Apartment - government program

[AF16]

My MIL is looking for an appartment. Apparantly there are some government project that she could get.

 

The idea is to either pay a downpayment of 50 000, then pay 14000 bath a month for 10 months, and then a lower rate, alternatively in a diffrent project pay 100 000 and then some 5000 a month downpayment.

 

The numbers are a bit unclear, but something a long the line.

 

Have anyone heard of something like this, and do you view it as a good deal? Are there some hidden dangers?

 

The appartment will be bought by my MIL but the intent is that it will belong to my wife. At least when the parents die the appartment will be written over to my wife.

 

My wife has a brother who will live in the appartment with the parents, and him and/or his son will live there after as well.

 

She also have a half sister and a halfbrother.

 

If something goes wrong I have nothing against my wife getting the appartment (i.e I do not want to secure my right to it), and I do not care if the brother and/or his son gets it. They are ok and take care of the family while my wife is living here.

 

I do however want to make sure the halfsibblings, who are slimy as hell, do not have any claim in any way.

 

What are my options and what are the pitfalls? Could you give just some of you children inheritance in a will, or do the other children have rights as well?

[Bangkoktraveler]

I do not know what MIL means. Sorry.

 

As for your question, is this really an apartment or is it a condo?

 

From what I have seen for Government housing, there are at least three different plans. One plan, for government employees is 0% down, another plan is with 10% down and another that is 20% down.

 

If it is a 20% down condo, then it looks like a 250,000 baht condo. This means that 10% down is a 500,000 baht condo. If it is a used condo, it might be worth only 150,000 baht.

 

Payments of 14,000 for 10 months with a down payment of 50,000 baht would mean 190,000 baht would be invested into this project. I would question the 14,000 baht payment required each month especially if it is for governmental housing.

 

The location of the property must be taken into consideration.

 

The size of the apartment/condo is the next consideration.

 

As for Government Housing, if it is the standard, used condo, 200, 000 baht should be all that is needed to buy it with 20% down (40,000 baht). With 7% interest, the loan can be paid off in 5 years with monthly payments under 3200 baht.

[pe7e]

My guess is MIL is 'mother in law', and AF16 is the source of the funding, why it's not being purchased in his wife's name I don't understand. I can hear bells ::

[Nervous_Dog]

Perhaps the scheme is "means tested" and the wife fails but I also wonder the same as Pe7e

[AF16]

I send some money down now. The MIL can pay the downpayment on this money and the monthly expense will not be that much higher than what they pay in rentmoney now.

 

If we can put it in my wifes name we will, but we are still in a state of finding out what goes.

 

The MIL can now put forth a bankstatement showing a steady inncome, what we send every month, which gives her some credit power.

 

Again, I'm not worried about being had. I will never need the appartment anyway and the money used is in reality MIL's as I send it and do not question what it's used for.

 

I guess the son of her brother will end up living there after my wifes parents die and that's ok. If he ends up with the appartment or if my wifes name is on the contract is just paperwork. (I do not want her slimy half sibblings taking what is intended for my wife and her imediate family though)

 

My problem is that I do not trust the business savy of my wife or her family. My wife still think she save money if she buys something on a discount.

 

Here in Norway I know what goes, and know that some appartments are sold cheap, but the downpayment is free for 5 years only and then the monthly expenses skyrocket.

 

I do not want to find out that this is the case here, so I check here before doing anyting.

[AF16]

Bangkoktraveler said:

I do not know what MIL means. Sorry.

 

As for your question, is this really an apartment or is it a condo?

 

From what I have seen for Government housing, there are at least three different plans. One plan, for government employees is 0% down, another plan is with 10% down and another that is 20% down.

 

If it is a 20% down condo, then it looks like a 250,000 baht condo. This means that 10% down is a 500,000 baht condo. If it is a used condo, it might be worth only 150,000 baht.

 

Payments of 14,000 for 10 months with a down payment of 50,000 baht would mean 190,000 baht would be invested into this project. I would question the 14,000 baht payment required each month especially if it is for governmental housing.

 

The location of the property must be taken into consideration.

 

The size of the apartment/condo is the next consideration.

 

As for Government Housing, if it is the standard, used condo, 200, 000 baht should be all that is needed to buy it with 20% down (40,000 baht). With 7% interest, the loan can be paid off in 5 years with monthly payments under 3200 baht.

 

Both are new, and being built now. One has two bedrooms and the other has tree. One is in an area that sounds to me like Bangmoth.