Finance question

[Hithere619]

Hi BMs,

 

i did my search but did not find anything close to my question so i hope you experts can offer some advice and help me out. 
i am currently living in the states and work full time in the states. 
i am married to a thai national and am looking to buy a home in thailand for in which i will be living in half of the tear when we go back to thailand. i can work remotely from thailand with no issues so my salary income will still be coming in as is. I understand the home needs to be under my wife’s name. We plan to take our marriage certificate to translate and register with the thai embassy to get our thai marriage certificate as well so i believe in this case we can put both our names on the home. I have money that i can put as a down payment on the home however i would need to finance the rest. 
1. would banks allow for us to finance the rest even though my wife does not work but i can show proof of income and work verification even though i am employed overseas? 
2. would they allow the loan to be made if i am not a thai national and not working in thailand but am showing that i am legally married to a thai national?

3. Are there any banks that are recommended that would allow this without outrages interest fees and what banks are recommended? 
 

4. does anyone know what is required to start the process and get approved?
 

i read that uob might offer some sort Financing that would work but the fees and down payment are ridiculous. 
 

thanks in advance!

[rhodie]

Homes are cheap here. Save for a year and you can buy one. It will be in your wife's name, but because you are married, in the event of divorce, you are entitled to half. I doubt you will get a loan, but really, you should not need one.

[talung66]

On 25/08/2020 at 00:18, Hithere619 said:

Hi BMs,

 

i did my search but did not find anything close to my question so i hope you experts can offer some advice and help me out. 
i am currently living in the states and work full time in the states. 
i am married to a thai national and am looking to buy a home in thailand for in which i will be living in half of the tear when we go back to thailand. i can work remotely from thailand with no issues so my salary income will still be coming in as is. I understand the home needs to be under my wife’s name. We plan to take our marriage certificate to translate and register with the thai embassy to get our thai marriage certificate as well so i believe in this case we can put both our names on the home. I have money that i can put as a down payment on the home however i would need to finance the rest. 
1. would banks allow for us to finance the rest even though my wife does not work but i can show proof of income and work verification even though i am employed overseas? 
2. would they allow the loan to be made if i am not a thai national and not working in thailand but am showing that i am legally married to a thai national?

3. Are there any banks that are recommended that would allow this without outrages interest fees and what banks are recommended? 
 

4. does anyone know what is required to start the process and get approved?
 

i read that uob might offer some sort Financing that would work but the fees and down payment are ridiculous. 
 

thanks in advance!

 

On 25/08/2020 at 00:30, rhodie said:

Homes are cheap here. Save for a year and you can buy one. It will be in your wife's name, but because you are married, in the event of divorce, you are entitled to half. I doubt you will get a loan, but really, you should not need one.

Sound reply 

OP hasn't mentioned  if he want a house or a condo  as a home.

A Condo  in  foreign quota can be owned outright. 

 

[Hithere619]

5 hours ago, talung66 said:

 

Sound reply 

OP hasn't mentioned  if he want a house or a condo  as a home.

A Condo  in  foreign quota can be owned outright. 

 

Sorry looking to purchase a 4BR home not a condo or apartment.

[Recce]

This article is a bit dated, but you may find it useful.

https://silklegal.com/getting-a-mortgage-in-thailand/

 

[roderick]

9 hours ago, Recce said:

This article is a bit dated, but you may find it useful.

https://silklegal.com/getting-a-mortgage-in-thailand/

 

Would buying a house in your wife's name, but using a mortgage to finance the purchase ( rather than using my own private funds) - provide some security  in case of a subsequent marriage breakdown?  By this I mean, If a woman decides to take over a jointly -owned property then she would also have to take over any mortgage repayment , as well

[Rangerfan]

On 24/08/2020 at 22:30, rhodie said:

Homes are cheap here. Save for a year and you can buy one. It will be in your wife's name, but because you are married, in the event of divorce, you are entitled to half. I doubt you will get a loan, but really, you should not need one.

Unless the laws changed you have to sign a claim waiver for the land, essentially relinquishing all rights to the land, it is not automatically 50% yours in case of divorce. You also have to sign a declaration that all funds used to purchase the land is the wife’s and sometimes you can get declined the purchase if it’s obvious she doesn’t have the funds (although unlikely).

You can get around all these things by creating a Thai LLC that owns the land,  but you’d need a lawyer and investors so this can be more cumbersome.

I’d much rather recommend a condo over landed property as you can own it outright yourself, of course in case of divorce she can get 50% anyway, but you wouldn’t risk as much, she’d have to prove is matrimonial asset but that’s not hard to do.

whichever way you choose to go I’d definitely recommend getting a local lawyer before buying anything.

[Just Browsing]

OP: I'm considering doing something similar albeit with my Thai GF not Wife (I know, I know, I'm crazy but we've been together for a couple of years & I trust her, besides as somebody has said, getting a mortgage limits the impact to your savings if things go tits-up).

My thought was that I would put down a 50% deposit and ask the bank to give me a mortgage based on passive income statements for the rest, I don't know if this will work as I haven't asked them yet (Will find the house 1st, then transfer enough money over to make me a "Wealth" member, then ask  ) 

I also considered asking my bank in Singapore for an overseas property mortgage (it's really common for people to buy property overseas there so rates seem reasonable), however I realised that they wouldn't do this unless the property was in my name so I'd basically be putting down a huge deposit & taking out an unsecured loan for the remainder. 

Like you I'm more interested in a house than a Condo & don't fancy going down the Thai LLC route.  

 

[Hithere619]

14 hours ago, JB300 said:

OP: I'm considering doing something similar albeit with my Thai GF not Wife (I know, I know, I'm crazy but we've been together for a couple of years & I trust her, besides as somebody has said, getting a mortgage limits the impact to your savings if things go tits-up).

My thought was that I would put down a 50% deposit and ask the bank to give me a mortgage based on passive income statements for the rest, I don't know if this will work as I haven't asked them yet (Will find the house 1st, then transfer enough money over to make me a "Wealth" member, then ask  ) 

I also considered asking my bank in Singapore for an overseas property mortgage (it's really common for people to buy property overseas there so rates seem reasonable), however I realised that they wouldn't do this unless the property was in my name so I'd basically be putting down a huge deposit & taking out an unsecured loan for the remainder. 

Like you I'm more interested in a house than a Condo & don't fancy going down the Thai LLC route.  

 

You are in a very similar situation however the difference in my scenario is that we are both legally married in the states and in Thailand. So this means that we can go to local thai banks for the better rates. Only issue that I see here is the fact that she doesn't work so I haven't taken the time to speak with the local thai banks to see if they will accept foreign employment proof for the mortgage. 

I definitely am not interested in a condo or apartment. We have children and her family will also live in the house as well while we are away so it must be a house with a minimum of 4 bedrooms. Otherwise if it was a condo I would do as everyone else has mentioned which is to buy it outright. ATM with cost of living here in the states unfortunately I don't have the leisure to just pull money to buy something outright. 

[Just Browsing]

1 hour ago, WilliamhGibsona said:

I see the thread is old, but I didn't see any mention of a prenuptial agreement here.

Most people don't bother as unlike in the West, everything you earned before you got married is yours and she can have no claim on it.

So if you came to Thailand as a retiree, buy a condo/car etc..., then get married/divorced she can only (try) to claim 50% of the money you earned whilst you were married - If you spend all of your income then that's 50% of nothing. 

[ronthebrummie]

Has the company route changed now?