Getting a loan
Getting a loan
[*]
My wife is Cambodian and she owns some property and I inquired that getting a short term loan using it as collateral. She said it would be a year long process and that I don't understand how the banking system works here in Cambodia. I said I guess you're right because it doesn't work that way in any other country that I am aware of.
Am I just totally ignorant or is she mistaken?
My wife is Cambodian and she owns some property and I inquired that getting a short term loan using it as collateral. She said it would be a year long process and that I don't understand how the banking system works here in Cambodia. I said I guess you're right because it doesn't work that way in any other country that I am aware of.
Am I just totally ignorant or is she mistaken?
Re: Getting a loan
What is the loan for?
She can get approved in a day, although the interest rate is high.
It's more likely there are already loans on that property and/or she either does not own it (have you seen the hard title?) or it is co owned by another family member and they have fallen out!
She can get approved in a day, although the interest rate is high.
It's more likely there are already loans on that property and/or she either does not own it (have you seen the hard title?) or it is co owned by another family member and they have fallen out!
Re: Getting a loan
The bank will want to at least see, and maybe hold, the title to the land. Don't just assume she has one. Getting one can be a drawn-out process.Big'n wrote: ↑Tue Feb 06, 2024 10:34 am [*]
My wife is Cambodian and she owns some property and I inquired that getting a short term loan using it as collateral. She said it would be a year long process and that I don't understand how the banking system works here in Cambodia. I said I guess you're right because it doesn't work that way in any other country that I am aware of.
Am I just totally ignorant or is she mistaken?
Re: Getting a loan
the bank loan process is super easy if you have the proper land docs. took one out a few years back and the i rate was about 7.99%. bank will however keep it in their possession but you can request official copies or such when doing other stuff e g. tax/registration.
cam land/home docs can be a pain to deal with so as long as she has the title its painless with the bank.
if the docs questionable then she'll have to navigate the incompetent fixers and bureaucrats
this new land reg a painful process imho
cam land/home docs can be a pain to deal with so as long as she has the title its painless with the bank.
if the docs questionable then she'll have to navigate the incompetent fixers and bureaucrats
this new land reg a painful process imho
Re: Getting a loan
Thanks for your help folks. She has the hard title so that is not the issue here. I think that this was the wife's way of saying, "No, I don't want to do this!"
Re: Getting a loan
She will need the Hard Title to her land, steady income, proof of employment/business ownership, and a Guarantor....tick all those boxes and loan can be approved same day. Bank will keep the original Hard Title as collateral.
Re: Getting a loan
Do they want a third party guarantor on top of land securitisation? I thought the whole point of offering land/real property was this provides the necessary bank guarantee of being paid in the event of a loan default.
Is the guarantor perhaps used to provide additional leverage to ensure the performance of the loan?
-
- Similar Topics
- Replies
- Views
- Last post
-
- 20 Replies
- 1265 Views
-
Last post by YaTingPom
-
- 32 Replies
- 7189 Views
-
Last post by CEOCambodiaNews
-
- 23 Replies
- 3321 Views
-
Last post by ogtheclever
-
- 8 Replies
- 2635 Views
-
Last post by daeum_tnaot
-
- 2 Replies
- 941 Views
-
Last post by Tootsfriend
Who is online
Users browsing this forum: Semrush [Bot] and 575 guests