50baht Posted August 22, 2015 Share Posted August 22, 2015 I would be paying the loan of course Wife only has 10,000-12,000 baht income per month, No debts. Same job many years Was wondering if we could purchase a Condo of Approx 800,000 baht with 150,000 baht down ? Guessing 7% interest 7 years would be 9,023 baht a month. Is that enough of a Down payment ? Will they consider I am the one making MOST of the payments ? What if I put down 40% ? then bank all but guaranted to not lose $$ ? thanks Link to comment Share on other sites More sharing options...
Walter Travolta Posted August 22, 2015 Share Posted August 22, 2015 Condo loan in wifes name? Does that not mean condo in wifes name? Does that not mean you will be homeless in 7 years? If the t-shirt fits . . . . Link to comment Share on other sites More sharing options...
50baht Posted August 22, 2015 Author Share Posted August 22, 2015 Condo loan in wifes name? Does that not mean condo in wifes name? Does that not mean you will be homeless in 7 years? If the t-shirt fits . . . . Homeless and looking for a younger Thai wife to buy condo for. 7 years is a good run Link to comment Share on other sites More sharing options...
Walter Travolta Posted August 22, 2015 Share Posted August 22, 2015 Condo loan in wifes name? Does that not mean condo in wifes name? Does that not mean you will be homeless in 7 years? If the t-shirt fits . . . . Homeless and looking for a younger Thai wife to buy condo for. 7 years is a good run Haha I guess 800.000 baht every 7 years is a good run Link to comment Share on other sites More sharing options...
hawkeye76 Posted August 22, 2015 Share Posted August 22, 2015 I think you should buy using in-house finance, due to they not care about name, only money. No credit check. Link to comment Share on other sites More sharing options...
dotpoom Posted August 24, 2015 Share Posted August 24, 2015 Not a lot of help there (except from Hawkeye) but a lotta jokes...pity, it would be interesting to a good few people I would imagine, for varying reasons. Link to comment Share on other sites More sharing options...
zanaka Posted August 24, 2015 Share Posted August 24, 2015 First there are quite a lot of housing loan packages to choose from with the most popular ones are the step-wise increase in interest rates starting from around 1 percent and ending around some points (.5 -1.00%) off MLR and MLR of course depends on the economy and the banks. However, one of the conditions for consideration is the income level against the monthly payment. The monthly payment must be around 50-60 percent of the income or another option is placing collateral as insurance against non-payment. IMHO, no bank would let you get a load with the income of 10-12K. However, if you are legally married, you can apply for a joint loan but your wife alone will own the condo since you did not bring the money in from aboard and cannot register your name at the land department. Link to comment Share on other sites More sharing options...
gabruce Posted August 24, 2015 Share Posted August 24, 2015 I think that you will find that it depends on the bank and the downpayment amount. You may need a 50% downpayment for the bank to "feel secure" with the loan. Link to comment Share on other sites More sharing options...
Asheron Posted August 24, 2015 Share Posted August 24, 2015 Just wanted to comment that a 7% interest will double a loan in a decade (google rule of 72). Link to comment Share on other sites More sharing options...
coulson Posted August 24, 2015 Share Posted August 24, 2015 Good luck finding a bank that will offer 650,000 on a 12,000 salary, regardless of who's actually paying. If it's a secured loan by a third party (Thai national with further income) then maybe. And you'll not get much of a decent place for 800k, 35-40m2 studio in older block with facilities maybe......nothing flash, then expect to spend more on a face-lift. (.....waiting for the property entrepreneurs to come on saying they know places for less than 500k in Bang Bah) Link to comment Share on other sites More sharing options...
peterb0576 Posted August 24, 2015 Share Posted August 24, 2015 All depends if your married, after 2 yrs of marriage your income can be looked at, but up to the bank, also you can find some nice condo's outside farangland, here where live in Bo-win , they are building some nice condo's 800k plus with a mezernine floor. speak to the bank. We have a house here cost 4.6mil bht new complex only 40 houses 4bedrooms 3 bathrooms, mortgage 3.9 m bht wife earns 30k pcm + 6 months bonus all taken into account. SHOP AROUND Link to comment Share on other sites More sharing options...
shirtless Posted August 24, 2015 Share Posted August 24, 2015 why dont you wise up and buy it in your name you can always will it to her if you die. Link to comment Share on other sites More sharing options...
