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Camerata's Guide To The Permanent Residence Process

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18 minutes ago, beeper said:

Is this standard procedure for all life insurances in Thailand?

No it isn't.

My former Thai wife was required to buy a Life Insurance with her home loan, no medical or tests required.

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5 hours ago, beeper said:

I have PR for over 2 years now and have secured a mortgage with UOB (same as available for Thais) to buy a condo. The mortgage has to be accompanied by a life insurance.
Insurance company Prudential is asking me to submit to an HIV test before finalizing the insurance.
Is this standard procedure for all life insurances in Thailand?


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I have a life insurance policy with Prudential which I took out just to take advantage of the tax benefit.  I was not asked to undergo any medical tests and wouldn't have bothered with the policy, if they had asked for that, because it was not essential to have it.  The sales rep came to my house and I remember asking her about medical tests and she said they sometimes asked for but it wouldn't be necessary in this case without further explanation.

 

A friend had a very similar case to yours. His Thai wife applied for a mortgage for a house and the bank insisted on life insurance with a firm that asked her for medical checks.  He got so irritated with the bank for being slow and giving conflicting information and the insurance company that he told both he would blow them off, if the latter still insisted on the medical checks. Miraculously the insurance rep came back to him and told him that he no longer needed the medical checks.  My understanding is that these medical checks are not compulsory in every case at most insurance companies but they try to get them, if they can, to reduce their risk. However, insurance reps make a fair bit of upfront commission on life policies and, if they see that about to vaporise in front of their eyes, they may put pressure on the boss to waive the medical checks.  Perhaps they have to agree to a charge back of commission, if the insured then kicks the bucket from AIDS in short order.   

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18 hours ago, samran said:

Yeah I was confused why such an old ministerial order was placed on the same page as the 2019 announcement but figured they knew what they were doing...

 

So am i right to understand that if you apply on the basis of having three years consecutive work and visa history - that if you just also happen to be married to a Thai citizen they will automatically lower the income threshold? 

 

Or are you technically applying under another category?

If there is no longer a salary requirement in the current guidelines, I think we can assume that the basic requirement of B80,000 a month applies to applicants providing "patronage".  I doubt than anyone was ever successful applying on the basis of B30,000 income of the patronage provider when that was in the guidelines or ministerial order. Those who have tried applying under this category have reported earlier in this thread that they had to meet all the same qualifications as those applying under the regular business category.  Those who applied under the investor category reported the same thing and advised applying under the business category as regular employees instead to avoid overly burdensome scrutiny of the business they have invested in. Basically there is one category for application for PR, as far as Immigration is concerned, and the others are just there for show and to give them the opportunity to demand more documents from applicants with no benefit to the latter.  I have also heard that lawyers regularly advise their clients that they need to show more than the B80,000 minimum salary to have a chance but can't say, if people get through with the minimum.  Perhaps that would be a case where providing patronage to a Thai wife and kids would help actually help.

 

What I am not sure about, although I am sure there is discussion about it earlier in this thread, is whether you have to apply under the patronage category in order to get the discount for having a Thai spouse. I think not but maybe someone with more experience can chip in on this point. 

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I got a housr mortgage without PR or medical checks. However, the buildrr of the house was the vice president of the bank next to my bank.

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I have a life insurance policy with Prudential which I took out just to take advantage of the tax benefit.  I was not asked to undergo any medical tests and wouldn't have bothered with the policy, if they had asked for that, because it was not essential to have it.  The sales rep came to my house and I remember asking her about medical tests and she said they sometimes asked for but it wouldn't be necessary in this case without further explanation.
 
A friend had a very similar case to yours. His Thai wife applied for a mortgage for a house and the bank insisted on life insurance with a firm that asked her for medical checks.  He got so irritated with the bank for being slow and giving conflicting information and the insurance company that he told both he would blow them off, if the latter still insisted on the medical checks. Miraculously the insurance rep came back to him and told him that he no longer needed the medical checks.  My understanding is that these medical checks are not compulsory in every case at most insurance companies but they try to get them, if they can, to reduce their risk. However, insurance reps make a fair bit of upfront commission on life policies and, if they see that about to vaporise in front of their eyes, they may put pressure on the boss to waive the medical checks.  Perhaps they have to agree to a charge back of commission, if the insured then kicks the bucket from AIDS in short order.   

Thanks good to hear there seems to be some flexibility. Insurance contract, mortgage contract and condo contract are signed and their request to test came after that. Will sit it out and see what happens


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On 10/3/2019 at 10:02 AM, Neeranam said:

I got a housr mortgage without PR or medical checks. However, the buildrr of the house was the vice president of the bank next to my bank.

Would be interesting to hear how you got a house mortgage for a house you are not allowed to legally own in Thailand. Well, I know there are ways around it, with leasing contracts etc, but there aren't a way to mortgage a leased property either...  

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On 10/3/2019 at 2:32 AM, beeper said:

I have PR for over 2 years now and have secured a mortgage with UOB (same as available for Thais) to buy a condo. The mortgage has to be accompanied by a life insurance.
Insurance company Prudential is asking me to submit to an HIV test before finalizing the insurance.
Is this standard procedure for all life insurances in Thailand?


Sent from my iPhone using Thaivisa Connect

I bought 2 condos 3-4 years ago with a mortgage from Kasikorn. The life insurance covering the loan is from Kasikorn's own insurance company. I don't recall the exact amount of the premium but it is less than 10k p/a.

 

I don't recall being asked anything at all from the insurer, certainly no medical checks.

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17 hours ago, thedemon said:

I bought 2 condos 3-4 years ago with a mortgage from Kasikorn. The life insurance covering the loan is from Kasikorn's own insurance company. I don't recall the exact amount of the premium but it is less than 10k p/a.

 

I don't recall being asked anything at all from the insurer, certainly no medical checks.

Same here with Bangkok Bank, about 6 years ago. When I paid off the loan faster than expected, they returned the remaining part of the insurance fee.

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Same here with Bangkok Bank, about 6 years ago. When I paid off the loan faster than expected, they returned the remaining part of the insurance fee.


Thanks. Out of curiosity, for your respective mortgages did you require a Thai co-signatory?
I checked 10 banks for mortgage for PR holder but only UOB did not require Thai co-signatory

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13 hours ago, beeper said:

Thanks. Out of curiosity, for your respective mortgages did you require a Thai co-signatory?
I checked 10 banks for mortgage for PR holder but only UOB did not require Thai co-signatory

 

I am not 100% sure, but yes, I think so. If so, I think this was not because I am foreigner but because Thai banks always need another person guarantee for a loan.

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14 hours ago, onthemoon said:

I am not 100% sure, but yes, I think so. If so, I think this was not because I am foreigner but because Thai banks always need another person guarantee for a loan.

I didn't need any guarantee when i bought a condo years ago.

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