Helping with Isaan house loan for Gf?..Possible?

[bamukloy]

In short, i am considering assisting in building a modest house (near Buriram).

I am not prepared to pay for the house outright, (although i could do) but would rather the Gf and family get a loan, since the proposed building site is only spitting distance from the existing family house..something im not all that keen on.

I told them i would contribute to loan payments only for the duration i would stay at the finished property.

So far ive got mixed messages.

Family members have no stable income but do ok at buying, fixing, and reselling farm equipment and cars, trucks etc. Travelling different chaengwats far and wide trading

First thing i need to know is what to expect for repayment figures (how often) and of course interest rates.

Will be looking at a figure of 2.5 million.

Am not sure if its possible from a bank, but the family say they have a trusted people in the village who will give the loan, but as always, farang is always left under the dark as any real details.

Have been told certain things by gfs family but would like all to be verified by others who have done before, if possible or not?

[rgs2001uk]

building a modest house (near Buriram).

LOL

Will be looking at a figure of 2.5 million.

Who quoted you this figure, for a modest house in Buriram, that sounds like a mansion.

You can build a modest house for way less than 1 million baht, 600k baht will build a modest house.

since the proposed building site is only spitting distance from the existing family house..something im not all that keen on.

If you are not keen on it, why do it, let the mrs pay and build the house, then you move in, simple really.

but the family say they have a trusted people in the village who will give the loan

LOL, what interest rates are being charged, be aware in Thailand 50% per month isnt unheard of.

My best advice, walk away, nay run away from this.

Why cant the gf get a loan?

[Farma]

rgs2001uk has given you a fair assessment.

What's considered to be non ripoff private loan interest in my area of the woods not all that far from where you are is 5% per month. That includes the lender holding land title with the option to foreclose on the first missed payment.

Loan shark interest amounts are way higher than that.

My advice...forget the idea.

[blackcab]

You already have doubts or you would not have asked.

Take good note of the advice you have been given.

[bamukloy]

Thanks to both of you for the reply..

to answer questions:

This figure may sound excessive, but i am balancing between what i would like in a house,as a farang,as opposed to what Thais would accept as whats needed and whats not.

I dont want them lumped with a bill for stuff they think is exorbinant IF i do a runner, but i dont want to be scammed either.

The gf cant get a loan as she earns about 12500 a month working in Bkk, where we now reside and she has no savings.

The loan is to be arranged by the oldest sister. Both parents dead..

[bamukloy]

Put it this way..

So far as i can gather, whats expected of me (for house alone) is

25,000 baht per 6 months.

I asked the term but told "mai rue"

In real terms that means id have to add living expenses if staying there or what id call "spongeing" expenses for having family next door, which probably isnt a big deal except that i also want to keep my appartment in bankok.

[billphillips]

I can hear bells .... alarm bells to be precise. Do not pay 2.5 million for a home out there, the most you should have to pay for a very nice home is around half of that. Do not make a local loan. Do not let a sister arrange things. Do not live near the g/f family.

I have no idea what you are thinking but this story smacks so much of a rip off that I think it's a troll post.

If this is a serious post, then I want to remind you that you came to live in Thailand to be happy. Any of the above points will ensure that you will not at least be totally happy. Collectively, they are a living misery.

This is Thailand ..... Many, many girls to chose from. Sometimes you can turn a corner and lo and behold .... There's another one. Keep looking and I can assure you that you will find a keeper that fits into your lifestyle so well that you can't imagine living without her and doesn't want a house, car or anything else. Some of them are also extremely fit, attractive, obliging and very nice people to boot!

Edit ... ฿25000 per six months !!! I must have misread. That's ฿50k a year, so without interest that will take 50 years to pay back the 2.5 million. Add some modest interest and we go to around 170 years. Are you serious?

Edited July 1, 2015 by billphillips

[bamukloy]

I can hear bells .... alarm bells to be precise. Do not pay 2.5 million for a home out there, the most you should have to pay for a very nice home is around half of that. Do not make a local loan. Do not let a sister arrange things. Do not live near the g/f efamily.

I have no idea what you are thinking but this story smacks so much of a rip off that I think it's a troll post.

If this is a serious post, then I want to remind you that you came to live in Thailand to be happy. Any of the above points will ensure that you will not at least be totally happy. Collectively, they are a living misery.

This is Thailand ..... Many, many girls to chose from. Sometimes you can turn a corner and lo and behold .... There's another one. Keep looking and I can assure you that you will find a keeper that fits into your lifestyle so well that you can't imagine living without her and doesn't want a house, car or anything else. Some of them are also extremely fit, attractive, obliging and very nice people to boot!

