Having your own home is a dream for many people, but it often comes with many questions, such as what steps to take and whether it's possible to buy a house with a low income. One of the most common questions is, "I want to own a house, but I have a low income. What can I do?" MoneyGuru.co.th has researched this topic and gathered information to help those aspiring to own a home get closer to their dream.

In this example, we will consider a case with a monthly income of 15,000 Baht and a stable job. Based on the information gathered, it is indeed possible to buy a house with a monthly income of 15,000 Baht, but there are other important details to study before making a purchase.

Here are 6 methods that people with low incomes often use to buy a house:

1. Find a Co-Borrower

If your salary alone may not be enough to qualify for a mortgage, consider finding someone to co-sign the loan. This could be a parent, sibling, partner, or someone you trust. The co-borrower must meet two main criteria:

1.1) They should not have any outstanding debts, such as credit card debt or overdue payments on their credit report, and should not have significant financial obligations.

1.2) They must have a job and receive a salary, or if they own a business, they should be paying taxes correctly.

If you have any additional questions, feel free to ask the real estate agent, as they can provide guidance.

2. Make a Larger Down Payment

If your income limits the amount you can borrow, you may need to pay a larger down payment upfront. This is often the case when you cannot find a co-borrower. A good rule of thumb is to prepare about 40% of the home's price as a down payment. For example, if you want to buy a house priced at 1.5 million Baht, a 40% down payment would be 600,000 Baht. After paying the down payment, you would still owe 900,000 Baht, which reduces the amount you need to borrow, making it easier to manage repayments. However, this requires diligent saving.

3. Increase Your Income

Finding ways to increase your income can be a great solution. By expanding your income, you also increase your opportunities. Use your desire to own a home as motivation to improve yourself and increase your earnings to afford a house.

4. Save Money Systematically

If you want to make a larger down payment, you need to be diligent about saving. Consider increasing your income to boost your savings. You might also plan long-term by deciding which bank to borrow from and opening a fixed deposit account there to build a good financial history with the bank. Small savings can add up quickly, so keep saving consistently.

5. Avoid Credit Card Debt or Financial Obligations

Having existing debts can make it difficult to qualify for a mortgage. It's best to have no outstanding debts or financial obligations when buying a house, as this increases your chances of loan approval. Sales representatives usually inquire about this when you make a deposit and sign a purchase agreement, so it's wise to clear your financial situation before buying a home.

6. Consider Financing Through the Project

This is another option if you cannot secure a bank loan but still want to own a home. You might be willing to pay a few thousand Baht more each month to have your own house. If this sounds appealing, ask the project sales staff if they offer financing options and inquire about the details to aid your decision. The downside is that the interest rates may be higher than bank loans, but the advantage is that while you are paying off the project, you can apply for a bank loan when you are more financially prepared.

(Thanks to information from: pattayavillage) MoneyGuru.co.th

Another important point to remember is that every new house requires furniture and appliances. Therefore, you should also set aside money for these expenses. We hope the information provided today will be helpful for those preparing to buy a home. MoneyGuru.co.th wishes everyone who dreams of owning a home the best of luck in achieving that dream soon!