Site Search:
 
TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International
Korean Job Discussion Forums Forum Index Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Korean Bank Loans - Foreigner/Korean Couple

 
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> General Discussion Forum
View previous topic :: View next topic  
Author Message
Savant



Joined: 25 May 2007

PostPosted: Mon May 05, 2014 6:04 pm    Post subject: Korean Bank Loans - Foreigner/Korean Couple Reply with quote

The girlfriend and I will be registering our marriage this summer and are currently looking for a new place to move into.

She prefers the 전세 route; while I am apprehensive at turning over such a large sum of money to a landlord who needs to give our money back at the end of our contract.

Currently, we do not have enough money to put up for all of the 전세 so likely need to take out a bank loan (mortgage). However, the girlfriend tells me that even when we are married the bank will not consider my salary (assets) while deciding how much money they can give us.

How did other expats get a loan with their Korean wife/husband?
Did you get a loan based on your joint assets or just through your wife's/husband's assets?

Thanks for your time.
Back to top
View user's profile Send private message
saram_



Joined: 13 May 2008

PostPosted: Mon May 05, 2014 6:54 pm    Post subject: Reply with quote

I would say your best bet is Woori Bank.
Doesnt matter if you bank with them already or not.

They have a Government Supported Program (국민주택기금 전세자금대출) in there and are fine with facilitating loans to International Couples who meet the right criteria even when 1 partner is not working. The loan can be in the Korean person's name with the foreign person being the guarantor or vice versa.
There are some conditions to meet but reasonable.
Have a search for the above Program and or visit a Woori Bank to see what they can do.

Hope that helps.
Back to top
View user's profile Send private message
Savant



Joined: 25 May 2007

PostPosted: Mon May 05, 2014 7:15 pm    Post subject: Reply with quote

saram_ wrote:
I would say your best bet is Woori Bank.
Doesnt matter if you bank with them already or not.

They have a Government Supported Program (국민주택기금 전세자금대출) in there and are fine with facilitating loans to International Couples who meet the right criteria even when 1 partner is not working. The loan can be in the Korean person's name with the foreign person being the guarantor or vice versa.
There are some conditions to meet but reasonable.
Have a search for the above Program and or visit a Woori Bank to see what they can do.

Hope that helps.


Any help is good for me right now.

My girlfriend has looked into the 국민주택기금 전세자금대출 and here is where it gets stupid.

In order to qualify both of you need to have a combined salary of 55 million or less but they only calculate the loan based on the Korean partner's salary.

E.g. The foreigner makes 40 million annually and the Korean makes 15 million annually. The bank considers the loan amount based on the Korean's 15 million even though together they make 55 million.

Korea is only so sparkling for international couples to a very small point.
Back to top
View user's profile Send private message
saram_



Joined: 13 May 2008

PostPosted: Tue May 06, 2014 5:02 am    Post subject: Reply with quote

The only thing I will say there is I think ye both need to visit the bank in person and ask them what ye need exactly to qualify for such a loan. Maybe ye have done that but if not it's definitely worth it. Different people and bank branches say different things.

The conditions change from time to time too I believe.
Its kind of case by case and this program has been very beneficial in our case
The Insurance we pay counts as much as salary for example.

Id visit a bank and ask them for a list of what ye need exactly.
It may be well worth it.
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> General Discussion Forum All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


This page is maintained by the one and only Dave Sperling.
Contact Dave's ESL Cafe
Copyright © 2013 Dave Sperling. All Rights Reserved.

Powered by phpBB © 2001, 2002 phpBB Group

TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International