Job Discussion Forums

Sweetsee · Joined: 11 Jun 2004 Posts: 2302 Location: ) is everything

1. Can one qualify for home financing when contracted annually?

2. Low-cost no hassle health insurance?

JimDunlop2 · Joined: 31 Jan 2003 Posts: 2286 Location: Japan

1. In theory, possibly. In other words, there are no laws prohibiting it... In reality, no stinkin' way in this universe and through the laws of nature is any Japanese financial instituation going to show a foreigner the money, unless they are being undersigned by a Japanese national. Even then, it's hard to say. Foreigners have a hard enough time getting a credit card, let alone a loan. Maybe if you were a permanent resident with tenure at your job, I'd say your chances would be far greater. Otherwise, not likely. In addition to that, Japan is the last place in the world I'd want to buy real estate as a foreigner -- unless I wanted to retire and die here. This is the only country I know of where your property depreciates like your car does.

2. National health is mandatory for me. Does the job. Any half-decent place of employment should have something in the way of health benefits. Otherwise there are some outfits that specialize in expat health (do a search on the forum, it's been discussed in detail) but they won't cover you for chronic or pre-existing conditions for the most part. So be careful.

Sweetsee · Joined: 11 Jun 2004 Posts: 2302 Location: ) is everything

Thanks Jim,

What would you do if you planned to live here for the next 5-10 years, to avoid the money sink?
Would you ask your father in-law to sign and pay into an insurance plan for 2 years retroactively?

PAULH · Joined: 28 Jan 2003 Posts: 4672 Location: Western Japan

JimDunlop2 · Joined: 31 Jan 2003 Posts: 2286 Location: Japan

Paul, what you say is true.... I was trying to merely give the overall picture...

I think that as far as land de/appreciation goes, the way it works is that your land appreciates while the house standing on it goes the other way. In 20 years, your land appreciation value will likely be lesser than the cost of demolishing and building a new house on it (unless you happen to be lucky and have a new JR station or large chain store get built next to you)...

Sweetsee:

Well, I DO plan on living here for at least that long... And my rent money IS going down the sink -- no way about that... But I'm hoping to have put enough money aside (in savings -- overseas investment) to make it worth my time... I've also been researching Lloyds' mortgage 'thingee' for expats... It's worth a lookee.

saloc · Joined: 04 Jul 2003 Posts: 102

You don't need PR to get a loan. I bought property here because I will be here for a long time and the mortgage isn't much more than the rent. I bought a second -hand house and the land it is on. It is true that the house depreciates quickly, but as it was second hand I didn't actually pay much for it anyway - most of the cost was for the land and that probably won't depreciate much. It's definitely not an investment as it might be in the U.K. or elsewhere, but in my situation it made sense. I don't know how hard it is to get a loan on a year to yaer contract. I am married to a Japanese woman (but don't yet have PR) but the loan is in my name and I was given it when I only teach privately. You will need a guarantor though. If you are inly planning staying for five years or so, I doubt it is worth it.

king kakipi · Joined: 16 Feb 2004 Posts: 353 Location: Australia

Paul H

As I understand it, the LAND value in outer suburban Tokyo anyway, is still falling. That's what the inlaws explained to me. May be diff. in other bits of Japan though.....

Sweetsee
Why not purchase something in your home country and rent it out so that the tenant is paying most/all of your mortgage? Then you can at least rest assured that as you pay your 'dead money' in Japan someone else is doing likewise, but to your benefit, in your home country.

JimDunlop2 · Joined: 31 Jan 2003 Posts: 2286 Location: Japan

Sweetsee · Joined: 11 Jun 2004 Posts: 2302 Location: ) is everything

Thanks for the help every one.

Hi Saloc,

Can I ask you if you had national health insurance when you qualified for your loan? Seems I have to have it, and they want me to pay for the last 2 years I didn't have it to get it. That and or, I have to join the plan at work, which every one supposedly is on, and it costs 40,000 a month, Pheew, there goes my pocket money.

Cheers,
s

saloc · Joined: 04 Jul 2003 Posts: 102

Yes, I did have health insurance, although I don't recall ever having to prove I did so. Maybe they can just check these things themselves. The other thing is that although I didn't have PR, the bank realised it would be pretty unlikely that I wouldn't be able to get it in the future and so were prepared to give the loan. As Jim suggested, having a Japanese spouse makes things easier.

Sweetsee · Joined: 11 Jun 2004 Posts: 2302 Location: ) is everything

Hi Saloc,

The way I look at it, they need the money and someone is going to make the loan happen. More than likely the deal will have to be in spouse's name, no big.....I say that now.

This coming from someone who loathes shopping, never thought the day would come that I'm shopping for houses in Tokyo, well Saitama any way. Yesterday after looking at the property I got to find my way to work in Tokyo. Amazingly, after driving for an hour and hoping I was going the right way, the route I had taken had shrunk to a tree tunnel and I was prepared to get out and push my ride if need be. Suddenly, I popped out onto my familiar road and there was even a clear sign in English. If you have ever been hopelessly lost driving in Tokyo than you will know the feeling I had seeing that sign.

Anyway, the place we looked at was 17 and really nice. Needs renovation and we are thinking DIO. Any comments?

Have a great weekend,
s

saloc · Joined: 04 Jul 2003 Posts: 102

Well, I don't know anything about your situation so I can't say if the property is good for you or not. If you mean 17 million yen I would say that seems quite cheap unless the house is in pretty bad condition or the land is very small? Mind you, you can sometimes get really good prices way out in the country.How many tsubos was it?

Sweetsee · Joined: 11 Jun 2004 Posts: 2302 Location: ) is everything

I'll check on the tsbos. Can tell you that it is like a condo, first floor of a building in one of these 'new towns'. Very nice but just sold and we are off to look at another, seems to me like a waste of time as I don't even have a visa at the moment, don't know what takes so long.

Sage · Joined: 09 Apr 2003 Posts: 144 Location: Iwate no inaka!

You can just sign up for NHI and... not pay into it. I'm pretty sure they don't come after people who don't pay it as all Japanese MUST have it and a whole lot of them don't pay it as they can't afford it.

Sweetsee · Joined: 11 Jun 2004 Posts: 2302 Location: ) is everything

But they want me to pay for the 2 years I've been living in this city and not paying, after that fine I could move on, so long as I don't end up in a city I lived before.