Edit ... ฿25000 per six months !!! I must have misread. That's ฿50k a year, so without interest that will take 50 years to pay back the 2.5 million. Add some modest interest and we go to around 170 years. Are you serious?

As i say, not sure of the loan specifics or even the cost of house as yet. I think they quote these figures out of thin air, in hope ill agree on the cheaper base standards that the builder does offer as their package.

Me and said gf have been through a lot together over past 8 years but yes, your advice and also evryone else is well taken in to consider.thankyou

[konying]

building a modest house (near Buriram).

LOL

Will be looking at a figure of 2.5 million.

Who quoted you this figure, for a modest house in Buriram, that sounds like a mansion.

You can build a modest house for way less than 1 million baht, 600k baht will build a modest house.

since the proposed building site is only spitting distance from the existing family house..something im not all that keen on.

If you are not keen on it, why do it, let the mrs pay and build the house, then you move in, simple really.

but the family say they have a trusted people in the village who will give the loan

LOL, what interest rates are being charged, be aware in Thailand 50% per month isnt unheard of.

My best advice, walk away, nay run away from this.

Why cant the gf get a loan?

Actually it's 300 000 for Thai modest 2 bedroom house with toilets and Thai kitchen.

Never seizes to amaze me the number of foreigners who think they can get a bar girl straight .

You can build them a house, buy cars give millions and it still would not be enough.

People waste 30 years of their life paying off mortgage and these parasites think they should have one for free because daughter has a vagina.

[bamukloy]

building a modest house (near Buriram).

LOL

Will be looking at a figure of 2.5 million.

Who quoted you this figure, for a modest house in Buriram, that sounds like a mansion.

You can build a modest house for way less than 1 million baht, 600k baht will build a modest house.

since the proposed building site is only spitting distance from the existing family house..something im not all that keen on.

If you are not keen on it, why do it, let the mrs pay and build the house, then you move in, simple really.

but the family say they have a trusted people in the village who will give the loan

LOL, what interest rates are being charged, be aware in Thailand 50% per month isnt unheard of.

My best advice, walk away, nay run away from this.

Why cant the gf get a loan?

Actually it's 300 000 for Thai modest 2 bedroom house with toilets and Thai kitchen.

Never seizes to amaze me the number of foreigners who think they can get a bar girl straight .

You can build them a house, buy cars give millions and it still would not be enough.

People waste 30 years of their life paying off mortgage and these parasites think they should have one for free because daughter has a vagina.

You cannot read? My post

that both parents of hers are dead would seem to conteract with your crass statement

as for bargirls, well..you bringing that up only confirms what you are used to

In your world.

my former post, if you can read, is my gf earns 12500 baht a month.

hope your bargirl earns more than that :0)

Edited July 1, 2015 by bamukloy

[ttthailand]

You can rent a house in most villages for 2 or 3k a month. A farang style house might cost another 2 or 3k at best. You can build a decent 3 bedroom house for 500k if you find the right builder. It won't be perfect but ok. Aircon, frig, sink, cabinets, upgraded windows and doors you should buy extra and have installed, maybe 150k more.

Don't get a loan from anyone except a bank, never !!! If you do a runner they will take everything within two months.... A bank will give her a little time to get things in order.

If you can afford to pay and loose the money then do it. If she can get a bank loan for 50% of cost in her name even better. Just don't put her into monthly payments she can not afford if you do a runner, be fair !

[NeverSure]

Actually it's 300 000 for Thai modest 2 bedroom house with toilets and Thai kitchen.

Never seizes to amaze me the number of foreigners who think they can get a bar girl straight .

You can build them a house, buy cars give millions and it still would not be enough.

People waste 30 years of their life paying off mortgage and these parasites think they should have one for free because daughter has a vagina.

You cannot read? My post

that both parents of hers are dead would seem to conteract with your crass statement

as for bargirls, well..you bringing that up only confirms what you are used to

In your world.

my former post, if you can read, is my gf earns 12500 baht a month.

hope your bargirl earns more than that :0)

I don't think he was talking about you specifically but rather what is truly not uncommon in Isaan. Perhaps he or friends have been scammed. It happens.

I know a guy who backed a loan with loan sharks and almost got himself killed when no one would pay it. He had to do a deep runner. I know another guy who legitimately paid cash for a house on Thai family land and when the family wanted him out some bad guys showed up and convinced him he should run for his health. There is no true rule of law for anyone much less a farang.

