marcusarelus Posted February 14, 2019 Author Share Posted February 14, 2019 6 minutes ago, Peterw42 said: As with many threads on Thaivisa, it would be interesting to know actual numbers. How many guys have spent all their money and are now short for the 800k/65k. Interested to know what percentage of expats the thread is even relevant to. In my broader circle of friends and acquaintance's, maybe 40 people, maybe 1-2 of them have spent all their money and dont have the 800/65k. That's the reason I mentioned it. In another thread I was accused of being unfeeling and told to get to know some of those who had spent all their cash on houses for the Thai family. I got to thinking. If that was the case why would not the Thais loan the Farang money to keep up the monthly contributions to the family welfare. If I die my SS dies with me. So my wife is interested in prolonging my life. She also doesn't have the time to feed and walk the dog and do laundry. Link to comment Share on other sites More sharing options...
marcusarelus Posted February 14, 2019 Author Share Posted February 14, 2019 9 minutes ago, Thaidream said: Nice sentiment and many would do it except for one thing- hardly any Thai Bank will issue a loan even with the paid house as collateral. I have had sold a house before in Bangkok and the buyer had to go through many steps to be able to get the loan he needed- the banks require a professional survey of the property; they require complete documentation from the Land Transportation Office; Complete investigation of the applicant's financial status. How many Thai wives actually earn the amount needed to get a loan; have paid taxes on their income and prove the income is stable. The banks are mostly not interest in the foreign spouse's income. There are ways around this by going to a money lender and getting the money but the interest rate is huge and you are gambling a 3 million baht investment against 800K- I don't recommend it. It is much easier to get a loan off a paid automobile- the banks even call offering it but they typically will offer 200-300K. Bottom line- concept sounds good but in practical terms- the banks made it hard for lower income Thais to borrow anything more than a few hundred thousand. My wife has a number of loans including the one used to buy our home. I have investigated it and found all of my friends wives would have no problem getting a loan secured with a home and land. Getting a loan in Thailand in my experience is not difficult at all and happens all the time. Thailand has the second-largest household debt burden among all ASEAN economies. Even with so many in debt, about two-thirds of all 1,000 respondents have applied for a new loan in the past 12 months. Of these, 37% were approved for the full amount. About 35% have home mortgagees. https://asia.nikkei.com/Editor-s-Picks/FT-Confidential-Research/Ballooning-household-debt-will-slow-Thailand-s-growth Link to comment Share on other sites More sharing options...
marcusarelus Posted February 14, 2019 Author Share Posted February 14, 2019 9 minutes ago, Kwasaki said: How can some Wives step up, what about the ones who rent and car/truck is on the knock with all rest of the family poor. This thread is about men who have bought the wife a home and it's paid for. Link to comment Share on other sites More sharing options...
KiChakayan Posted February 14, 2019 Share Posted February 14, 2019 12 hours ago, swissie said: OP's suggestions are not that outlandish. After the Farang has invested a few millions in property, why not take out a loan to finance Farang-Hubby's retirement visa extension if necessary? Of course, it would show if "true-love" is present or the marriage was founded on "alternative" reasons. They are outlandish indeed; why would "Farang-Hubby" need 800000 for his visa? The "Thai Wife" extension still requires only 400000. Unless there is a mia noi somewhere, of course. Link to comment Share on other sites More sharing options...
KiChakayan Posted February 14, 2019 Share Posted February 14, 2019 9 hours ago, swissie said: A Farang without money has the status of a Soi Dog in Thailand. And as BJ (or LA) would agree, there are too many of those right now... Link to comment Share on other sites More sharing options...
marcusarelus Posted February 14, 2019 Author Share Posted February 14, 2019 9 minutes ago, KiChakayan said: They are outlandish indeed; why would "Farang-Hubby" need 800000 for his visa? The "Thai Wife" extension still requires only 400000. Unless there is a mia noi somewhere, of course. The same principle would apply for 400k or 800K. If the guy bought a house with his available cash for the wife then the wife could get a loan for hubby's visa. 800k retirement extensions are easier than 400k marriage extensions. Link to comment Share on other sites More sharing options...
