If getting blacklisted, can I purchase a house?

For salaried workers on the blacklist who wonder if they can buy a home, the answer is no. They can't get a loan without first unblocking the blacklist. This is because loan officers will view the borrower's repayment ability as low, which could lead to loan rejection.


Can I buy a home on the blacklist?

The answer is yes, but you can if you apply for a joint loan with a family member with a clean credit history or have already been unblocked. This means that your name has been removed from the credit bureau. This requires a 2-3 year wait or if all debts have been paid off and there is no history of late payments. Salary workers who are considering owning a condo or a house can overcome this obstacle with the following two methods:

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Salaried workers can get out of the blacklist with good liquidity.

List all outstanding debts, including principal and interest.

Dividing debt into a single lump sum can help lower interest rates.

Adjust your repayment habits by paying your debts on time and keeping receipts for every loan application.

Save up a lump sum of money, including bonuses, commissions, and money earned from part-time work or bonuses. This will help pay off all debt, freeing up more money for a home loan.

Stop being a loan shark or applying for additional credit cards, as these are the main reasons why salaried employees end up on the blacklist.

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Salarymen are free from blacklisting due to financial difficulties.

Prioritize each type of debt, considering interest rates first, as soon as you realize you're experiencing financial difficulties.

Negotiate with the bank to restructure your debt, reducing interest rates and extending repayment periods after prioritizing your debts.

End loan sharking and use a lump sum savings or extra income to pay off each debt to permanently unlock your blacklist.

Recheck your blacklist information and collect evidence to confirm with bank officials as soon as you're cleared, as blacklist names are stored in your credit bureau records for three years.

Maintain clean credit to make it easier to apply for a home loan.

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Source of this article: Sansiri