Mortgage for house with Income from EU

[Chuckles78]

Can my thai wife and I get a mortgage in Thailand for a house based on my income from EU?

She is not employed... (she is mother/housewife).

We all hold Swiss passport and wife & son also have thai passport.

We have a house in Switz and I have a company with good income. My wife also has a small plot of land in Udon.

I read in old posts it that it wasn't possible... any new ideas for 2014?

[trogers]

Get her to open a Thai bank account and remit money into it monthly from overseas. This can be construed as having a regular income and a basis to support a mortgage.

[andbod]

There is one company in Bangkok that offers mortgage for foreigners on units registered as condo or land. They offer about 50-60% of the property value (depending on property and location).

I have used them in the past and the process is quite simple. If you wish to have the contact details please send me a PM.

[Thai-Aust]

Most likely you're not allowed to own a land but your wife might be able to get a mortgage provided she earns some income. You said you have a company, why don't put her name in as a staff or whatever so that legally she is working. Then she can apply to the bank, it will then ask for proof of income. Most banks have their representatives overseas and they will use these pooled representatvies to verify the bowrrowers.

Edited September 20, 2014 by Thai-Aust

[kjellen]

The major banks in Thailand has a limit of 50% mortgage for Thai/foreigner couples. The mortgage has to be payed within 7 years.

[whiteman]

The major banks in Thailand has a limit of 50% mortgage for Thai/foreigner couples. The mortgage has to be payed within 7 years.

So as you see they are not doing you any favours. Maybe we should do the same to the a Thai living over seas and see how they like those apples

[Strangebrew]

Just finance the building of house yourself can get monkeys to work for peanuts to build it, So what if it takes a year at least you got it done free and clear and done the way you want it done.

[bigguy]

MONKEYS huh??? Real respectful of Thais aren't we??

Just finance the building of house yourself can get monkeys to work for peanuts to build it, So what if it takes a year at least you got it done free and clear and done the way you want it done.

[Soutpeel]

The major banks in Thailand has a limit of 50% mortgage for Thai/foreigner couples. The mortgage has to be payed within 7 years.

Completely incorrect, my Mrs was granted a 100% mortgage from SCB, on a 15 years term, with me signing as a guarantor on the loan and at the time we were not even married.

[Soutpeel]

The major banks in Thailand has a limit of 50% mortgage for Thai/foreigner couples. The mortgage has to be payed within 7 years.

So as you see they are not doing you any favours. Maybe we should do the same to the a Thai living over seas and see how they like those apples

kjellen is posting absolute rubbish....

[markeewan]

There are broker companies that can help someone in your situation. My friend had to pay about 15000 to the Bank and 100,000 Baht to the broker company to borrow 2 million for 30 years. Their house is nearly finished now and ready to move in. It is expensive but the only way they could do it.

It is much easier if your wife is working and can demonstrate regular income.

[Jimbo]

my wife got a mortgage on the new house based on my overseas salary. i am the guarantor. she has no income. its with siam commercial bank, 15 yrs mortgage, 30% down

Edited September 20, 2014 by Jimbo

[ableguy]

MONKEYS huh??? Real respectful of Thais aren't we??

Just finance the building of house yourself can get monkeys to work for peanuts to build it, So what if it takes a year at least you got it done free and clear and done the way you want it done.

No need for that, there are some good looking monkeys out there.

[kjellen]

The answer I published was from SCB and BKKB last week if foreigner has income and Thai wife has no income or business or other property that could be used as guarantee. If that is rubbish' the banks give rubbish answers.

Edited September 20, 2014 by kjellen

[Chuckles78]

my wife got a mortgage on the new house based on my overseas salary. i am the guarantor. she has no income. its with siam commercial bank, 15 yrs mortgage, 30% down

Thats what I would like to get. Can I ask what interest rate you got Jimbo?

Employing the wife may be a option but I would need to ask a accountant. Usually the company would need to pay for her super, various insurance etc. But as she would be a resident of Thailand when the company is in switzerland it may be different.

[Jimbo]

my wife got a mortgage on the new house based on my overseas salary. i am the guarantor. she has no income. its with siam commercial bank, 15 yrs mortgage, 30% down

Thats what I would like to get. Can I ask what interest rate you got Jimbo?

Employing the wife may be a option but I would need to ask a accountant. Usually the company would need to pay for her super, various insurance etc. But as she would be a resident of Thailand when the company is in switzerland it may be different.

Hi Dieter,

I don't have the details with me right now but it was 3 years at a very low fixed promotional rate and the remainder at I think it was 1% below average mortgage rate. I wasn't too bothered about the remaining years as I will have it paid off before the 3 years are finished. (no penalty for early repayment except for some small fees)

Some additional information which may be useful to you:

1) We bought a house in a development and the developer has good contacts with the bank which may have made it easier to get a mortgage sorted out. If you are going to build a house on your wife's land which is in a small village or something like that it may be a bit more difficult to get the mortgage as it could be more difficult to sell those type of houses in case the bank tries to sell it. However I am not sure about that.

2) I was 35 when we got the house and the bank would only give me 15 years mortgage as they said I was too old to get a 20 or 25 year mortgage.

3) I needed to get a life insurance with the bank so that in case I would die the house would be paid off

4) I was required to submit employment contract, 1 year salary slips and 1 year bank statements from bank home.

5) First they offered me 10% down, I accepted and after a few days they told me it had to be 20%. I accepted and then after a few more days they said it had to be 30%. I accepted again and then they finally said ok. It took about another 4 weeks for all the papers to go through.

Edited September 20, 2014 by Jimbo

[Jimbo]

The answer I published was from SCB and BKKB last week if foreigner has income and Thai wife has no income or business or other property that could be used as guarantee. If that is rubbish' the banks give rubbish answers.

Well maybe the branches you visited gave you incorrect info or you misunderstood them. It's known to happen in Thailand. A friend of mine just bought a new house in Korat last week and he got mortgage from SCB based on his salary in Australia and his wife certainly doesn't work.

[TexasRanger]

The major banks in Thailand has a limit of 50% mortgage for Thai/foreigner couples. The mortgage has to be payed within 7 years.

Not true. Currently being offered 60% with the option to pay over 10,15 or 20 years. Age is a factor of course.

[Suradit69]

The major banks in Thailand has a limit of 50% mortgage for Thai/foreigner couples. The mortgage has to be payed within 7 years.

So as you see they are not doing you any favours. Maybe we should do the same to the a Thai living over seas and see how they like those apples

She is not employed... (she is mother/housewife).

"Maybe we should do the same to the a Thai living over seas and see how they like those apples"

A Thai who manages to get into a country overseas as more than a tourist ( low probability) and has no local income ... zero chance of getting a mortgage. Those are the apples.

Most banks don't operate as charities even in Farang Land.

Edited September 20, 2014 by Suradit69

[Robert24]

you could use the land of your wife in Udon to get a mortgage for a house. But usually interest rates for mortgages are very high. Given your situation, I would try to obtain a loan through your business in Europe and then use the money to purchase the house in Thailand. I'm sure the interest on the loan would be a lot lower.