This scenario maybe used when the person who will own the property, may not have enough income to support the loan application therefore, additional person/s can help support the loan approval by acting as a co-borrower or guarantor. Of course, this will also mean they are equally responsibly for repayment of the loan even though not having any legal right over the ownership. Evidence to repay the loan can be from either Thai or overseas income and the borrower may also live either in, or outside of Thailand.
1. Lender Loan Application Form
a) Does not need to necessarily be correct first time, can always be amended later. Fill in as best possible to begin and email for checking over.
b) Thai Individual will be the main borrower/borrower one, and co-borrower/guarantor will be borrower two.
2. ID Card (Both Thai Individual & Co-Borrower/Guarantor)
a) ID card and House Registration (Thai).
i) ID card must be a colour copy.
b) Passport & last few VISA entry stamps (Foreigner)
i) VISA entry is not necessarily needed to be for Thailand entry. Is used to show both local and international, recent travel.
3. Marital Status (Both Thai Individual & Co-Borrower/Guarantor)
a) Single - Please move onto step 4.
b) Married - Require copy marriage certificate & than, spouse ID & house registration (Thai) or passport (Foreigner).
i) Spouse will need to sign, consent to borrow and consent to mortgage before go land office.
c) Divorced - Require divorce certificate.
d) Widowed - Require spouse death certificate.
4. 6-12 Month Bank Statements (Both Thai Individual & Co-Borrower/Guarantor)
a) Preferably the account/s where most income goes.
b) Other accounts are also useful, regardless of whether any money is deposited.
c) Document/s submitted must show the account name and account number to match borrower.
d) Document/s submitted should show “deposits”, “withdrawals” and a “running balance”.
e) Can either be Thailand or overseas based bank accounts.
i) If overseas and in foreign language, must be translated to either English or Thai. Only the front page which confirms the name, deposit headers and withdrawals etc. needs to be translated, the rest is usually just numbers.
f) If for example, the printout states page 1 of 6, 2 of 6…..etc. than require all 6 pages regardless of whether any blank pages.
5. Credit Bureau Report (Both Thai Individual & Co-Borrower/Guarantor)
a) In Thailand, this can be obtained from the National Credit Bureau (NCB) Thailand. If in Bangkok, it can be printed while waiting inside one of their branches OR outside of Bangkok, such as Pattaya, can be obtained from any Thanachart bank branch and may take around 10 working days.
b) If overseas, please obtain from a similar central bureau center or obtain a letter from bank, to confirm of good standing and no bad debts.
c) The idea of this report is to confirm the borrower has no bad debts.
6. Job Status (Both Thai Individual & Co-Borrower/Guarantor)
a) Self-Employed
i) A letter from your accountant to confirm start date, position and last year’s gross income.
ii) Full set of company registration documents to show ownership percentage
iii) Last year’s company financial statements.
iv) Company bank statements are useful, if decent income has been deposited through the account within the last 6-12 months.
v) Business Card (if available)
b) Retired
i) Evidence of wealth such as bank accounts with deposits, pension statements/income.
c) Employee
i) A letter from your employer to confirm start date, position and last year’s gross income.
ii) Last 3 months pay slips
iii) Business Card (if available)
d) Semi-Retired Property/Investor
i) Copies of property ownership documents
ii) Rental income contracts
iii) Investment portfolio summaries with income evidence.
iv) Business Card (if available)
7. Property (Villa/House) being used as Collateral for Loan
a) If using loan to buy property
i) Sales & purchase agreement or sales quotation
ii) Copy of freehold land chanote title (front & back)
iii) Copy of construction permit
iv) Google map link to exact location
v) Recent photos
b) If own property already and would like to refinance
i) Sales & purchase agreement contract
ii) Sales & purchase agreement land office
iii) Copy of freehold land chanote title (front & back)
iv) Copy of construction permit
v) Google map link to location
vi) Recent photos
Thai Villa Document Requirements (Step 2 of 4)
Sole Ownership,
Thai Individual Person with a Co-Borrower/Guarantor
A download with easier to read formatting of the full information is available here.
Global Mortgage Finance
(Thailand Property and Land Finance Specialists)