Korean Job Discussion Forums

[Savant]

The girlfriend and I will be registering our marriage this summer and are currently looking for a new place to move into.

She prefers the 전세 route; while I am apprehensive at turning over such a large sum of money to a landlord who needs to give our money back at the end of our contract.

Currently, we do not have enough money to put up for all of the 전세 so likely need to take out a bank loan (mortgage). However, the girlfriend tells me that even when we are married the bank will not consider my salary (assets) while deciding how much money they can give us.

How did other expats get a loan with their Korean wife/husband?
Did you get a loan based on your joint assets or just through your wife's/husband's assets?

Thanks for your time.

[saram_]

I would say your best bet is Woori Bank.
Doesnt matter if you bank with them already or not.

They have a Government Supported Program (국민주택기금 전세자금대출) in there and are fine with facilitating loans to International Couples who meet the right criteria even when 1 partner is not working. The loan can be in the Korean person's name with the foreign person being the guarantor or vice versa.
There are some conditions to meet but reasonable.
Have a search for the above Program and or visit a Woori Bank to see what they can do.

Hope that helps.

[Savant]

[saram_]

The only thing I will say there is I think ye both need to visit the bank in person and ask them what ye need exactly to qualify for such a loan. Maybe ye have done that but if not it's definitely worth it. Different people and bank branches say different things.

The conditions change from time to time too I believe.
Its kind of case by case and this program has been very beneficial in our case
The Insurance we pay counts as much as salary for example.

Id visit a bank and ask them for a list of what ye need exactly.
It may be well worth it.