StreetCowboy Posted February 14, 2019 Share Posted February 14, 2019 It might be a harder sell to the bank manager than to the wife. He doesn’t want a fancy over-priced unsellable ostentatious house Link to comment Share on other sites More sharing options...
remorhaz Posted February 15, 2019 Share Posted February 15, 2019 On 2/14/2019 at 12:07 AM, marcusarelus said: All the stuff I have been reading here about the pitiful stories about men who have spent all the cash on a house and land for the wife and family and kids and are now broke is really pulling at my heart strings. 800,000 is not a lot of money when talking about a house and land today in Thailand. If the wife wants you to stay tell her to get a loan on the house and land and car you bought for her and her family and deposit the money in the bank. Tell her you will make the payments on the loan. How much are loan payments on 800,000 secured loan for 20 years? Here's how this would play out. You buy a 3 million Baht chunk of land and house and she gets a loan against it lets say for 2 million. You make the payments. She gets tired of you and boots you out and later on you find out she's got another farang who is going to white knight and pay off "the big loan her fadder had to get to care for sick buffalo or her mudder" or some other nonsense. All this plan does is require her to catch another fish and I've never met a Thai lady that isn't expert at this ???? Link to comment Share on other sites More sharing options...
paahlman Posted February 15, 2019 Share Posted February 15, 2019 It is not an idea that works... The wife in most cases would not get a loan even on paid collateral becase she has that borrowed through the roof alread... Maxed out... ???? Link to comment Share on other sites More sharing options...
VocalNeal Posted February 15, 2019 Share Posted February 15, 2019 On 2/14/2019 at 11:53 AM, 473geo said: 3 mill home, truck, and 50k baht a month income Where do i apply? Link to comment Share on other sites More sharing options...
Pedrogaz Posted February 15, 2019 Share Posted February 15, 2019 Great idea. Link to comment Share on other sites More sharing options...
CharlieH Posted February 15, 2019 Share Posted February 15, 2019 flame post removed Link to comment Share on other sites More sharing options...
natway09 Posted February 15, 2019 Share Posted February 15, 2019 It would work if you are a "real team" I will say that wherever possible avoid marriage visas & extensions. Reason, too many foreigners from "suspect" countries have married Thais without even meeting them so to prove that you are a "real" married couple you gotta jump through too many hoops Link to comment Share on other sites More sharing options...
marcusarelus Posted February 15, 2019 Author Share Posted February 15, 2019 1 hour ago, paahlman said: It is not an idea that works... The wife in most cases would not get a loan even on paid collateral becase she has that borrowed through the roof alread... Maxed out... ???? Recent survey about two-thirds of all 1,000 respondents have applied for a new loan in the past 12 months. Of these, 37% were approved for the full amount, while 48% were denied a loan entirely. Not bad odds. Much better than you indicate. https://asia.nikkei.com/Editor-s-Picks/FT-Confidential-Research/Ballooning-household-debt-will-slow-Thailand-s-growth Link to comment Share on other sites More sharing options...
CharlieH Posted February 15, 2019 Share Posted February 15, 2019 Off topic/reported post has been removed. Link to comment Share on other sites More sharing options...
4MyEgo Posted February 15, 2019 Share Posted February 15, 2019 On 2/14/2019 at 10:49 AM, marcusarelus said: That works too. I was thinking of the married guys who don't want the hassle of the marriage extension rigamarole and use the retirement option. There is very little difference in extensions, so my wife tells me, i.e. she does it all and says that after the initial visit from the IO who comes out for the photos with you and wife in front of the house, there is only a couple of additional papers to add. I had the retirement extension 1st and changed it on the 2nd year, my reason was because I wanted the marriage extension the 1st time, but IO said best to get retirement extension because you need it as marriage extension meant I had to leave the country as it had to go to Bangkok to get approved and that takes a month, oh ok, you can pull my leg this time Somchai, but next year I will change it, and I did, although it cost me 1,500 baht in tea money because they had to drive out here and back, a 2 hour 40 minute round trip, and I am a charitable guy once in a blue moon. Did it again just recently, forgot the photos of us in front and inside the house, no problem, you can LINE them to me and donate 500 baht to our New Year Party Fund and IO would get the photos developed and lodge with completed application, suffice to say it saved me a 2 hour 40 minute round trip to come back with the photos, welcome to the land of smiles, could be worse ???? Link to comment Share on other sites More sharing options...
