the conditions could be negotiable and diffrent. But i have no idea about that and this is why im asking.

Loan is on my name, i showed my money my salary ect.... My wife is the guarantor as she is thai

Sent from my iPhone using Thaivisa Connect Thailand mobile app

All me to clarify something, having signed as a guarantor on a mortgage through SCB for my wife

A bank will not grant a mortgage to a foreigner on a landed property in Thailand in their own name, as it is illegal for the foreigner to own land in their name so kinda makes sense doesnt it ? ....however SCB can and will grant someone a mortgage on a condo, if they qualify

Further specifically for SCB, the branch manager does not make the final loan decision, the head office at SCB park in BKK does this, the branch manager can tell you what he likes its not his decision.

If SCB is approving a loan in your name, I can state catagorically its not a mortgage they are giving you, if its a landed property, it can only be a personal loan, which attracts a higher interest rate and shorter term

you should really get your wife to apply for a proper mortgage in her name and you co-sign the loan, this is the way its normally done

Edited September 21, 2014 by Soutpeel