You will do what you want to do and no one will stop you. Just remember that there are no tricks available that will secure your investment or your health. If someone can think of one it's been tried. The last resort is that the "brothers" show up and convince you your life is worth more than money. True.

You are nobody in Thailand and the Thais will win that. Loan sharks are particularly dangerous and they set loan terms to get the house, not the money. You won't like their collection methods and they are already outside the law.

If you can afford to buy this gf a house and never think about the money again that would be a nice gift from you. If instead you are trying to preserve assets there really isn't a way once you get involved.

Cheers

[bamukloy]

You can rent a house in most villages for 2 or 3k a month. A farang style house might cost another 2 or 3k at best. You can build a decent 3 bedroom house for 500k if you find the right builder. It won't be perfect but ok. Aircon, frig, sink, cabinets, upgraded windows and doors you should buy extra and have installed, maybe 150k more.

Don't get a loan from anyone except a bank, never !!! If you do a runner they will take everything within two months.... A bank will give her a little time to get things in order.

If you can afford to pay and loose the money then do it. If she can get a bank loan for 50% of cost in her name even better. Just don't put her into monthly payments she can not afford if you do a runner, be fair !

Yes, sensible talk. But I also am aware how cheap it is to rent there but thats not really an option as i dont wantvto live there fulltime and the whole point ( from their point of view anyway) is to have a nice new building on the family land.

whether i see that as a viable retirement option is another thing altogether, but at least i am not forking out money up front for a place i can never own

[ozzieovaseas]

Actually it's 300 000 for Thai modest 2 bedroom house with toilets and Thai kitchen.

Never seizes to amaze me the number of foreigners who think they can get a bar girl straight .

You can build them a house, buy cars give millions and it still would not be enough.

People waste 30 years of their life paying off mortgage and these parasites think they should have one for free because daughter has a vagina.

You cannot read? My post

that both parents of hers are dead would seem to conteract with your crass statement

as for bargirls, well..you bringing that up only confirms what you are used to

In your world.

my former post, if you can read, is my gf earns 12500 baht a month.

hope your bargirl earns more than that :0)

I don't think he was talking about you specifically but rather what is truly not uncommon in Isaan. Perhaps he or friends have been scammed. It happens.

I know a guy who backed a loan with loan sharks and almost got himself killed when no one would pay it. He had to do a deep runner. I know another guy who legitimately paid cash for a house on Thai family land and when the family wanted him out some bad guys showed up and convinced him he should run for his health. There is no true rule of law for anyone much less a farang.

You will do what you want to do and no one will stop you. Just remember that there are no tricks available that will secure your investment or your health. If someone can think of one it's been tried. The last resort is that the "brothers" show up and convince you your life is worth more than money. True.

You are nobody in Thailand and the Thais will win that. Loan sharks are particularly dangerous and they set loan terms to get the house, not the money. You won't like their collection methods and they are already outside the law.

If you can afford to buy this gf a house and never think about the money again that would be a nice gift from you. If instead you are trying to preserve assets there really isn't a way once you get involved.

Cheers

From what is stated in the OP it sounds like he is proposing to "Pay As You Go", which to my reasoning is more preferable to getting suckered into signing a statement claiming that the money didnt come from foreign sources.

The fact that any (unmarried) foreigner can bail out to his own country pretty much unscathed at any time counterbalances

the prospect of being scammed big time IMO.

Unless of course you are totally stupid that is!

[IMHO]

Who did the 2.5M number come from?

How many square meters of house is that meant to build?

Have any house plans been made yet?

What else is included in the 2.5M other than the actual building costs?

[MaeJoMTB]

my former post, if you can read, is my gf earns 12500 baht a month.

hope your bargirl earns more than that :0)

If your gf earns 12,500bht/month in a legit job, a bank will lend her 750,000bht over 30 years, repayments 5,500bht/month (6.9% pa).

You will need to provide 10% as a deposit, and another 5% for life insurance.

More than enough to build the house.

Legit job = employer has premisis, money paid into bank account every month, in the Thai SS system, monthly pay slips.

The fact she can't get a bank loan, and is quoting 4x the normal costs for the building are massive warning signs.

PS. You don't want to live on family land in Nakon Nowhere, it's money straight down the drain, even if it were legit,

But this is a con and I would dump the gf straight away for being part of it. But you won't listen, the marks never do.

Edited July 2, 2015 by MaeJoMTB

[shirtless]

Your being ripped off and its no investment , you will pay for it i can assure you.