marcusarelus Posted February 15, 2019 Author Share Posted February 15, 2019 2 minutes ago, 4MyEgo said: There is very little difference in extensions, so my wife tells me, i.e. she does it all and says that after the initial visit from the IO who comes out for the photos with you and wife in front of the house, there is only a couple of additional papers to add. I had the retirement extension 1st and changed it on the 2nd year, my reason was because I wanted the marriage extension the 1st time, but IO said best to get retirement extension because you need it as marriage extension meant I had to leave the country as it had to go to Bangkok to get approved and that takes a month, oh ok, you can pull my leg this time Somchai, but next year I will change it, and I did, although it cost me 1,500 baht in tea money because they had to drive out here and back, a 2 hour 40 minute round trip, and I am a charitable guy once in a blue moon. Did it again just recently, forgot the photos of us in front and inside the house, no problem, you can LINE them to me and donate 500 baht to our New Year Party Fund and IO would get the photos developed and lodge with completed application, suffice to say it saved me a 2 hour 40 minute round trip to come back with the photos, welcome to the land of smiles, could be worse ???? With all due respect this thread is not about the difference between retirement and marriage extensions but sourcing cash for either extension. My suggestion was if hubby has spent all his cash on a house for the family he could reasonably expect the wife to mortgage the home he paid for and loan him the money to keep on deposit in the bank be it 400 or 800k. Link to comment Share on other sites More sharing options...
nakhon thai Posted February 15, 2019 Share Posted February 15, 2019 I take loans from farmers bank the rates i get on overseas money more than covers repayments = money for free Link to comment Share on other sites More sharing options...
Pravda Posted February 15, 2019 Share Posted February 15, 2019 On 2/13/2019 at 11:07 PM, marcusarelus said: If the wife wants you to stay tell her to get a loan on the house and land and car you bought for her and her family and deposit the money in the bank. Tell her you will make the payments on the loan. How much are loan payments on 800,000 secured loan for 20 years? Geez, at least give me credit for suggesting this in another thread a few weeks ago. Link to comment Share on other sites More sharing options...
4MyEgo Posted February 15, 2019 Share Posted February 15, 2019 17 minutes ago, marcusarelus said: With all due respect this thread is not about the difference between retirement and marriage extensions but sourcing cash for either extension. My suggestion was if hubby has spent all his cash on a house for the family he could reasonably expect the wife to mortgage the home he paid for and loan him the money to keep on deposit in the bank be it 400 or 800k. Noted: You did also state: "All the stuff I have been reading here about the pitiful stories about men who have spent all the cash on a house and land for the wife and family and kids and are now broke is really pulling at my heart strings". Indeed, but then again, who have they to blame but themselves, I have heard this and other stories of men being fleeced millions of baht. Love is one thing, finances are another, now if a bloke has spent all his money on a house and car and has nothing else left, then he cannot have afforded to retire here in Thailand and this is what happens when people do not plan. I have stated this countless times over and over, only invest as much as your prepared to lose and that should not be more than 10%, and keep your finances separate because everything is temporary, doesn't matter if it's been 10, 20 or 30 years sooner or later one will leave the other, whether by death, another man, woman or whatever, so the less you have invested here, the easier it is to part, and if it's you who has the other 90% it should be willed to her and the kids and any back home, just stating, we all make our own beds. Link to comment Share on other sites More sharing options...
Griffo63 Posted February 15, 2019 Share Posted February 15, 2019 On 2/14/2019 at 5:29 AM, sidjameson said: 7% on 800k is 56k a year in interest. 4700 a month. Bit of a hit. Except this doesn't pay back any capital. More like 8000 a month Link to comment Share on other sites More sharing options...
marcusarelus Posted February 15, 2019 Author Share Posted February 15, 2019 5 minutes ago, Griffo63 said: Except this doesn't pay back any capital. More like 8000 a month How much for a 20 year loan? You only have to borrow it once not every year. Link to comment Share on other sites More sharing options...
