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LiquidSunshine
Joined: 31 Mar 2003
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 Posted: Mon Aug 16, 2004 5:35 am Post subject: Home Loans/Buying a Home |
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I was wondering if anyone had any info on the possiblities of a foreigner procurring himself/herself a mortgage to buy a house. i've read-up on past treads that banks will give 60% to 80% of the total value of a home to individuals who are looking to purchase a home.
can a foreigner apply for such a loan? does being married to a korean national make a difference? does changing your visa to an f2 help? does having a large sum of liquid assets make a difference? what would you need?
i know my wife can get a loan but i was wondering what i could do to help out with the purchase? maybe make the interest lower? maybe get a bigger loan if we sign together?
if anyone out there could help it would be greatly appreciated. i'll check out what i can from my local bank but i'm having a hard time finding time to make the trip...as i'm working when the banks are open. |
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giantyogurt
Joined: 09 Feb 2003
Location: Calgary, AB
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| Posted: Tue Aug 17, 2004 5:25 pm Post subject: |
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| I asked my friend who works at a bank in Korea and he said you CAN get a loan for real estate in Korea. But if you don't have a resident status, there'll be tax problems. I think you need to apply for permanent resident first and then get a loan. |
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LiquidSunshine
Joined: 31 Mar 2003
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| Posted: Tue Aug 17, 2004 10:25 pm Post subject: |
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| thanks for the ups. |
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chiaa
Joined: 23 Aug 2003
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| Posted: Thu Aug 19, 2004 10:28 am Post subject: |
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| giantyogurt wrote: |
| I asked my friend who works at a bank in Korea and he said you CAN get a loan for real estate in Korea. But if you don't have a resident status, there'll be tax problems. I think you need to apply for permanent resident first and then get a loan. |
Can you ask your friend if he can tell you what the usual terms are? |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Thu Aug 19, 2004 4:52 pm Post subject: every bank is different |
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When we were buying building space, it was possible for me to put it into my name, but the guy at the taxation office had no idea what my taxes would be. It looked so difficult that we just put it into my wife's name( korean). Many people in Seoul own apartments and land and they are not Korean, but the guy in bundang had no idea what to do. He said that in Seoul it is much more common so they would be able to tell you the proper taxes. Also. the same goes for loans. Remember the saying, no credit is almost the same as bad credit.
*** The taxation guy was a d*&^ until he saw that I had a F2. The F2 seems to look like you have some tie to the country and are more stable. You know, the whole married and settled idea. |
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LiquidSunshine
Joined: 31 Mar 2003
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| Posted: Sun Aug 22, 2004 12:10 am Post subject: |
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| Is there any truth to the 12% tax one has to pay when buying a residential house (condo)? |
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