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BANGKOK 21 June 2019 05:11

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Hello TV people,

I hope everyone’s having a lovely long weekend. So I’ve got a few things on my mind that I need to put in perspective. The Mrs wants to buy a townhouse & she’ll be getting a loan from the bank in order to do that. The value of the property is 2M with the average rental value being around 7k.( not planning to rent,just mentioning for the sake of analysis) So the bank is quoting 3% interest rate for the first three years & afterwards 5%. What I’m curious about is that over a period of 30years suppose we pay double the amount of the actual value of the house & from what I’ve come to find out is that these town houses depreciate almost every time,why would someone want to buy property when they’re losing money throughout the entire mortgage period?

The second option is that we increase our budget slightly & buy a detached house. At least then there is a fine window of growth because of the land value.

So I’d very much appreciate it if the people having experience or exposure can shed some light on it.

 

P.S Please avoid with the farangs shouldn’t invest in property because I’m very well aware of that phenomena. Heard all the stories that come along with it.

Best regards

 

 

 

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Without wishing to state the obvious, but hasnt the bank or the lady determined the mortgage period ?

It seems these questions should be asked directly of the lender and not "guestimated" with vague info.

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Inflammatory Troll comment removed.

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Without wishing to state the obvious, but hasnt the bank or the lady determined the mortgage period ?
It seems these questions should be asked directly of the lender and not "guestimated" with vague info.

Well with time everything would be “estimated” because we’re still at the initial stages of the process. That is why I am seeking for opinions of the TV members who’ve been through this process themselves.


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Posted (edited)
2 minutes ago, ThomasThBKK said:

We are talking about 2 mio USD not THAI BAHT? It's unclear.

Thailand forum so safe to assume BHT....doh

Edited by cranki
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2 minutes ago, cranki said:

Thailand forum so safe to assume BHT....doh

Well, i never saw someone paying off a 2 MIO THB loan over 30 years, seems ridicoulus to me. 

That's like 5500 Baht a month...30 years of debt for 60k usd... urgs.

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Well, i never saw someone paying off a 2 MIO THB loan over 30 years, seems ridicoulus to me. 
That's like 5500 Baht a month...30 years of debt for 60k usd... urgs.

There’s always a first time. When a relatively young person whose been working in this country & relies on the money that he earns, 2M baht starts to look serious money .. We’re talking about 12-14k average monthly payments here because even though the value of the house might be 2M, in the end it totals up to around 3.5M over time..


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1 minute ago, Avrock said:


There’s always a first time. When a relatively young person whose been working in this country & relies on the money that he earns, 2M baht starts to look serious money emoji56.png.. We’re talking about 12-14k average monthly payments here because even though the value of the house might be 2M, in the end it totals up to around 3.5M over time..


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yeah fair point, would save money first for a downpayment. 

 

Easier to get a better mortgage then and would make sure you can at least pay off before the 30 years are over or take one over 15 or 20 years max...You are essentially paying  double with a 5% mortgage over 30 years as is.

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 "What I’m curious about is that over a period of 30years suppose we pay double the amount of the actual value "
 
How can anyone answer that without knowing the agreed term of the mortgage, the amount borrowed and the amount of deposit ? and repayment value ?

Again like I said that it’s to early to give an accurate evaluation because the process involves the people from the bank coming to the property physically then assessing the value of the property & then giving the exact figures.All I have right now is a general understanding that was based on 2M loan with 5%MLR over a period of 30years. That is the general layout given to a buyer by the townhouse managements & in our case the bank directly.


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22 minutes ago, ThomasThBKK said:

Well, i never saw someone paying off a 2 MIO THB loan over 30 years, seems ridicoulus to me. 

That's like 5500 Baht a month...30 years of debt for 60k usd... urgs.

Yeah...really....well I bought two condos 8 years ago....for 3 mil baht each...terms were for 30 years based on minimum repayments....of course I didn't pay the minimum figures...both owned outright now.

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Again like I said that it’s to early to give an accurate evaluation because the process involves the people from the bank coming to the property physically then assessing the value of the property & then giving the exact figures.All I have right now is a general understanding that was based on 2M loan with 5%MLR over a period of 30years. That is the general layout given to a buyer by the townhouse managements & in our case the bank directly.

 

 

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If you are going to be the guarantee of the mortgage then you won't get a 100% mortgage, difficult even for Thais these days so you will need some down payment.

The rates you have given are pretty standard but you should really be considering a much shorter loan period.

 

Sent from my SM-A520F using Thailand Forum - Thaivisa mobile app

 

 

Forgot to add the agents that sit in the moohban office will all say we will give you loan no problem....they aren't the people who sign off on the loan

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