Mekong Posted June 19, 2008 Report Share Posted June 19, 2008 Frede' date=' Save your breath arguing with Figleaf, he is so myopic he thinks that because he was not good enough to stay in Thailand than the same rules apply to all.[/quote'] MeDong, save your breath to address my long and detailed post on that other thread which still remains unanswered... See if you manage to scrape together a post on my arguments and not on my persona. We are still waiting for the details about your mistery mortgage. Frede has offered them and so we have ascertained that he got his because of the intervention of a Member of Parliament. That's how the discussion can progress. Happy loop-jumping to you and your family! :thumbup: Since you do not know the financing laws I will educate you. Terms of offer for loans in Thailand are dependent on the policies of the Bank of Thailand for each fiscal term. This is also dependent largely on each bankâ??s own business strategies which also vary year by year. Banks in Thailand normally provide personal loans to individuals and this includes credit card facilities, business loans, personal loans for education or medical treatment as well as personal loans for general use such as the purchase of a condominium, renovations, car purchases and so on. These facilities are, subject to each bankâ??s individual policy, available to foreigners who have lived and worked in Thailand for a number of years. In order to obtain these personal loans for the purchase of a condominium, certain conditions must be met. First of all, it is important to note that these loans are generally granted on the fair market value of the property and this is usually based on the bankâ??s own valuation process . The other important criterion is the qualification of the foreigner. These are set out below in the following: * At least a 1 year work permit or a Thai resident permit. * A letter of employment indicating their years of service in Thailand and their annual salary. Pay slips will usually be attached to this as well. * The banks may also request for the employerâ??s company documents or a marriage certificate if applicable. * The banks would also conduct credit checks on the foreigner as they would with any local applicant. * The applicantâ??s age combined with the loan period must not exceed 60 years. * Applicants must have a stable and secure job. * Applicants must have a fixed income three times higher than each installment repayment. * The aggregate amortization of loan must exceed 7 years (for some banks). The applicant may also be required to submit the following documents to the bank upon application. * Copies of passport including visa page, ID card or government official ID card, house registration certificate, and marriage certificate of the applicant and spouse (if applicable). * Confirmation of income or salary, and copies of bank statements for the previous six months. * Copies of land or unit title deeds, sale and purchase contracts and construction specifications if applicable. So, having lived here for over 17 years, working for a Multinational Company that has contracts with some of the worlds major companies (GE ExxonMobil Royal Dutch Shell etc) as well as Thailands largest company (PTT), having collateral in property valued at more than 3 times the amount the mortgage is for it was quite easy to get it. Perhaps if you spent less time ranting and raving on internet forums about something you obviously know very little about and more time living a life and attaining creditworthiness in Thailand you would not find it all a mystery. Link to comment Share on other sites More sharing options...
rchapstick Posted June 19, 2008 Report Share Posted June 19, 2008 If people stop responding to Figgy, will he continue to reply to himself and argue with himself? I'm just curious. It would be an interesting experiment! Link to comment Share on other sites More sharing options...
khun_khon_neua Posted June 20, 2008 Report Share Posted June 20, 2008 If you stop to think about it, it is actually amazing that a Thai Bank would offer a mortgage to a foreigner at all, even offshore. Seems to me they would be a serious credit risk, all they have to do is get on a plane and go home and there is nothing the bank could do about it. Wonder how easy it is for a foreigner, even a green card holder, to get a mortgage in the US? I bet they can, but they certainly would not get the same deal a US citizen would get, simply because of the credit risk Link to comment Share on other sites More sharing options...
khunsanuk Posted June 20, 2008 Report Share Posted June 20, 2008 Hi, Guys, knock it off. Keep the personal crap out of the discussion. Sanuk! Link to comment Share on other sites More sharing options...
