Thai banking

[brottbyman]

Hi,

Have read a lot on the board about opening an account borrowing money etc. I thought i would share some of my experiences with u guys.I opened an account at Bangkok bank 4 years ago no problem.2 weeks ago went to the bank to oppen an account for internet banking, again no problem. By the way i am living in Europe and married to a GTG. We also have plans to build a house in the North 60 kilometers from Chiang Mai and asked if it was possible to take a loan again no problem even wanted us to borrow now instead of next year as we planed ?? Does it depend on who u speak to ?? Just pot luck so to speak ? Would like to hear from others who are not yet staying in Thailand with similar plans and if they have encounted problems longer down the line.

 

Cheers

[Khun_Kong]

Which bank and where is it located?

[whosyourdaddy]

Although I have yet to have first hand experience I have yet to hear first hand of anyone having a problem.. I know a few guys who financed cars/ houses.. but people just keep on moaning about the banks on this board.. DOes anyone have first hand experience of being rejected for a loan with a decent downpayement or is it just internet BS?

 

Stickman and I were talking on sunday about this and we know 3-4 guys who got a housing loan and 2 of them had no to little downpayment!

[brottbyman]

Hi, Bangkok bank in Chiang Mai.What they needed was evidence of our employment and copys of our pay slips just to be reassured that we could make the montly payments.

 

Cheers

[Guest]

My suspicion is that it is a little bit of internet *BS*. I am going to try financing a car soon so I report on how we go. I know of one guy who financed a brand new BMW and does not work in Bangkok, although the family is based in Bangkok.

 

Sanukboot.

[Palatkik]

Thanks for your update on Thai banking. I always thought loans were available to Thai's and expats with work permits only. Perhaps your situation of (presumably) being married to a Thai both living overseas indicates there is some flexibilty on the rules?

 

Cheers

[ABCinBK]

I was curious about a house loan, for a house in Thailand, for a Thai working and living overseas in the States. Are you saying that you were able to get a loan from Bank of Bangkok (Chiang Mai) with proof of employment outside of Thailand in Europe? Is it possible that either her other Thai-side assets, a garuntor in Thailand, or a very large down payment may have been major factors in their decision?

 

If you are willing to share your experiences, and would prefer not to respond on the board, my email is bmyx2002@yahoo.com.

 

 

Thanks.

 

ABC

[brottbyman]

The situation is as follows: My wife own 2pieces of land, both without buildings. We want to build on one of them cost about THB 1.000.000 ( the lands are worth about THB 800.000:_)Down payment THB 500.000:-, the land that we are building on as securety value THB 450.000:- plus personal guarantee from me.

Cheers

[ABCinBK]

So we are talking about a loan of only 500,000 Baht?

 

Given the situation, there is very little real risk here for the bank.

 

Did the Thai bank ever even look at your wife's earnings in farangland where you live?

 

How exactly does a personal garuntee work, given you and all your assets are offshore of Thailand?

 

Did the Thai bank "really" look at your earnings in farangland where you live? or do you think a look at your assets and the low amount of the loan was likely the determining factor here? This seems to be what your situation is suggesting.

 

My situation is as follows. I work and make a very good income in the States. My wife makes a decent earnings but hasn't been working very long (only a few months). We're looking to get financing (80%) on a building or rental property in Bangkok. I've been looking to see how others experiences in this sitaution have played out. My assets are all US based property, and I'm looking to have her leverage any property in Thailand to the maximum allowed (80%) there.

 

The biggest question has always been how much credence the Thai banks really give to overseas income for a Thai national or a foreign spouse, both of whom are resident overseas (outside Thailand) and one of whom could be on the loan but can't be on the property title/deed?

 

I understand why many people are willing to invest so much of their assets in a Thai home or land. However, for me, it makes no sense to do so in a country that essentially prevents me from owning anything (besides landless and risky condos) directly in real property. I would prefer to retain my equity and assets in the West, and only control assets in Thailand via leverage.

 

Thanks for sharing your experiences.

 

 

ABC

[ABCinBK]

whosyourdaddy,

 

Were these guys working in Thailand or living in farangland?

 

I've talked to the banks about a Thai house loan. What I heard is they need to look at the pay history of any overseas Thai and/or their spouse. Beyond that, they were unable to provide farther details until a personal conversation, something that's awaiting my next trip to LOS.

 

My main questions concerned how much credence a Thai bank is going to give to a Thai national with income and a residence solely in the West, and whose spouse, and any of his income, would also be based offshore of LOS. First, with the spouse being a foreigner who can't even be on any Thai house deed or title, how much does the bank really believe in his signature being valid security for the loan? With all of his assets being in farangland, it would be hard if even possible to go after them in the case of default. Second, are the Thai banks really willing to rely on foreign based earnings, for a Thai national essentially buying a vacation home in LOS, even if a reasonable down payment (80% or more) is provided?

 

I'm hoping that loans are easy for foreign based Thais, but are they really that easy, where the banks give their income the same weighting as Thais working in country?

 

Thanks for any info. you could share.

 

ABC