Korean Job Discussion Forums

michaelambling · Joined: 31 Dec 2008 Location: Paradise

Has anyone bought (매 매) a house (or officetel) in Korea? I'm interested in learning the process and how difficult it is to get a mortgage with an F-2 visa, a work contract, and a Korean spouse.

meangradin · Joined: 10 Mar 2006

Michael, I believe that it will all come down to your wife. When we bought our house, we paid cash, so I don't know the exact process of applying for a loan. However, from what my friends have told me, the banks don't care about you (foreigner) or your income. Previous to the capital crunch, I heard it was quite easy to get a mortgage, but I imagine things are more restricted these days. My advice is to wait a little while until the market corrects itself. I have heard that real estate is curently 40% overvalued, and that the market will correct itself.

big_fella1 · Joined: 08 Dec 2005

The only foreigner I know with a mortgage got it in is wife's name through an understanding bank manager.

I heard that if you have a 40% deposit you can buy property here regardless of status.

I wanted to give you accurate information, so I tried to phone some banks to confirm this:

HSBC: if you have w100,000,000 deposit you qualify for a HSBC Premier International Mortgage maybe, not the local product.

SC Firstbank: waited on hold for 15 minutes, I gave up.

Wooribank: Call kept bouncing between press the number, please hold, press the number, I gave up.

KEB: You need to speak to a branch, wait, person on lunch please call in 30 minutes.

There are also tax implications for foreigner men as we can't get tax deductability of mortgage interest because we are not head of family our wives are.

The only way you will get a proper answer to this is to traipse through every bank/branch until you get a yes. But if you don't have a very sizable deposit (currently the situation in most developed countries), spend your time making more money.

JongnoGuru · Joined: 25 May 2004 Location: peeing on your doorstep

no foreigner can own property here. go home, michael

okokok · Joined: 27 Aug 2006

Cheonmunka · Joined: 04 Jun 2004

^ Yes, but that'll be a workers' paradise - who the heck wants to work all the time ...!

Nah, some good play areas around.

Micheal, it won't be difficult to get a mortgage, and it doesn't matter that it's in your wife's name - you're one family anyway. Whether her name or yours it's gonna be paid for by you both anyway.

big_fella1 · Joined: 08 Dec 2005

makemischief · Joined: 04 Nov 2005 Location: Traveling

my question exactly.

michaelambling · Joined: 31 Dec 2008 Location: Paradise

politica · Joined: 12 Dec 2006 Location: Suwon-si

There are houses in Korea?

Robot_Teacher · Joined: 18 Feb 2009 Location: Robotting Around the World

I wouldn't put my money on anything I won't legally own in MY name as it's risky, especially in another country where you probably won't have adequate legal rights and representation should an issue arise. I've read about this and you're Asian bride or business partner owns like 51% and you automatically lose your 49% share should you or the other party break up the relationship. Now that's a risky game to be playing, but many are doing just that with no problem while others get screwed. Be careful with that hard earned saved up $50,000 you're looking to invest as that takes 3 to 5 years of continuous work to recoup.

makemischief · Joined: 04 Nov 2005 Location: Traveling

Bit out of date, but a number of interesting and conflicting opinions on getting a mortgage: http://www.korealawblog.com/entry/koreas_own_coming_mortgage_crisis

KimchiNinja · Joined: 01 May 2012 Location: Gangnam

All this sounds really vague.

If an American citizen married to a Korean, but not a permanent resident in KR, who has $400k USD, buy a house w cash and own it in his own name?

I believe the answer is no, not until he becomes a permanent resident (2yrs) at which time he can. Correct?

schwa · Joined: 18 Jan 2003 Location: Yap

I'm a single Canadian on an E2 visa with some experience house-hunting. My real estate agent has had no hesitation showing me apartments & houses that were for sale. For various reasons I've chosen leasing options instead but there was no indication I couldnt have bought a place had I wanted to.

As far as I know there isnt any legal obstacle.

Troglodyte · Joined: 06 Dec 2009

I know an unmarried American on an E2 who bought an apartment. I don't the details of how he bought it - cash, loan, etc. After living in it for a year or so, he moved to another nearby city and now rents out the apartment.