Loans for the LGBQT+ Couples Joint Loan What documents do we need? What banks will approve?

Loans for the LGBQT+ Couples Joint Loan What documents do we need? What banks will approve?

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6 months ago

In Thailand, loaning and joint loans can be achieved regardless of marital status. Many financial institutes offer opportunities for the LGBTQ+ community and couples from that community to apply and approve home loans. So what is required and how do we go about it? The following information will shed light on all of these aspects.

What is classified as Joint Loaning?

Joint loaning is a single loan agreement that is signed by more than one person. The joint loaners must be either spouses, relatives or otherwise related. The bank determines the number of joint loaners allowed normally allowing up to three joint loans. The approval of the loan is determined based on credit scores and ability to pay monthly installment compared to the amount of money being requested.

Joint loan? Why?

Buying a house is a big step in anyone's life. It requires stability and sufficient income and resources to support a home. If you are seeking a loan as an individual, you may be able to borrow less money than with joint loaners. When joint loaning, all income is added into the equation therefore being able to achieve a higher level loan.

Can Couples from the LGBQT+ Community Joint Loan?

Should a couple from the LGBQT+ community wish to apply for a loan this can be achieved. However, whether registered or not, there must be evidence of the relationship. This may include wedding photos or a certificate of cohabitation. Couples must submit photographic evidence of their habitual living. If LGBTQ+ individuals wish to apply for a joint loan they must be directly related. However, with evidence of a relationship, such as wedding photos or cohabitation certificates (banks can provide these). Evidence such as photos of the period of time together will also help support the application process.

Document Required:

• Every bank will have a different set of requirements so the following list is an example:
  • Letter from employer of income.
  • Payslips for the past six months
  • Bank account statements for the past six months

• Additional documents for LGBTQ+ joint loans, such as:
  • Details of joint bank accounts
  • Signing a bank cohabitation certification
  • Wedding photos (if available)
  • Photos confirming the relationship
  • House registration in both names
  • Documents for other joint properties, such as cars (if available)
  • Documents confirming joint business ventures (if available)
  • Signing the loan application form to confirm the relationship as partners

Banks for the LGBTQ+ Community

1. Bank of Ayutthaya (Krungsri):

Bank of Ayutthaya (Krungsri) offers a homeowners loan for partners that wish to live together. They may apply together and must both be named on the house purchased. A long term loan will only be offered if the relationship can be fully evidenced for the loan to be approved.

No matter your definition of a partner, you can apply for a home loan to buy a house together. This loan can be applied for residential projects and second hand homes from real estate projects with the Bank of Ayutthaya (Krungsri).

2. Kasikornbank (KBank):

Whilst not directed at the LGBQT+ community, a friend's application can take place with Kasikorn Bank.

• Qualification for Loans:
  • 20 years plus. Age at end of loan not more than 70 years old.
  • Minimum salary of 15,000 baht per month.
  • Minimum employment history 1 year, can use multiple employers if required.
• Details and Conditions:
  • Subject to the bank's assessment criteria.
  • Maximum loan - 90 percent of house value.
  • Max repayment period 30 years.
  • Up to 3 joint loans allowed.

3. Siam Commercial Bank (SCB):

Collaborating with property developers Siam Commercial bank already offers loans to LGBTQ+ groups The groups are considered a party of the customer group with special consideration for equality and universal housing needs. The bank refers to them as non-related joint loans.

• Qualifications:
  • Minimum age 20 years old.
  • End of loan period must be 65 years old or below.
  • Income at least 3 times the installment payment.
• Details and Conditions:
  • Subject to the bank's assessment criteria.
  • Maximum loan - 90 percent of house value.
  • Max repayment period 30 years.
  • Homes supported by the bank may be eligible for an additional 10 percent loan.

4. Government Housing Bank (GHB):

GHB offers a special My Pride loan. This is for members of the LGBQT+ community that are in stable relationships and wish to buy a property together.With an interest rate of just 3.75% fixed for 3 years it is an attractive option that is available.

• Actual interest rates throughout the contract period are divided into:
  • Welfare customers = 4.67%
  • Subsidiary customers = 4.99%
• Objectives of the My Pride loan program for LGBTQ+ couples:
  • To purchase land with buildings, including single houses, townhouses, commercial buildings, and condominiums.
  • To purchase vacant land owned by the bank as NPA (Non-Performing Assets).
  • To pay for Mortgage Redemption Term Assurance (MRTA) along with applying for loans for the main purpose of the product.

5. TMB Bank (TMB):

TMB does provide loans with the request to require additional evidence to confirm the relationship. This may include photos or joint living documents. Loan terms and conditions are the same for everyone regardless of sexuality.

Note: Terms and conditions change from time to time, please contact the bank to get the latest terms and conditions.

6. Government Savings Bank (GSB):

As per other banks, no specific tool or promotion. The offers are made as per everyone with the documentation required.

• Loan Amount
  • Loans for residential properties or purposes including additional loans for purchasing furniture, home decoration, or other necessary items for living will not exceed 110 percent of the value of the loan.
• Loan Repayment Period
  • For loans for residential purposes:
    • Will not exceed 40 years. The loan must end before the loaner reaches 70 years old.
  • For additional loans for purchasing furniture, home decoration, or other necessary items for living:
    • Not exceeding 40 years. However, it must not exceed the loan repayment period for loans for residential purposes.
  • For additional loans for life insurance premiums to secure the loan and/or for additional loans for fire insurance premiums:
    • Not exceeding 30 years.

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