FIGJAM Posted June 18, 2008 Report Share Posted June 18, 2008 Holy Shit My Mortgage financed on the collateral of my properties where the interest rates are less than I get from offshore accounts must be an illusion. Remind me never to take financial advice from you So, what exactly (condo in the 49% foreign quota/land/house) do YOU have a mortgage on? And which bank? At what conditions? And most importantly: IS YOUR THAI WIFE INVOLVED IN THIS MORTGAGE OF "YOURS"? Link to comment Share on other sites More sharing options...
FIGJAM Posted June 18, 2008 Report Share Posted June 18, 2008 However (in CAPS)... 1. Again foreigners are overcharged. Foreigners have to pay 1.5% while locals only pay 0.5% of the loan amount as "prepayment fee. BETTER THEN WHAT I COULD GET IN THE USA, WHICH WOULD BE LIKE 6%+ Assuming your figures are correct, that "6%+" you get in the USA is the same "6%+" a Thai working in the USA would get whereas in Thailand you pay THRICE what a Thai pay. CAN YOU UNDERSTAND IT? 2. The maximum loan period is limited to 10 years, locals get up to 30 years. OK, BETTER FOR ME, GET IT PAID OFF QUICKER AND PAY LESS INTEREST. So wouldn't 9 years be even better? And what about 8 or 7 or 6? Hell, think about how fantastic 5 years would be: you would be much more quicker to pay it off and pay much less interest! What a deal that would be! Are you for real? 3. Foreigners can borrow up to 70% of the property appraisal value or the purchase price, whichever is lower, locals get up to 90% OK, BETTER FOR ME, LESS TO FINANCE, GET IT PAID OFF QUICKER AND PAY LESS INTEREST. So wouldn't 60% be even better? And what about 50& or 40 or 30%? Hell, think about how fantastic 20% would be: you would be much more quicker to pay it off and pay much less interest! What a deal that would be! Are you for real? 4. Additional special processing fees MAYBE TAX DEDUCTIBLE FOR ME? NOT SURE, BUT MOST LIKELY I COULD CLAIM A DEDUCTION ON MY USA TAXES. So the bigger those fees the better, right? Bigger deductions on your USA taxes! Link to comment Share on other sites More sharing options...
FIGJAM Posted June 18, 2008 Report Share Posted June 18, 2008 BKK Bank has been offering mortgages for years!! Not correct, their foreign branches did and at even worse conditions. And that's why the market of mortages to foreigners in Thailand is practically non-existent. So has Krung Thai (where mine is)to Franags with Thai wives IT IS NOT YOUR MORTGAGE, IT IS YOUR WIFE'S. Detail it and let's see how it's YOUR mortgage and YOUR property... Link to comment Share on other sites More sharing options...
Sporty Posted June 19, 2008 Report Share Posted June 19, 2008 BKK Bank has been offering mortgages for years!! Not correct' date=' their foreign branches did and at even worse conditions. And that's why the market of mortages to foreigners in Thailand is practically non-existent. So has Krung Thai (where mine is)to Franags with Thai wives IT IS NOT YOUR MORTGAGE, IT IS YOUR WIFE'S. Detail it and let's see how it's YOUR mortgage and YOUR property... Bangkok Bank, has been offering mortgages for years. Others have as well, without a Thai wife. With substatial investment, the BOT will allow you to own a single family home, as well. It is linked to the business interest. Here is the current marketing of the Bangkok Bank. http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Loans/Home+Loans/Home+Loans+for+non_residents/default.htm Link to comment Share on other sites More sharing options...
cavanami Posted June 19, 2008 Report Share Posted June 19, 2008 My comments were for "me", as I stated in my replies. As said in closing, I most likely would pay cash for a condo or whatever and forego any loan, keep it simple and less expensive. In the USA, way back when, I did a 15 year mortgage and bi-weekly payments and got it paid off in 13 years...saving interest money that was going to the bank. Yes, farang handled (screwed?) differently then the Thais. I do not like it, but it is their country. Same-same in China, even the dual pricing at public attractions, but it is their country, if I do not like it, I do not go! I would like to see my home country, USA, do tit for tat, to even up the playing field, for dual pricing and everything else, but I am not holding my breath on this one. Link to comment Share on other sites More sharing options...
frede Posted June 19, 2008 Report Share Posted June 19, 2008 But not to the lucky farangs who don't have a Thai wife. BKK has always provided them to geezers minus mrs. It was the other providers requirement. Link to comment Share on other sites More sharing options...
