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BANGKOK 24 March 2019 01:38

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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.

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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

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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. 

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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.

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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...

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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. 

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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

Edited by StreetCowboy
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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 🙂

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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...  🙂

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On 2/14/2019 at 11:53 AM, 473geo said:

3 mill home, truck, and 50k baht a month income

 

Where do i apply?

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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

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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

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Off topic/reported post has been removed.

 

 

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