Thai Person Wanting A Mortgage

[torrenova]

If a Thai wants to get a mortgage, what do they need and roughly what deposit do they need ? Can they put down a larger deposit in lieu of more substancial paperwork as per the UK ?

My missus and her sister are lookig to buy somewhere but neither have a "real" job with monthly payslips etc. If they need these, any idea for how far back ? Any tax forms needed ?

Totally out of sorts on this one so any info would be really appreciated.

Many thanks

[Heng]

If a Thai wants to get a mortgage, what do they need and roughly what deposit do they need ? Can they put down a larger deposit in lieu of more substancial paperwork as per the UK ?

My missus and her sister are lookig to buy somewhere but neither have a "real" job with monthly payslips etc. If they need these, any idea for how far back ? Any tax forms needed ?

Totally out of sorts on this one so any info would be really appreciated.

Many thanks

Depends on the bank, but in general you need twice the income of what the expected mortgage payment will be. They typically only need a 6 month printout from whatever bank(s) the loan applicant keeps their funds and a letter from their employer which states how long they have been employed and at what salary level. If they are the business owner, just the business registration and bank printout is usually sufficient. Sometimes they might want to visit your place of business to take a few photos.

And yes, things get less and less stringent the more you put down.

An alternative to the whole mortgage/debt thing is (if you have the discipline) save and pay cash. There's a clear cycle of foreclosures and seizures here for those who have the will to save and invest.

[quiksilva]

Thais can get up to 95% for houses and 80% for condos if they are worth less than 10M.

Maximum leverage for any Thai buying residential property valued at 10M+ is 70%

[Heng]

What folks CAN get and what they usually get is different. For instance, many developments advertise X% down, XX% can be borrowed.... but in the end, you aren't borrowing from the development company, you're borrowing from the bank. Sometimes they'll relax their loan policies a bit if they are the underwriter for a particular project, but from what I hear from our own customers, it's just that "a bit." You'll usually still need all your supporting docs and twice the income of the monthly mortgage payment.