MaeJoMTB Posted August 24, 2015 Share Posted August 24, 2015 (edited) Good luck finding a bank that will offer 650,000 on a 12,000 salary, regardless of who's actually paying. If it's a secured loan by a third party (Thai national with further income) then maybe. And you'll not get much of a decent place for 800k, 35-40m2 studio in older block with facilities maybe......nothing flash, then expect to spend more on a face-lift. (.....waiting for the property entrepreneurs to come on saying they know places for less than 500k in Bang Bah) SCB will offer a 750k loan on a 12k5 salary. Deposit required is usually 10% So condo for 800k = 720k loan + 80k deposit + 40k life insurance (one off payment up front insuring for 25 years) and an income of 12k/month Current offer, 2% interest for first year then 6.62% Edited August 24, 2015 by MaeJoMTB Link to comment Share on other sites More sharing options...
golden farang Posted August 24, 2015 Share Posted August 24, 2015 Just wanted to comment that a 7% interest will double a loan in a decade (google rule of 72). If take 1 million baht loan for 10 years at 7% interest. I pay back 2 million baht? Link to comment Share on other sites More sharing options...
mikiea Posted August 25, 2015 Share Posted August 25, 2015 damn when you got your visa did all your common sense fly away ? Link to comment Share on other sites More sharing options...
MaeJoMTB Posted August 25, 2015 Share Posted August 25, 2015 (edited) Just wanted to comment that a 7% interest will double a loan in a decade (google rule of 72). If take 1 million baht loan for 10 years at 7% interest. I pay back 2 million baht? If you give your wife a 1 million baht condo (ten years wages for her), she dumps you. Then you have no wife, no condo and have lost 1 million baht as well. I'd rather pay 2 million baht on the drip, and have unlimited use of a wife and condo for 10 years. Edited August 25, 2015 by MaeJoMTB Link to comment Share on other sites More sharing options...
50baht Posted August 25, 2015 Author Share Posted August 25, 2015 Good luck finding a bank that will offer 650,000 on a 12,000 salary, regardless of who's actually paying. If it's a secured loan by a third party (Thai national with further income) then maybe. And you'll not get much of a decent place for 800k, 35-40m2 studio in older block with facilities maybe......nothing flash, then expect to spend more on a face-lift. (.....waiting for the property entrepreneurs to come on saying they know places for less than 500k in Bang Bah) SCB will offer a 750k loan on a 12k5 salary. Deposit required is usually 10% So condo for 800k = 720k loan + 80k deposit + 40k life insurance (one off payment up front insuring for 25 years) and an income of 12k/month Current offer, 2% interest for first year then 6.62% 25 YEARS ? Dont think I will live that long. Will wife collect insutance ? If 25 year loan could afford 2 Million baht condo with 10 % down U think they would want atleast 30% down ? Link to comment Share on other sites More sharing options...
MaeJoMTB Posted August 26, 2015 Share Posted August 26, 2015 Good luck finding a bank that will offer 650,000 on a 12,000 salary, regardless of who's actually paying. If it's a secured loan by a third party (Thai national with further income) then maybe. And you'll not get much of a decent place for 800k, 35-40m2 studio in older block with facilities maybe......nothing flash, then expect to spend more on a face-lift. (.....waiting for the property entrepreneurs to come on saying they know places for less than 500k in Bang Bah) SCB will offer a 750k loan on a 12k5 salary. Deposit required is usually 10% So condo for 800k = 720k loan + 80k deposit + 40k life insurance (one off payment up front insuring for 25 years) and an income of 12k/month Current offer, 2% interest for first year then 6.62% 25 YEARS ? Dont think I will live that long. Will wife collect insutance ? If 25 year loan could afford 2 Million baht condo with 10 % down U think they would want atleast 30% down ? The loan would be nothing to do with you. Home loan in her name. Loan amount on her income. Life insurance on her life. You don't play any part in the calculation I gave, you aren't a Thai national. Link to comment Share on other sites More sharing options...
umbanda Posted August 26, 2015 Share Posted August 26, 2015 (edited) By my own experience, banks here are very conservative about qualifications and credit. For a 8000/month payment, may require at least 30000/month income. The best chance to get financing in a bank, will be buying a mix-use 2 stories townhouse in a good commercial location. Foreigners can buy and finance condos under its solo name with a good down payment, direct with the developer. A bank will ask for at least 2 years of good employment, at least 2 years of a good credit history, etc...and most do not finance for foreigners. Edited August 26, 2015 by umbanda Link to comment Share on other sites More sharing options...
Soutpeel Posted August 26, 2015 Share Posted August 26, 2015 All depends if your married, after 2 yrs of marriage your income can be looked at, but up to the bank, also you can find some nice condo's outside farangland, here where live in Bo-win , they are building some nice condo's 800k plus with a mezernine floor. speak to the bank. We have a house here cost 4.6mil bht new complex only 40 houses 4bedrooms 3 bathrooms, mortgage 3.9 m bht wife earns 30k pcm + 6 months bonus all taken into account. SHOP AROUND And in the case of SCB, Re married 2 years etc, beg to differ Signed guarantor on a mortgage for property for my wife who at the time was my GF, she wasn't working and they considered 100% of my income and she even got 100% loan my total costs upfront 60k for admin fees and that was it Link to comment Share on other sites More sharing options...
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