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Home » Reader question » Reader question: Can I lend money to my Thai partner with a house as collateral?
Dear readers,
I want to build a house in Thailand (Isaan). My wife (Buddhist married to her) doesn't have the money for that. I can lend it to her with the house to be built as collateral, is that possible?
Please comments
Regards,
Robert
Actually you mean give her a mortgage , don't know if you are allowed to do this as a foreigner .
But if allowed, this could well be the extremely safe means to secure yourself not to lose (your) house at some point in various possible scenarios since you are a mortgager!
However, in such a case you could make it even more watertight by renting that house yourself at a higher rent than the monthly installment that she would have to pay, so that for a possibly too closer eye it does not look like a circumvention of property house and land. to aim .
All this then neatly arranged via legal mortgage contract, AND indeed payments of rent and mortgage (vest pocket-pocket operation) via bank, preferably with a few days in between.
This is just a personal thought option v/me, don't know if it's possible, but seems watertight to me.
You must believe in your girlfriend, wife or not…
Even if you get that house in isaan as collateral. If things go wrong between you, you can do nothing with that house. How the hell are you going to recover your money from a house in the isaan that is not registered in your name and which is most likely not a full-fledged chanoot. The house will probably be on her or the family's land.
Mortgage on movable property? Is that possible in Thailand? In the Netherlands you can only be a mortgagee (= lender) on immovable property. Is the background yours then? Seems strong, this is Thailand. In Thailand, a house is a movable property.
Also keep in mind that if she pays you interest, that interest is subject to withholding tax in Thailand.
There are other methods of assurance; usufruct, right of superficies and long-term rent. These rights are stated in the law and are noted on the chanoot. What Jan says: trust her, and me
add: or don't.
Consult a lawyer; it costs money, but if you split up and also get into trouble about that loan, then two of them will laugh…
http://www.isaanlawyers.com/ they have a good reputation and experience and are known locally
no experience with them
A friend of mine had the same thing, ultimately the judge ruled that a foreigner is not allowed to lend money to a Thai, even if it is his girlfriend, and certainly not to build a house, he is only allowed to donate money so that she can build a house there. it is her business, he no longer has any right or claim to anything
@Leen
Then it is indeed not possible to give a mortgage, but not possible with that other reaction regarding movable property…., a mortgage is given with the entirety in guarantee, now forget that separate arrangement that makes it possible to own a house in ownership but not the land, is normally non-existent in mortgages, but is sometimes used by the foreigner to cover himself in case of marital problems, if no compensation can be arranged, the only option is to break down the whole and then the bare ownership neatly to lady!
(bitter revenge), heard the case once and inquired with lady from Isaan, and received a confirmed answer, lady looked strange and confused, not friendly anymore, that the farang knew this was apparently unwelcome news, maybe spoiling commerce? ,
I don't know if a company CAN provide a mortgage, but I strongly suspect that it is!
Since then there is a legal personality that gives a mortgage , and it is no longer spoken and written that it comes from a person and in particular from a foreigner who is not Thai .
This only because of the LTD form or possibly others
So you are NOT legally married at all so she is a complete stranger and so are you! In my opinion, the only thing you can do is to have a usufruct made on the GROUND for 30 years in your name, because with a usufruct for life you run the risk if they liquidate you that it will soon be hers again. This may be far fetched, but anything is possible here!
Dear Jan, is there a lifelong usufruct? Thought for a maximum period of 30 years and then extension is possible again.
Jan Beute.
yes Jan, I have a lifelong usufruct. It just cost me 75 baht at the land office in Saraphi – Chiangmai.
Jan, this is what the NL notary info says.
When does usufruct end? Usufruct usually ends with the death of the usufructuary, or the surviving spouse of two (or more) users. It can also end by renunciation (by notarial deed) or by the expiry of the period for which the usufruct was purchased or donated.
But in Thailand it can be completely different. So: go to an expert…..
