Documents used for Home Loans

Having a house might be a dream for some salarymen who have just passed the probationary period or those who want to settle down. Today, we are going to observe the price for a house, the documents to use in home loans and the qualified qualification to loan successfully. You can find all the answers in this article.

How much of the salary to do a home loan?

The minimum of the salary should be around 10,000 – 15,000 baht per month and have worked full-time for at least 6 months or passed the probationary period. The important thing is do not have a liability to be paid more than 60% of the salary per month otherwise you cannot loan for a home or have to find another person to be a joint borrower at the beginning. Thus, ACU has some tips to calculate the home loan for everyone. Normally, the regulations of the bank will give a loan for 40% of the income. However, after the outbreak of Covid-19, the Bank of Thailand has adjusted the criterias for home loan at a higher rate for loan. The way to calculate is to multiply your salary with 60 which will equal the minimum amount of home loan in case that you do not have any debt. For those who have debt to pay such as car installment, mobile phone installment and electricity device installment, the bank will give a loan about 30%-40% of the income. The way to calculate is to multiply your salary with 30 which will equal the ability to pay for home installment.

Documents that should be prepared for Home Loan

These documents are important to file to the bank in order to get a Home Loan.

1.Personal Documents used to inform the bank about who you are, where you live in order to verify your identity. 

  • ID card
  • Certificate of First Name Change if have
  • A copy of the marriage certificate and a copy of a couple’s ID card.

2.Document showing income is the proof for work, fixed income no matter if you are a regular employee or self-employed.

  • Regular employee: A salary certificate, A pay slip for the past 3 months, A copy of the account for the past 6 months.
  • Self-employed: A copy of account for the past 12 months together with other financial evidence. A copy of commercial registration certificate
  • including Company registration, Partnership register, Proof of taxation and Self-employed photographs.

3.The letter consented to the examination of the overdue history of the debt in order to check credit worthiness and ability to repay the home loan.

4.Joint borrower’s documents: Joint borrowers need to bring Identification documents, documents that show income and the letter consented to the examination of the overdue history of the debt.

Other expenses when buying a house

ฺGet a home loan for buying a house does not mean that you can move in immediately, there are other expense waiting for you

  • The expense on transfer date such as stamps, area assessment and mortgage fee.
  • Annual maintenance fee such as common fee, house maintenance and fire insurance.
  • The expenses after moving in are interior decoration cost, electricity and water bill.

Buying a house means you have a great deal of debt to pay. Plan your financial plan and study about the condition of each bank completely before buying a house.

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