[colinneil]

bamukloy.

Please take note of the sensible comments made here.

Kick your brain into gear, not your pants.

[jerojero]

Stupid is, as stupid is. This is a stupid idea. Just kiss all your money goodbye now. Save you the messy complications and super stress you will encounter, and still lose all your money. No win scenario!

Edited July 2, 2015 by jerojero

[konying]

building a modest house (near Buriram).

LOL

Will be looking at a figure of 2.5 million.

Who quoted you this figure, for a modest house in Buriram, that sounds like a mansion.

You can build a modest house for way less than 1 million baht, 600k baht will build a modest house.

since the proposed building site is only spitting distance from the existing family house..something im not all that keen on.

If you are not keen on it, why do it, let the mrs pay and build the house, then you move in, simple really.

but the family say they have a trusted people in the village who will give the loan

LOL, what interest rates are being charged, be aware in Thailand 50% per month isnt unheard of.

My best advice, walk away, nay run away from this.

Why cant the gf get a loan?

Actually it's 300 000 for Thai modest 2 bedroom house with toilets and Thai kitchen.

Never seizes to amaze me the number of foreigners who think they can get a bar girl straight .

You can build them a house, buy cars give millions and it still would not be enough.

People waste 30 years of their life paying off mortgage and these parasites think they should have one for free because daughter has a vagina.

You cannot read? My post

that both parents of hers are dead would seem to conteract with your crass statement

as for bargirls, well..you bringing that up only confirms what you are used to

In your world.

my former post, if you can read, is my gf earns 12500 baht a month.

hope your bargirl earns more than that :0)

In my world they certainly do not cost me 2.5 million

[KuhnPaen]

If u pay 2.5 mil for a home in Buriram then you are either being bilked by your Gf's family or you are building the nicest home in Buriram.

If it's the former--dump the gf. If hers or the family's true colors come out like this consider it a gift to you. Better to know now what they really think of you.

I'm done with greedy Thai Gf's and their families.

Unless your last name is Clause and you live in the North Pole--run screaming.

Don't be a chump

[SOTIRIOS]

...you are being taken for a ride....

...if you don't want to listen and want to rationalize everything away.....please remove your post....

...we all thought we knew better....

[kkup]

"Trusted people in the village to give them a loan" lol You should probably buy a bullet proof vest in case you miss a payment.

[mickyboy]

i have also met a girl like this first they say nothing then slowly my family are poor the house is falling down she also worked bangkok divorced has 2 kids family look after them her father dont work to old he 58 mother looks after her children then i got loan and finding hard to repay and my duty to look after my family ok thats there culture she told me they could build new house western style looking for around 400.000 bhat as they own the land near khoen khen and i could live there next to her family then she could give up work to look after her children i said then who going to look after your parents she did not like that question at all well she said farang men very rich at this piont it was time to say bye bye and as we parted i thought some other sucker will pick this up and be scamed but if he happy looking after 5 other people then so be it would he do it in his own country NO i dont think so

let her go and find a single girl who educated and has good job and whats you for who you are not what money you got

they more tricks then a monkey

and remeber when she dont want you any more and throws you out its her families house not yours

YOU LOSE

Edited July 2, 2015 by mickyboy

[Just1Voice]

Humm, a movie line comes to mind........Run, Forrest! RUNNNN!!!

[joshstiles]

...yet another fool and his money.....let him find out the only way he knows

[overherebc]

2.5 mil is normal up there. Guy I know paid that and got a concrete slab with (8) 4inch pillars 3 metres high with another concrete slab on top. The money ran out at that point.

We are all still waiting for the housewarming, maybe next year.?

[ehs818]

Run away, run away! You're making a mistake assuming that Thai people will act in a responsible manner as we in the West act. You'll never get repaid anything. They will rarely or never make any payments. You'll feel it to be your place to save whatever investment you've made, and it will go tits up sooner than you can say,'sub ngern jak farang' (suck money from the farnag. RUN AWAY.

[IMHO]

2.5 mil is normal up there. Guy I know paid that and got a concrete slab with (8) 4inch pillars 3 metres high with another concrete slab on top. The money ran out at that point.

We are all still waiting for the housewarming, maybe next year.?

I hope you're joking and that really the average foreigner isn't that stupid

[IMHO]

Will be looking at a figure of 2.5 million.

Who quoted you this figure, for a modest house in Buriram, that sounds like a mansion.

You can build a modest house for way less than 1 million baht, 600k baht will build a modest house.

Half that 600K for a 2 storey Thai house