Korean Job Discussion Forums

Horangi Munshin · Joined: 06 Apr 2003 Location: Busan

My wife and I are looking at getting jeonsae but have money tied up. We have seen a place we like and need to get a loan for about 50% of the jeonsae amount.

Has anyone successfully organized a loan for a jeonsae place? The realtor gave be numbers and recommended Woori Bank. I will call them tomorrow. If I get the run around I'd like to try the I know another foreigner who got a loan thing.

cheers.

riverboy · Joined: 03 Jun 2003 Location: Incheon

Not if you the only one working. As an F-2 and now F-5 holder, I am not eligible. If your wife is working then you are ok.

PaperTiger · Joined: 31 May 2005 Location: Ulaanbataar

They don't really take your income into consideration for the loan, only your wife's. It's a screw, I know.

Horangi Munshin · Joined: 06 Apr 2003 Location: Busan

Fantastic! That sucks donkey's balls!

T-J · Joined: 10 Oct 2008 Location: Seoul EunpyungGu Yeonsinnae

Horangi Munshin · Joined: 06 Apr 2003 Location: Busan

Thanks very much T-J. I will check out the link right now.

I really hope it's possible. Untangling our money to cover the 100% will be a pain and not to mention a lengthy process.

Spongebob Squarepants · Posted: Wed Jul 15, 2009 8:19 pm Post subject:

OP and T-J,

The wife and I too tried this awhile back, and ran into a host of hurdles.

Simply put, it theoretically is possible for you to get a loan for jeonsae based on your salary as you are a permanent resident, but to actually find a bank and or bank employee who will assist you in filing and being accepted is near impossible.

Recently Shinhan, with whom we have our MMF (money market fund savings account), ran a promotion where if only one spouse was working they could still get a jeonsae loan (100% of the jeonsae), and although my initial application was accepted, when it went higher up to some credit rating schmuck, they said it was rejected specifically because of my not being Korean, and not because of my job, salary or credit history.

We also checked out KEB as they run a loan scheme for foreigners, but it is only 40% of the entire jeonsae amount, and we simply aren't able to cover 60% of a typical Seoul jeonsae amount.

Forward Observer · Joined: 13 Jan 2009 Location: FOB Gloria

This probably doesn't really matter, but I'll say it anyway.

Friend of a friend's wife works for a Singaporean company. She's Korean and married to a Singaporean. She applied for a loan to buy a house (been with that company for 10 years) and was turned down because the company isn't Korean. First time I've ever heard that one. It's a branch office of a foreign company, and the Korean is a permanent resident of Singapore, but still has part - Korean citizenship. Weird, huh?

Xuanzang · Joined: 10 Apr 2007 Location: Sadang

Horangi Munshin · Joined: 06 Apr 2003 Location: Busan

Well I went to three banks and was told, no foreigners at each one. Woori as the most polite, followed by Hana and then Busan scraping the barrel.

I will check out what KEB offers. My wife can get a max of 50% working a part-time job with a few conditions attached of course.

Pretty annoying!