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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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 Posted: Sun Jan 01, 2006 6:07 pm Post subject: Anyone taken out a loan at a korean bank |
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| My wife and I are buying an apartment. I wanted to have it in both our names but the bank, NongHyup, won't allow it. They don't loan to foreigners. They said this is a new policy. Has anyone here ever taken out a loan? Did you have much trouble. |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Sun Jan 01, 2006 6:09 pm Post subject: Re: Anyone taken out a loan at a korean bank |
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| ulsanchris wrote: |
| My wife and I are buying an apartment. I wanted to have it in both our names but the bank, NongHyup, won't allow it. They don't loan to foreigners. They said this is a new policy. Has anyone here ever taken out a loan? Did you have much trouble. |
Just curious, is your wife Korean? |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Sun Jan 01, 2006 6:12 pm Post subject: |
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| Yes, she is. So we can still get the loan. But its better to have the apartment in both our names. |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Sun Jan 01, 2006 6:14 pm Post subject: |
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| ulsanchris wrote: |
| Yes, she is. So we can still get the loan. But its better to have the apartment in both our names. |
Oh, I understand totally. While it is stupid, I have become aloof to foreigners not getting loans or other bank services. But with a Korean wife, this is going too far in my opinion, crazy waigookin taking off from Korea unanounced none-the-less (does that have hyphens in it?).
Have you checked around at other banks? |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Sun Jan 01, 2006 6:23 pm Post subject: |
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| The guy at the Nonghyup said all banks don't give loans to foreigners. But he could jsut be saying that. The company we are buying the apartment from says we have to use Nonghyup. |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Sun Jan 01, 2006 6:26 pm Post subject: |
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| ulsanchris wrote: |
| The guy at the Nonghyup said all banks don't give loans to foreigners. But he could jsut be saying that. The company we are buying the apartment from says we have to use Nonghyup. |
Unfortunately, no advice, only being able to say that sucks and I really hope you can find another way or maybe find some way to get around that rule. |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Sun Jan 01, 2006 6:31 pm Post subject: |
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| at the end of the day its not that big of a deal for us. My wife can still get the loan. If my wife dies and we still owe money on the place there might be some problems there. (which is why joint ownership is good) Hopefully that doesn't happen though. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Sun Jan 01, 2006 6:43 pm Post subject: |
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| Non-Korean citizens can get bank loans to buy an apartment. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Sun Jan 01, 2006 6:48 pm Post subject: |
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I don't know if you have permanent residency or not, but if you do then that is pretty f-ed up.
Just out of curiosity, why the requirement to go through Nonghyup? |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Sun Jan 01, 2006 7:03 pm Post subject: |
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| Hater Depot wrote: |
I don't know if you have permanent residency or not, but if you do then that is pretty f-ed up.
Just out of curiosity, why the requirement to go through Nonghyup? |
Already mentioned above. The apartment company, Prugio, insists that we use NongHyup.
Dogbert which bank did you get a loan from? |
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chiaa
Joined: 23 Aug 2003
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| Posted: Sun Jan 01, 2006 7:04 pm Post subject: |
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| ulsanchris wrote: |
| The guy at the Nonghyup said all banks don't give loans to foreigners. But he could jsut be saying that. The company we are buying the apartment from says we have to use Nonghyup. |
That is total bullshit. I know for a fact that as a foreigner you can get a loan. There is no law against it, but of course each bank can have its own policy. There is a poster in this thread that I know has gotten a home loan here.
Apply some pressure on this banker and make him do his fucking job. He does not know the answer and being the typical *beep* he just wants to make his job as easy as he can, knowing full well he will not lose the loan either way.
If your wife is on the papers, why the hell does it matter if you name is on there? You are not being used for qualification purposes as your wife can qualify on her own.
I am getting more and more pissed just writing this. |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Sun Jan 01, 2006 7:07 pm Post subject: |
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| I got pretty steamed when my wife told me this. Hub of Asia my ass. I'll get her to phone back the bank. |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Sun Jan 01, 2006 7:54 pm Post subject: |
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| Do you have a registered stamp? This is important..it must be registered at the Gu office to be legal. Perhaps they simply don't want to bother trying to issue you a loan....sometimes it is easier for them to simply say "no". I have had trouble before. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Sun Jan 01, 2006 9:22 pm Post subject: |
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| ulsanchris wrote: |
| Hater Depot wrote: |
I don't know if you have permanent residency or not, but if you do then that is pretty f-ed up.
Just out of curiosity, why the requirement to go through Nonghyup? |
Already mentioned above. The apartment company, Prugio, insists that we use NongHyup.
Dogbert which bank did you get a loan from? |
SC First Bank, earlier this year and in my own name.
If you are buying a brand new apartment, the developer may well require you to finance it through a certain bank, in which case you are screwed, if the bank is as unfriendly as Nonghyup is. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Sun Jan 01, 2006 9:41 pm Post subject: |
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| The tie to a particular bank may be because they were the developer's financier and they want to ensure that the sale proceeds goes straight to them and is not used elsewhere until the development loans are cleared. Just a guess. As Dogbert says, this may screw you for this development, but not for others. |
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