Job Discussion Forums

[moot point]

Sage, I didn't pay my NHI for a couple of years and they hunted me down even after I left the city. I paid arrears with late fees.

[Sweetsee]

Ouch, never heard of that happening. Did you do that in order to qualify for a loan or because...?

[moot point]

...it's the law.

[Sweetsee]

sorry

[Sweetsee]

As I suspected, I am being approved for a home loan on the condition I am insured. Fair enough.

I have been given 2 options:

1) apply for NHI and pay 2 years in arrears,
2) join the plan at work for 40,000 a month.

Is this a case of which rope do you want?

[SEndrigo]

So far we've been talking about buying houses, but what about apartments?

Suppose a foreigner wanted to buy a cheaper apartment (like a 1K) and was willing to put down a big down payment, thus reducing the total amount of the loan, to say, 3 or 4 million yen?

Would Japanese banks still be reluctant to loan out that money, even though it is a trifle?

Or does it not depend on the amount of the loan or kind of property you buy?

[saloc]

Mostly it depends on your income and visa status. If you earn enough to be able to repay what you borrow and have a suitable visa status (spouse or PR seem to be preferred) you should be able to get a loan. You MIGHT get a loan on another visa, but it would probably be much harder to find a lender.

[SEndrigo]

Well I haven't got PR or Spouse visa, just a 3 year work visa.

But based on my income I could very easily repay such a small loan

Could you recommend any websites which list mortgage interest rates and/or lenders?

thanks for the advice

best,

[saloc]

Sorry, haven't a clue about websites regarding mortgages or lenders. I'm sure you can get most information from individual banks, but I doubt it would be in English. Mortgage interest rates tend to be between about 2 and 5% at the moment (I think). If you put down a very big deposit and had Japanese guarantors there is still a possibility that you would get a loan. Real estate agents sometimes buy up older places, renovate them and sell them on. When they do this, they are quite helpful about negotiating for loans etc. Mine approached all the banks and came back to me with what sort of interest rates they would offer etc. In fact I had very little direct contact with the banks until the end stages of negotiations. With a renovated house from a real estate agent, they will give you a two-year period during which you can get them to come and fix for free any faults you discover in the house. You'r probably best to find the propety you want and approach the company acting for the seller. They don't care who they sell the property to and will do all they can to help you get a loan (unless they have a lot of other potential buyers lined up who don't come with visa issues etc).

[Sweetsee]

I have signed an agreement and made a deposit on a house and we are now waiting for the loan approval. Taking advantage of a campaign where the interest is 1.5%. Seems to be moving along effortlessly.

Bummer is that I will be applying for our company's insurance. Evidently, it includes unemployment insurance and will reduce my city tax. I suppose it is something I have always procrastinated over but will have to do.

You can definitely find properties which you can pay cash for, of course not anywhere nearby. Saw one on the Net the other day in Okayama for $15,000.

So, with any luck at all in 10 days time I will know about the loan and then will be moving into a place in need of renovation and a 30-minute train ride from work, as opposed to the 5-minute bike ride now.


Happy homebuying,
s

[SEndrigo]

I've just heard that Shinsei bank offers home loans to foreigners who don't have PR....in fact, as far as I have read, all you need is your foreigner card, a work visa, and proof of stable income !

Has anyone here gotten a loan from Shinsei?