Korean Job Discussion Forums

spanky1off · Joined: 21 Aug 2006

Im an F2 visa holder who recently got a job working as a professor. Previously getting jonsei loans was impossible but im hoping this new position changes that. My question is. Is it possible to borrow jonsei money now that im a professor and what is the amount your allowed to borrow upto? i'll be going to the bank next week but in the meantime im just curious about this.

TDC troll · Joined: 03 Feb 2009 Location: TDC

Doesn't matter about your position or visa .
If you don't have some collateral , or maybe a co-signer
forget about it .

You have an F-2 . We assume your SPOUSE is Korean.
Have her get the loan .

Wink wink : wink : Just put the chonsai in your name .

big_fella1 · Joined: 08 Dec 2005

In your name, you will not be able to get a bank Jonsei loan for more than 20 million, and that may be stretching it. The reason is that the Seoul Guarantee Insurance Company will not insure loans to foreigners. If you had an F5 you could fight it and probably win, as an F2 you cannot.

Hyundai Capaital has Jonsei loans and according to my Hyundai Card I have a limit of up to 100 million, but I think they would have a heart attack if I actually tried to use it.

Usually you need to have 40% of the Jonsei in cash to get a loan although I believe loans of up to 80% may be possible. The problem with not using a bank or going for the larger loan is that the interest rate will be higher so you may actually be better off on wolsae (monthly rent).

If your partner is Korean and is working in other than a hagwon they should be good to get a jonsei loan in their name, if they aren't working or are working in a hagwon where they are independent contractors (paying 3.3% tax) they won't get a loan of more than 20 million.

If you have a lot of money you may be better off buying, even something smaller than you were going to jonsei, as banks don't need mortgage insurance through SGIC so competition beats racism in this situation. Even E2's with deposits can get a mortgage here. Note 40% for apartments and 50% for villas are the normal deposit requirements to get a mortgage.

If you don't have money you could talk to your university to see if they will put up the jonsei or guarantee your loan.

Good luck.

Weigookin74 · Joined: 26 Oct 2009

Yeah, I had a friend who was married here. He was in business and made good money back in the states where he was from. His Korean wife wanted to build a new building - academy first floor and a housing type loft on the second floor. Bank wouldn't lend them money until they built it and had it as collateral. Kind of stupid and made no sense. So, he had to bring in money from the states and pay to build it, then get the loan and send it back stateside.

Makes you wonder why there's so much illegal lending here - loansharking and forced prostitution, but anyways. If you have no money here, me thinks life must really suck.

giraffe · Joined: 07 Apr 2009

Yes its possible to do jonsae under your own name without a co signer on an F2.

Doesn't matter what kind of job/salary you're making and if its really stable. I doubt working for university or public school teaching English looks any better to a bank manager loaning out the money... As others have mentioned you need collateral or money already in the bank.

I don't know what the limit is but I was offered jonsae directly ( no korean co signer) of much much more than 20 million at KEB and I don't even have any kind of employment in korea with korean employers nor is my job stable ( I'm a freelancer). My income comes from all the over the world. I didnt even apply or ask for it but they offered in case I ever wanted to. I assume its because of the amounts of money i have being wired into my bank monthly.... They keep offering and calling me to invest money or apply for business loans and the like. Don't think I'll ever take any loans out though.

Just saying, its not impossible but the catch is that you need money to get loan. Others might have different experience ..

big_fella1 · Joined: 08 Dec 2005

Lazio · Joined: 15 Dec 2010

If your spouse has had a full-time job (it doesn�t really matter how much she makes) for at least 3 months than he/she will be able to get one of the government supported loans with really good conditions. Only Korean nationals will be able to get this one.
If you are very lucky and for some reason you are able to get a loan it will be either an insignificant amount or with relatively high interest. If you manage to get a large sum but with more than say 5% than you are better off paying weolse instead.