FIGJAM Posted June 20, 2008 Report Share Posted June 20, 2008 Since you do not know the financing laws I will educate you. Thanks for the offer but I think I will get my education on financing laws from someone who knows the difference between a mortgage (the subject of this thread) and a personal loan... * Applicants must have a fixed income three times higher than each installment repayment. Apply the same rule to the Thais and almost all of the consumer credit/personal loan/mortgages market would disappear overnight! So, having lived here for over 17 years, working for a Multinational Company that has contracts with some of the worlds major companies (GE ExxonMobil Royal Dutch Shell etc) as well as Thailands largest company (PTT), having collateral in property valued at more than 3 times the amount the mortgage is for it was quite easy to get it. The bit I underscored plus the rules you quoted show that what you are really talking about is a PERSONAL LOAN, NOT A MORTGAGE. And yes, I do believe that having worked for 17 years for a big MNC and having as collateral properties worth over 3 times the amount of the loan it was easy to get it. Now, Thais don't need having worked for 17 years for a big MNC nor having as collateral properties worth over 3 times the amount of the loan... And BTW, financial laws professor, the whole point of mortgages is that you mortgage the property you are buying not properties worth 3 times over the "mortgage". Perhaps if you spent less time ranting and raving on internet forums about something you obviously know very little about and more time living a life and attaining creditworthiness in Thailand you would not find it all a mystery. Since you have finally spilt the beans, the mistery has been solved: you have got a personal loan (at much worse conditions than the Thais) NOT A MORTGAGE! Link to comment Share on other sites More sharing options...
FIGJAM Posted June 20, 2008 Report Share Posted June 20, 2008 If you stop to think about it, it is actually amazing that a Thai Bank would offer a mortgage to a foreigner at all, even offshore. Seems to me they would be a serious credit risk, all they have to do is get on a plane and go home and there is nothing the bank could do about it. They have the property. It's personal loans that are much more risky, for both foreigners and Thais. What do Thai banks do when Thais default on their credit cards? Wonder how easy it is for a foreigner, even a green card holder, to get a mortgage in the US? GCs?? People on temporary visas such as H-1B can get mortgages (let alone car loans and consumer credit) VERY easily, there even are (maybe "were" given the burst housing bubble...) financing companies specialized in and actively seeking these kind of customers. People on GCs are the same as citizens. I bet they can, but they certainly would not get the same deal a US citizen would get, simply because of the credit risk Google yourself... Link to comment Share on other sites More sharing options...
FIGJAM Posted June 20, 2008 Report Share Posted June 20, 2008 If people stop responding to Figgy, will he continue to reply to himself and argue with himself? I'm just curious. It would be an interesting experiment! You will never find out if you keep on stalking me and talking about me, stickychap All of your posts in the 2 threads I have last been active in are ALL ABOUT ME. Link to comment Share on other sites More sharing options...
Mekong Posted June 20, 2008 Report Share Posted June 20, 2008 Since you have finally spilt the beans, the mistery has been solved: you have got a personal loan (at much worse conditions than the Thais) NOT A MORTGAGE! Look up the definition of Mortgage then. [color:blue]A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.[/color] So I secured a loan based upon my YELLOW Tapien Baan and if I do not pay off the loan in time the Bank can foreclose and sell off my property in order to recoup their money. I don't know if you struggle to understand English but that is a perfect example of a mortgage. It never fails to amaze me how people nearly 9000 KM away think they know everything and those of us who actualy live here and working the system don't know what we are are about. Link to comment Share on other sites More sharing options...
frede Posted June 20, 2008 Report Share Posted June 20, 2008 Mate You said farangs cant get mortgages. Ive told you I got one with some help and one on my own! I also told you my mate got one also and hes a fooking english teacher!!!!!!! My terms were a 10 years and that I am not on the bones of my arse and have money in the bank. Money makes the world o round right? Bank loan money to people who dont need it the world over. Its like visas.....Ive ONLY ever done one visa run in Thailand. ONE! Immigration love me. Why? cause Im jai friggin dee and Im supper riproy and I wear nice clothes and have good scotch when I visit the top dog. English visas for me wife? Again, its scabby old bar girls and ecven scabbier farangs that have problems. My Mrs has a 10 year multiple entry. Im not big upping myself, Im just saying that rules are never really rules, they are guidlines and in thailand, thankfully, guidelines become more fluid. Im sorry you couldnt get a mortgage. Maybe you are a risk>? Who knows. I guess they know that if I default, then ive got more than the mortgage in my savings account. I just like to use other peoples money Link to comment Share on other sites More sharing options...
The_Munchmaster Posted June 20, 2008 Author Report Share Posted June 20, 2008 Mate You said farangs cant get mortgages..... I did? When was that? Im sorry you couldnt get a mortgage. Maybe you are a risk>? Who knows. I didn't know I'd tried to get one!! Link to comment Share on other sites More sharing options...
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