Thaidream Posted February 15, 2019 Share Posted February 15, 2019 11 minutes ago, Griffo63 said: Except this doesn't pay back any capital. More like 8000 a month I would be interested to know which Thai bank is going to provide an 800,000 Baht loan to a Thai woman who has no job; no source of income other than her husband and cannot substantiate anyway to pay back the loan. Link to comment Share on other sites More sharing options...
marcusarelus Posted February 15, 2019 Author Share Posted February 15, 2019 3 minutes ago, Thaidream said: I would be interested to know which Thai bank is going to provide an 800,000 Baht loan to a Thai woman who has no job; no source of income other than her husband and cannot substantiate anyway to pay back the loan. Getting a loan in Thailand in my experience is not difficult at all and happens all the time. Thailand has the second-largest household debt burden among all ASEAN economies. Even with so many in debt, about two-thirds of all 1,000 respondents (of recent survey) have applied for a new loan in the past 12 months. Of these, 37% were approved for the full amount. About 35% have home mortgagees. https://asia.nikkei.com/Editor-s-Picks/FT-Confidential-Research/Ballooning-household-debt-will-slow-Thailand-s-growth If the women you associate with have problems getting a loan I'd suggest upgrade your companions. Link to comment Share on other sites More sharing options...
CharlieH Posted February 15, 2019 Share Posted February 15, 2019 13 minutes ago, Thaidream said: I would be interested to know which Thai bank is going to provide an 800,000 Baht loan to a Thai woman who has no job; no source of income other than her husband and cannot substantiate anyway to pay back the loan. Interestingly, Krungsri did just that to someone I know for a brand new car @800k Link to comment Share on other sites More sharing options...
catman20 Posted February 15, 2019 Share Posted February 15, 2019 All the stuff I have been reading here about the pitiful stories about men who have spent all the cash on a house and land for the wife and family and kids and are now broke is really pulling at my heart strings. 800,000 is not a lot of money when talking about a house and land today in Thailand. If the wife wants you to stay tell her to get a loan on the house and land and car you bought for her and her family and deposit the money in the bank. Tell her you will make the payments on the loan. How much are loan payments on 800,000 secured loan for 20 years? dont spend more that you can afford to lose in Thailand also if your at retirement age or younger but retired early you should be ashamed of your self if you have work all those years and only got a poultry sum of 25,000 pounds. Link to comment Share on other sites More sharing options...
Snow Leopard Posted February 15, 2019 Share Posted February 15, 2019 What would be the interest difference be on the money deposited vs borrowed? It will obviously be negative but by how much. That is the amount then that has to be funded from your monthly income. Link to comment Share on other sites More sharing options...
dotpoom Posted February 15, 2019 Share Posted February 15, 2019 On 2/13/2019 at 11:38 PM, Solinvictus said: Nice point! Ohh how much the tides would turn on allot of couples if guys did that more often, asking her to put up more especially after being generous. I for sure ain't being 'had' in my roots here. Problem might be that many of the guys who bought the houses are older men (young wouldn't have the money). Probably won't be around for another 20 yrs. (including myself). Link to comment Share on other sites More sharing options...
marcusarelus Posted February 15, 2019 Author Share Posted February 15, 2019 2 minutes ago, dotpoom said: Problem might be that many of the guys who bought the houses are older men (young wouldn't have the money). Probably won't be around for another 20 yrs. (including myself). Who cares? If the old guy dies have a will leaving his bank account to the wife and pay off the loan upon death. Link to comment Share on other sites More sharing options...
marcusarelus Posted February 15, 2019 Author Share Posted February 15, 2019 6 minutes ago, catman20 said: All the stuff I have been reading here about the pitiful stories about men who have spent all the cash on a house and land for the wife and family and kids and are now broke is really pulling at my heart strings. 800,000 is not a lot of money when talking about a house and land today in Thailand. If the wife wants you to stay tell her to get a loan on the house and land and car you bought for her and her family and deposit the money in the bank. Tell her you will make the payments on the loan. How much are loan payments on 800,000 secured loan for 20 years? dont spend more that you can afford to lose in Thailand also if your at retirement age or younger but retired early you should be ashamed of your self if you have work all those years and only got a poultry sum of 25,000 pounds. I agree but not really the topic. Topic is how to get 400 or 800K from an asset in Thailand that you purchased. Link to comment Share on other sites More sharing options...
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