Korean Job Discussion Forums

[pidgin]

First I asked about credit cards, now bank loans...

My Kor wife and I want to buy a house in Thailand for vacations and a future retirement place.

NOT BRAGGING but just so you understand: My 2nd wife (Thai) will keep the house in her name. (thai laws, etc....)

Now then, K wife has asked at her bank and she seems confident that we can qualify for a 30 to 40 thousand (US) loan. I don't know the details of repayment as of yet.

My question is, have any of you gone through anything similar?, IE; taken out a bank loan in Korea for an investment or purchase out of country??

She says that there are basically two types of loans; 'mortgage' and 'credit,' respectively. True?

Any experiences welcomed.

[Slaps]

You have two wives??

[pidgin]

I do...and to us it's not a big deal so I beg you (and others) to keep this thread on topic. I really need this information. If you are very curious feel free to PM me about that.

thanks.

[pidgin]

*bump*

Anyone have experience taking a bank loan in Korea? (co-signing w/ Korean spouse??)

[tob55]

Without any significant credit record in Korea, namely your Korean wife, your chances of getting any loan are remote at best. Korea is going through a tremendous financial crisis in the markets and financial institutions right now, so they are less inclined to give out loans they are reasonably sure will default.

I have lived in Korea 4 years and am married to a Korean. We have A+ credit, and we would not trust a loan from any bank at this point. That is our own decision, but I believe others might feel the same with regard to their situations as well.

You have the right idea about locating a place in an area where you can visit and eventually settle if you want, but to locate a banking institution that is going to give you a loan with low interest rates right now is a stretch, but I wish you the best. Try your local bank and see what they say. It never hurts to ask. At most , they can just laugh and say no way.

[pidgin]

Thanks for your input tob. Her credit history is untarnished and she holds a respectable enough position...engineer and has a personal (medical) design patent in her name, as well as a quite wealthy family background....doctors, etc...

I'm not sure why you'd surmise that our chances are remote at best(??)....also I'd be interested in what you consider a "low" interest rate in Korea on a 30-40 thou (USD) loan??

Thanks for any more time you can give this issue.

[tob55]

Why I feel that your chances are remote:

1. Korean banks are not customarily eager to take a risk on property investments outside of Korea unless they are 100% guaranteed they will not lose on the loan.

2. With the financial climate the way it is, the banks are extremely leery of even the most superior credit reliable people. This means unless you have had previous loans through your bank or institution then they will put you into the risk category. (We have bought and paid for 2 $30,000+ vehicles over the past couple of years which put us in a good position, but we still consider the risk not worth it for us right now. Your situation might be different, but I wanted to just be frank with you on this.)

3. Many of the loan rates are beginning to approach the 7% - 10% interest level now as a means of discouraging people who would likely have a hard time fulfilling their financial obligations. I don't know your particular situation and financial standing (none of my business), but unless you are set in SOME financial way that guarantees you will be able to handle the terms of a loan, it is simply a crap shoot about getting a positive looking opportunity.

I am not trying to discourage you, but I believe the stability or lack of stability in the financial market here in Korea is way too volatile at this time to consider putting the long term stability of your own family at risk. It is your decision, so take my advice simply as that of someone who has considered similar options and decided it was not worth it right now.

[Lekker]

I wouldn't consider borrowing money from ANY bank here in Korea, even if it were the last option on Earth, but that's me.

[pidgin]

[endo]

Wait a minute......


YOU HAVE TWO WIVES!!!!!!!