Mortage in Thailand

[Sunpax]

I am looking every wear but did not find some enought informations

Is the only bank here who make mortage for foreigners is "Bangkok bank " singapour ? at 7% or more

Do you know an other way to get a small mortage ? at what price ?

[dozer]

I have heard it is very difficult for foreigners to get a mortgage in Thailand. I do see some advertisements that will grant mortgages to foreigners but image the terms are not favorable.

[guilt]

Hi~! I am from Singapore and I have a thai wife. The current house that she is staying in, is in very bad shape. And I was thinking about getting a loan to build a proper house. The area is Khon Kaen. She owns the land but currently she is not working. I'm the only one working. Can anyone tell me if I can get a loan from any thai bank to build like a 2 storey modern house approx. bout 2 mil thai baht?

[Sunpax]

yes you can..if your Thai wife give her land in guaranty..+ if you have work it will help to get it !

all depend about the price of the land and then How much salary you get every month...do you know that in Singapour you have by exemple the Bangkok Bank who make loans for " Farangs" at I thinck 6.8 %

But will be more easy to put the loan on your Thai wife and less expensive...

[guilt]

Thanks for your advice Sunpax. I have told my wife about me having a job but she is worried that by using her name... it is not approriate as she is not working. So her thinking stumps me sometimes.

[geordie]

I cannot speak Thai but i get the feeling there is no Thai word for "logic" if there is it needs to be exercised more often

[Roger Ramjet]

guilt,
My wife and have bought a house, a townhouse and three cars through Thai banks; the only reason the loans were approved is because she works and earns a salary. No Thai banks will loan money to a foreign individual unless they have a work permit and tax records. The Thai banks will allow foreigners to go guarantor only up until the age of 60 years.

[guilt]

@ geordie ... I think you're right hahaha.

@ Roger Ramjet... The reason I am asking this is. I've have been pouring money into her house from putting up two perimeter walls to fixing the roof. And cos it's old and made of wood. Things just keeps falling apart.
So... The thinking was. Why not build a modern concrete home instead of patching stuff instead of waiting for the other shoe to drop.

However! Here's the problem. I'm not in Thailand as I am working in Singapore. So about the tax return and stuff.... Hmmm.... Maybe me working in Singapore and not in Thailand may be constricted to getting a loan? Well anyways using her land as collateral will not be a problem cos the land deed is in her name.

I can still be a guarantor as I'm only 40.

[geordie]

I had a similar situation with my inlaws repair after repair after repair then the goverment put in proper drainage
higher than her driveway so flooding the house !!
In a strange sort of way it made me happy because the money sent for repairs did not add up a lot would dissapear before a repair was done
Even the money set to start the preperation work got taxed ?? 75% dissapeared in two weeks = 75000 bht and no explanation even now i get why you talk bad my familly ? can you see why
build the new house in stages that you can afford bearing in mind that overall you may lose everything ??

[guilt]

@ geordie ...

Absolutely good advise. Lucky for me... My wife's the one always nagging at me not to repair this and that. "Oh! you have done a lot already for my family". Blah blah ... Even when I sent her money to bring my father in law for his monthly Kidney dialysis. Father in law would ask me if I am alright with money. Seems I have good in laws. They tend to be contend with damages and tries hard to repair it themselves. I'm usually the one pushing for improvements. You see I'm a city boy from Singapore and everything's in working condition and I'll repair stuff as soon as I see that they are spoilt or in need of repairs.

If I do intend to build a 2 storey home. Can I start to build the ground floor and ready for "stack on" a 2nd floor when the money is ready? Can this be done the LEGO way? Just wondering... If with your advise I'll not jump in with both feet.

[guilt]

@ geordie ...

Absolutely good advise. Has anyone tried to make a 2 storey home by building the ground floor first and then stack on with building the 2nd floor later when the money is ready? I'm just wondering if per your advise I dont jump in with both feet?

[geordie]

Yes the answer is you can build one floor then the other
although thailand they do it the other way top floor first
then infill the ground floor later but its easy enough to do and design that you build in pieces at a time and that way you could tie it in with holiday visits
eventually i have to remove the old teak house from above the bungalow i built for the inlaws and put a proper roof on it
If you had a clean slate to work with you could very easily build a bungalow using precast posts and a simple
steel framed roof with the corrugated sheets design the roof to end in a gable (vertical wall ) and extend it later
as you need
Using this method you could remove part of the original and join it as long as you can make it waterproof and it give,s the family somewhere to live

[guilt]

@ geordie...

Wow! This is a very informative site with VERY VERY helpful Gurus!

Ok... So I can actually build the 2nd floor first.. Hmmm. Right now the 2nd floor is made of wood. If I buy the precast posts at Global house (this puchasing idea is from the numerous helpful posts I saw here). Plant them down first and then make like a room first on the 2nd floor and proceed slowly but surely from there. Right Does the 2nd floor have to be made first (as like in the whole level of the 2nd floor) or just to concentrate on the room (with the rest of the floor still in wood). I'm just asking cos I'm no engineer. I'm worried about safety and the weight that the 2nd floor carries

[geordie]

You see from the earlier post i swing for a bungalow and precast with lightweight roof
Two floors will require casting on site for the frame so i should have clarified sorry
still not the end of the world and can be done just larger stages

Start with the height and style of the wooden house if it is the traditional wooden job on stilts they can move them across the plot out of the way giving a clean slate to build the new the aim being the family still have to live
Another option with this is to jack the house up and add a larger stronger bungalow underneath which is what i ended up having to do
so the original house was raised to 4 mtr.s and then fill dirt was added when i got there it was a nightmare no power no toilet and a tap in the garden !!
Having done a couple of small repairs previously i was in touch with the local fixer (handyman/village character)
so i sent him out to recruit some men

I decide because of lack of time to build under the original house so i used the pre casts as it was intended to be a bungalow anyway the problem is you need the strength of a cast frame for two floors so pre cast post are out and casting is a long winded process
It all depends on the needs of the family but even if you choose two floors you could follow the same plan
Jack the house up high enough to work underneath we should have paid 50000bht but that was suposed to include reconecting the power and water and a temporary crapper
dig you footings in and cast your frame to make the ground floor and first floor beams you can then build you ground floor through to a usable stage leaving the old house above
Try and flog the old house even if you consider it as firewood someone may be interested which means buyer collects (after dismantling )
Then you are free to add the second floor and roof doing it this way does not make the build easier but it breaks the costs down to a managable level the thais quite often start something they cannot afford to finish and put up with it for months or years untill it can be finished

[fredlk]

the thais quite often start something they cannot afford to finish and put up with it for months or years untill it can be finished

Not only the Thai. I have heard of a Farang who is doing exactly the same.