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home loans in korea
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shaun k



Joined: 23 Jan 2003

PostPosted: Thu May 29, 2003 3:33 pm    Post subject: home loans in korea Reply with quote

is it possible to get 15 or 30 year mortages here in korea is you are married and are a teacher. i'd like to buy a small house someday (in next 5 or 6 years), but to save the entire amount in that time is a stretch. i'd like to borrow some of it.
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kimcheeking
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PostPosted: Thu May 29, 2003 3:42 pm    Post subject: Reply with quote

If your wife is Korean you can get a loan. home ownership loans do not depend on income. They will give you whatever you need, at least that is what my wife told me. If you default bank takes home you live at seoul station.

I'm not sure about how long you can make the term.
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Stunted Wookie



Joined: 06 Feb 2003
Location: Sound Studio

PostPosted: Thu May 29, 2003 7:22 pm    Post subject: mortgage Reply with quote

Hi;
The wife and I were looking at buying a second apartment near Seomyeon (Busan) to possibly rent out; as this particular place is a new construction and would fetch decent/ fair rent.

They offer a 15-20 year mortgage with payments being under 200,000 per month based on a 30% down payment. If we rented that out with key money alone the interest earned on our tenants KM would cover our mortgage.
The interest rate this company offered was pretty good, I will dig out the flyer if I can and post it.....
It is smaller than our current place so we would not be moving...

But the point was that there are companies/ banks that do offer a long term mortgage, I just don't know how common this is.....
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itaewonguy



Joined: 25 Mar 2003

PostPosted: Fri May 30, 2003 4:13 am    Post subject: Reply with quote

we heard from our bank that the housing loan banks will give you 60% of the loan but you must come up with 40 %...

im sure there are others we just having found them yet..
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matthews_world



Joined: 15 Feb 2003
Location: Coming to a norae-bang near you!

PostPosted: Fri May 30, 2003 4:46 am    Post subject: Lending Rates in Korea Reply with quote

So far this has been a very informative thread.

Just curious what kind of interest rates people are finding in Korea.




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itaewonguy



Joined: 25 Mar 2003

PostPosted: Fri May 30, 2003 7:01 am    Post subject: Reply with quote

the banks give 60% of the loan to people with no so stable jobs..
and give 80% of the loan to people with good records and stable jobs..

interest rates out in Suji where I live, was 10%-15% cant remember..
but I will found out..
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steroidmaximus



Joined: 27 Jan 2003
Location: GangWon-Do

PostPosted: Sat May 31, 2003 5:05 am    Post subject: Reply with quote

we tried to get a loan, and the bank said "no, you're (my wife) married to a foreigner." So I cleaned out the bank accounts and scraped together the 30 million for key deposit. I was not happy, since I wanted to invest that dough. Whatever.
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kimcheeking
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PostPosted: Sat May 31, 2003 2:19 pm    Post subject: Reply with quote

steroidmaximus wrote:
we tried to get a loan, and the bank said "no, you're (my wife) married to a foreigner." So I cleaned out the bank accounts and scraped together the 30 million for key deposit. I was not happy, since I wanted to invest that dough. Whatever.


Does your wife have a job? probably not. We can get a loan but my income does not count because I am a foreigner. Only hers has value. Guess the theory is that because I'm a foreigner I might bail in the middle of the night. I guess Koreans are perfect and never default.
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itaewonguy



Joined: 25 Mar 2003

PostPosted: Sat May 31, 2003 11:50 pm    Post subject: Reply with quote

Another count of RACISM!!!

OHHH PP LLLLEEEEAAASSSSEEEEEE!!!!!

one thing I really hate!! koreans move to our countries they get equal rights, fair justice, everything just as we get!!

we came here!!! what do we get???? diddlie squat~!!

getting tired of this!!
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shaun k



Joined: 23 Jan 2003

PostPosted: Sun Jun 01, 2003 1:27 am    Post subject: Reply with quote

has anyone actually successfully received a loan here in korea, or known any one who has?...

...if im understanding this correctly, if your korean wife has a job, any job, its possible to get a loan for 60-70% of a house. that's do-able if it's true.
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kimcheeking
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PostPosted: Sun Jun 01, 2003 1:32 am    Post subject: Reply with quote

shaun k wrote:
has anyone actually successfully received a loan here in korea, or known any one who has?...

...if im understanding this correctly, if your korean wife has a job, any job, its possible to get a loan for 60-70% of a house. that's do-able if it's true.


Only to buy as I understand it. For a chunsae loan it depends on her annual income.
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Confused Canadian



Joined: 21 Jan 2003

PostPosted: Sun Jun 01, 2003 4:08 am    Post subject: Reply with quote

Sorry to be a bit off topic here, but I hate hearing people complain about not being treated "fairly" here ("I can't get a loan.", "I can't get a credit card.", "I can't get a cell phone"), and then turning around and saying that Koreans can do these sort of things back home. Give it a rest. A Korean, or any other nationality for that matter, on a VISA is not able to do these things back home. Landed immigrants or foreigners that have become Canadian/US/British/etc. citizens are able to do all the above mentioned things. Most of us that are married to Koreans are not landed immigrants or Korean citizens. People with F-2 VISAS (I think it's the F-2) may be in a different boat, as I beleive they can obtain landed immigrant status after 5 years, but those of us on E-2 VISAS are not immigrants or citizens. If I were a banker, I wouldn't give someone with an E-2 VISA a loan, credit card, or cell phone. Think about it. If a Korean citizen defaults on a loan, the bank can prosecute, put a black mark on their credit rating, etc. However, a foreigner living in Korea is a huge flight risk. What's to stop someone from obtaining a huge loan and then taking off. Wouldn't be that hard to send the money back to your home country through various channels, and it would be damn near impossible, not to mention a helluva lot more work, to get the money back. Prosecution would be a whole different kettle of fish.