frede Posted June 19, 2008 Report Share Posted June 19, 2008 BKK Bank has been offering mortgages for years!! Not correct' date=' their foreign branches did and at even worse conditions. And that's why the market of mortages to foreigners in Thailand is practically non-existent. I beg to differ matey. I got a mortgage with BKK bank in 1996 before I even met the Mrs. The mortgage was issued by a bank in a province near BKK. Feel free to visit any time ! So has Krung Thai (where mine is)to Franags with Thai wives IT IS NOT YOUR MORTGAGE, IT IS YOUR WIFE'S. Detail it and let's see how it's YOUR mortgage and YOUR property... Nope, wrong again my old fruit. It was solely my mortgage, my mrs was on none of the docs for the duration of the mortgage. And on completion (7 years later) I conveyed it to her for the grand total of 4,999 bah. Not sure where you get all your info from ace but maybe we operate at different levels. I may be a nasty, filthy bastard but Im financially respectable, have the best kind of intro to bankers an banks love me. Aint life grand. Link to comment Share on other sites More sharing options...
FIGJAM Posted June 19, 2008 Report Share Posted June 19, 2008 Bangkok Bank, has been offering mortgages for years. Others have as well, without a Thai wife. You seem confused. Without a Thai wife = FOREIGN branches of few Thai banks, no Thai Baht donominated mortgages, mortgages only for condos in the 49% foreign quota, much worse (ridiculous) conditions than what the Thais get in Thailand With a Thai wife = domestic branches of the Thai banks, Thai Baht donominated mortgages, mortgages practically for every kind of property since it's NOT YOUR mortgage and NOT YOUR property... With substatial investment, the BOT will allow you to own a single family home, as well. It is linked to the business interest. Yawn... replied so many times to this... Firstly, the "substatial investment" is, IIRC, at least 40 million baht (â?¬ 800.000, $ 1.250.000, £ 615.000) Secondly, you don't really own anything. If/when you close your business or even change business (BTW it has to be a REAL, functioning business and you must actually invest that money) you have 1 year to sell "your" land (BTW, up to 1 rai max) to a Thai (and imagine at how good a price since the Thais know that you must sell it within 1 year...)!! Here is the current marketing of the Bangkok Bank. http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Loans/Home+Loans/Home+Loans+for+non_residents/default.htm As said, very shitty conditions. When you see the actual requirements for the "applicantâ??s financial standing and repayment ability" you realize that they offer costly mortgages only to people that don't actually need them... Same as their "credit cards" with a 15,000 baht limit "secured" by a fixed deposit of 20,000 baht... Link to comment Share on other sites More sharing options...
FIGJAM Posted June 19, 2008 Report Share Posted June 19, 2008 I beg to differ matey. I got a mortgage with BKK bank in 1996 before I even met the Mrs. The mortgage was issued by a bank in a province near BKK. Feel free to visit any time ! Nope, wrong again my old fruit. It was solely my mortgage, my mrs was on none of the docs for the duration of the mortgage. And on completion (7 years later) I conveyed it to her for the grand total of 4,999 bah. Not sure where you get all your info from ace but maybe we operate at different levels. I may be a nasty, filthy bastard but Im financially respectable, have the best kind of intro to bankers an banks love me. Aint life grand. I am a nasty, filthy bastard too (BTW, I liked many of your posts in the nightlife section. These supposed nasty and filthy Thai nightlife boards are becoming much to tame and PC for me ) and I still see no details forthcoming... What have you bought? At what conditions? And what do you mean by "on completion (7 years later) I conveyed it to her"?? Link to comment Share on other sites More sharing options...
frede Posted June 19, 2008 Report Share Posted June 19, 2008 Well, as you are filthy I'll answer So, me mucky mate , its like this: I did some consultation work for the father of a Thai MP in a province near Bangkok. Both are friends. Anyways, one of his family took me down to BKK bank in this province and I secured a 5million baht mortgage on a condo over 10 years. 7 years later, I gave it to my wife for 5000 baht cause Im jai dee. Remember that finance company operating like mad just before the crash, now what was its name. Ah, yes...'Fiannce one' . Now, do you think all those cunts getting huge loans qualified? Did they fook as like. Its Thailand, it all comes down to who you know and what you are worth. SOPs are there to be broken. Lovely. Link to comment Share on other sites More sharing options...
.thumb.jpg.aa309c1a64393b54fa746a45c064e12e.jpg)
Recommended Posts
Archived
This topic is now archived and is closed to further replies.