Korean Job Discussion Forums

[TML1976]

Ok, I have been offered a job ata unni near the place I already live, so now I have to move out of the apt. that my current school provided and into my own place. I enough for the key money and all that and I prefer to put a bunch down and not pay any rent, but since its my first time doing this I'm kinda nervous about the whole key money thing and giving some guy so much money and then the daunting task of getting back when I leave.

Anyways, talking to the real estate agent and my tkd master (whom I trust 100%) I have come to the conclusion that maybe I should just buy the apt.
I have more than 70% of the total cost but need another 20 mill to get it done. I can pay off the 20 mill in 6 months but unitl then I need a loan.

So, I was wondering if korean banks game mortgages to foreigners?

[mole]

Just to tide you over, I imagine the lack of responses is because this isn't common, and no one knows.
Have you asked at your bank? Do you have a Korean friend who can ask at the bank?
Have you met a SojuMama who can ask at the bank?
I bought a unit, but it was all done through Koreans. And we paid cash.

Don't worry about key money if you rent. The only time I had a problem was when I broke the contract.

[animalbirdfish]

For key money, you do actually need to worry about to it. That said, you can eliminate most of the risks by simply doing your homework. You'll need to make sure the owner of the place has no other outstanding debts (because they'd get paid off before you) and that the home is registered to the owner. My wife took care of all this research, so I may be missing something, but talk to the budongsan (real estate agent) and the local office (dong-samuso) and they can offer a few more tips. At all events, you'll need to register your key money agreement with the aforementioned gov't office after all the paperwork is signed. That will add another layer of security to things, as the government does insure key money up to a certain point.

[Captain Corea]

So the total price is 90 million?

[dogbert]

It is possible for a non-Korean citizen to get a mortgage at a Korean bank.

[TML1976]

I do have a korean friend that I trust 100%, my tkd master. He speaks English because he lived in the states for 3 years. He is calling the bank for me today and we have been in contact with the real estate agent for the past couple of weeks.

So I should know more about the mortg. thing tonight. I wonder if they have secured lines of credit here like in Canada. I definetly have enough to secure a line a credit against the house and then pay it off.

There is a smaller place 17pyong that I have the money for, but I need the 22 pyong since I'm married and we are expecting our first child in feb. 07.

[TML1976]

Ok, I just got a call from my friend and he told me that the bank will not give me a loan because I don't have a credit history in korea. So there goes that.

I guess I will have to settler for a 17 pyong. Damn!

[chronicpride]

[mole]

[mole]