So give the "Korea isn't fair to foreigners" thing a rest. I'M getting tired of THIS.

Confused Canadian
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kimcheeking
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PostPosted: Sun Jun 01, 2003 4:31 am    Post subject: Reply with quote

Wrong!

I personally knew koreans & Chinese back home who had a student visa but still got a credit card. They are not even allowed to get a job off of the university campus but still got a credit card.

guess what 2 of them bilked visa for a couple of thousand 'cause it wouldnt' get tracked to them back home.
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itaewonguy



Joined: 25 Mar 2003

PostPosted: Sun Jun 01, 2003 5:48 am    Post subject: Reply with quote

you ever known a foreigner who has emigrated to korea???

I dont think so ! hoe many koreans get accepted all over the world everyday??? HEAPS!!!

I have a F2 and I will tell you doesnt mean shit! might as well be on a tourist visa because thats how I am treated here!

korean immigration once said to me many years ago
when I asked him how I can became a resident, and be able to live here with like green card status he said you cant!!!
why dont you take your wife to your country and live!!
so I said why dont you do your job and shut up!!
none of your business what I do!
anyway foreigners have to surrender there passports and change their names before they can be a korean!
BS MAN!!
sorry but we are treated unfairly, im not blaming koreans as a people!
im blaming this stupid government system!
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Confused Canadian



Joined: 21 Jan 2003

PostPosted: Mon Jun 02, 2003 6:03 am    Post subject: Reply with quote

Kimcheeking:

Okay, appears I'm wrong about the credit card thing. However, we both know that credit card companies go to universities to hand out credit cards like candy. Hell, they even fill out the forms for you so that you WILL get a card. I'm sure I could've gotten my dog a card if I'd tried.

That aside, your little story actually helps to prove my point. Why would the Korean government / credit card comapnies follow suit? Just so a bunch of foreigners could do the same thing? Why is it that most hagwons now collect a deposit when they provide teachers with housing? Wasn't like that when I came here 7 1/2 years ago. Whether you percieve it as unfair treatment of foreigners, or just hagwon owners being greedy, it must've started because enough foreigners left unpaid bills and huge international phone tolls for their directors to take care of. We had a guy a few years ago at our school that only stayed for a weekend, but managed to run up a 600,000 won phone bill before he skipped out on us. Nice. I guess we should applaud him for "beating the system". Rolling Eyes

As far as I'm concerned, I applaud the Korean government for having enough sense to not allow foreigners to run up huge credit card debt and then skip out on paying it by leaving the country. Please, give me one solid argument why it should be any other way?

Now, if I were to become a Korean citizen, and I were still denied a credit card or a loan because of the color of my skin, then I would have something to complain about. But the fact remains, as guests in this country, we are flight risks with very little recourse if we skip out on the money owed.


Itaewonguy:

Do I know any foreigners personally that have become Korean citizens? No. Are there any? Yes. Is the process easy? No, but it is possible.

And how do those Koreans get accepted all of the world everyday? Must be because they speak English...or it could be that big, fat bank roll they take with them. I've heard that'll speed up the process. Wink

Correct me if I'm wrong, but doesn't the F-2 give you the following benefits:

No more leaving the country for work VISAS.
The ability to work at ANY job you are qualified for, as long as you inform immigration and follow the agreement between you and your employer for early termination of the contract.
The potential to become a naturalized Korean citizen after 5 years?

I could be wrong, but those were the benefits that were talked about when the F-2 first came out. Could very well be that immigration have changed the rules, as they have been known to do that from time to time. Wink

Sorry you had such an unpleasant experience at the immigration office, but as I mentioned above, it is possible to become a Korean citizen. And why is it "BS" that foreigners have to surrender their passports before becoming a Korean citizen? Can't have dual citizenship, gotta choose one or the other.



Now, having said this, I'm not trying to come off as the White Knight crusading for Korea. I've been here a while, had my fair share of ups and downs, but for the most part, like it. I just can't stand the fact that when foreigners are denied something in Korea, they scream racism. I'm not going to say that there's no racism in Korea, there is. However, I'm a guest here, and if I don't like it, I'm free to leave. As a guest, what right do I have to b*tch and moan? If I'm a citizen, it's a different story, but to this point, I'm still a guest.

We're guests here. We have few rights as guests. When you're a guest in my house, you have few rights; you have to live by my rules. If you don't like my rules, you are free to leave. If you don't mind my rules, you are welcome to stay. The rules in Korea can be frustrating at times, but I've decided I can live with them and I don't need to scream racism whenever one of those rules affects me in an adverse way. Canada is known for its multiculturism. Korea is not. Deal with it and move on.

Confused Canadian
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