Eric, this is exactly the same here. I went to a lawyer who advised me to do this myself at the land office for 75 baht, despite the fact that there are enough examples on the internet to take a law office that will easily charge you 30000 baht. He was honest enough to give me that information without thinking of his own profit. A friend who has a law office in Phuket also recommended this to me. I also know where it is supposedly not possible to take a usufruct, but then it is probably a conversation between the woman and the lawyer who wants to leave the land fully in her name. That's how I know it.
and why don't you explain that procedure here, so that everyone benefits from it? greetz.
Dear,
Short and concise, no, do you want security of your hard-earned money.
Good luck and greetings.
Gino.
legal marriage is a solution, everything acquired after marriage is community so half of the house is legally yours 🙂
If it is possible to provide a loan, make sure that it goes from bank to bank. Do not borrow black money, because you will go to jail.!!
Apart from whether a loan to your own Thai wife is possible, I read between the lines in your relationship a lot of mistrust and uncertainty that accompany you in this relationship.
Normally, especially if you have married this woman, you should have so much feeling and confidence that you need to talk about a gift and not about a loan.
The reason why they need us as Western men at all is very often because they can never get it together financially on their own.
What would you do in the event that she cannot repay it, would you live in the house yourself, or would you consider selling a house of which the plot is most likely her exclusive property?
Or, if she can't pay it back, would you break off a relationship just because of this fact, which until now was considered worthy of marriage.
Why do you think that a Thai woman starts a relationship with an often much older Farang, if this social security would play no further role.
Wake up and come to the conclusion that she married you too because she is counting on your help.
A help that balances what it has to offer you, can mean a happy and honest relationship.
I do not lend my wife anything, I do everything in common with her, and if I found all kinds of collateral necessary, I would never have married her.
Dear Robert.
No that is not possible.
Which is a possibility, if you are married under Thai law, your entitlement
can make on the house.
More is really not possible, so I would think about this in good "faith".
Yours faithfully,
Erwin
My girlfriend sold the house after 10 years and disappeared after the debts were paid.
Although there was a contract. You can't pluck feathers from a bald chicken
Be warned.
Dear Robert,
As an experienced expert I can tell you it is possible.
I myself have been a mortgage holder of land and my ex-wife has been a mortgagor of the land in Thailand.
The land office said it was not possible, but I had the telephone number of the head office in Bangkok with me and I asked if they could call that. Then it was possible.
A mortgagee can be a bank, but also an employer or a family member or any legal entity. Think of Makro Tesco and its so many companies that are mortgage holders here in Thailand.
However, it is required that this is registered at the country office. This requires the correct contracts in both Thai and English.
My email is known to Thailandblog you can email me.
When my relationship ended, the obligations were maintained and the land was sold and I got most of my money back.
Arrange it well costs 3% or so and you have to buy the contracts but then you have certainty.
Of course, many have the gut feeling that it is not possible and the gut feeling often applies, but not with registered real estate.
Peter, questioner is talking about a mortgage with a HOUSE as collateral. You have LAND as collateral. That does make a difference.
Eric..
A house or country is not the same, but I am talking about a registered property, read carefully. Not much difference with the Netherlands. In the Netherlands you do it at the land register and here at the land office.
A mortgagee takes out a mortgage on the registered property. The registered property cannot be sold without the mortgagee being paid.
If the mortgagor does not meet the obligations, the mortgagee can quite easily have the registered property sold.
But Erik I'm not going to convince you. Everyone has their own knowledge and experience. And of course I really understand that there is a difference between a country and a house.
But yes there are people who build a house on someone else's land just like there are people who don't know the difference between a house and land but come on normally you don't build a house on someone else's land or you do that with at least a lease contract and then still well substantiated.
You can never become the owner of the land in Thailand, but you can own the house. If you have a house built on your girlfriend's or wife's land, you can have the house put in your name and this will be registered in the Land Department on the chanord. Get a lawyer and they will help you. Not the same as many do that you have the right to live in the house for life until you are gone. You retain ownership of the house (not the land) and you can even sell the house but not the land. I've done this twice already with no problems.