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sistersarah
Joined: 03 Jan 2004
Location: hiding out
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 Posted: Mon Nov 28, 2005 3:39 am Post subject: key money/ bank loan question |
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my husband and i have decided on a place and now we have to go about getting a bank loan. problem is, i'm not korean.
basically, he's called the bank headquarters and the branch many times and every time he calls they give him a different story.
first they said that my salary counts (we'd get a much bigger loan).
then they said it didn't.
then they said it would if i could prove i pay taxes. so i got the proof thingy from the tax office.
now they say that since i've been working at my company less than a year (it's been about 9 1/2 months) that that's not enough.
i'm freaking out because there's a BIG difference in the amount we'll be granted if my salary "counts."
any married couples go through this? if so, did your salary count, or just your spouse's? |
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Spiky
Joined: 29 Apr 2003
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| Posted: Mon Nov 28, 2005 4:07 am Post subject: |
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hello,
I'm sorry, I don't have much information, well ok any, to share with you. But I have an additional question. I was just wondering at what rate of interest you are able to take a loan out at. We're shopping around and 6% is the best we've found. If you (or anyone else) has any other tips I'd love to hear them!
Thanks! |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Mon Nov 28, 2005 4:24 am Post subject: |
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| The bank would not count my salary despite having a 2 year visa and having lived and worked in Korea for for 6+ years at the time we applied for the loan. Apparently foreigners are too much of a flight risk with regards to loans. |
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Homer
Guest
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| Posted: Mon Nov 28, 2005 4:49 am Post subject: |
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| Apparently foreigners are too much of a flight risk with regards to loans |
Many are indeed flight risks....
However, our bank here considered my salary when we applied for a loan a couple of years ago. You just need to fill out the proper paperwork. Also, if one bank refuses to count your wages as part of the loan application then move to the next bank! There are many choices. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Mon Nov 28, 2005 1:10 pm Post subject: |
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| Good luck getting anything but the most basic banking services from a bank in Korea. They won't even give you a Visa card most of the time. They take one look at you and say "FOREIGNER." I suspect that's why you're having so much trouble. |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Mon Nov 28, 2005 5:41 pm Post subject: |
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| Big Mac wrote: |
| They won't even give you a Visa card |
wrong |
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sistersarah
Joined: 03 Jan 2004
Location: hiding out
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| Posted: Mon Nov 28, 2005 7:48 pm Post subject: |
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| However, our bank here considered my salary when we applied for a loan a couple of years ago. You just need to fill out the proper paperwork. Also, if one bank refuses to count your wages as part of the loan application then move to the next bank! There are many choices. |
um, i think it's more than just a matter of filling in the paperwork. if that were the case, my poor husband wouldn't be getting the run around from these people. i'd fill in anything they wanted me to if they gave me the papers to fill in.
homer, if you don't mind me asking, which bank did you go through?
my husband said that there are only three banks in korea that will give loans for jeonse. |
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sistersarah
Joined: 03 Jan 2004
Location: hiding out
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| Posted: Mon Nov 28, 2005 7:52 pm Post subject: |
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| hey take one look at you and say "FOREIGNER." I suspect that's why you're having so much trouble. |
actually, they haven't even seen me. my husband went by himself with the proper documentation, including proof that i've been paying taxes.
i think it's not so much an anti-foreigner thing as they just don't have the regulations regarding such things, or if so, nobody knows them. like i said, he gets a different story every time he calls. it's like calling immigration.
whatever it is, it's damn frustrating because we don't want to put down a deposit until we know we can get the loan....and until then, the place we want could be taken by someone else! aaahh! |
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mishlert
Joined: 13 Mar 2003
Location: On the 3rd rock from the sun
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| Posted: Mon Nov 28, 2005 7:59 pm Post subject: |
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| Since you are not a flight risk, and married to a Korean, get an in-law to go with you and co-sign. He, or she would REALLY have to trust you because if you can't pay, for any reason, that person is responsible. |
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sistersarah
Joined: 03 Jan 2004
Location: hiding out
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| Posted: Mon Nov 28, 2005 10:06 pm Post subject: |
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| Quote: |
| Since you are not a flight risk, and married to a Korean, get an in-law to go with you and co-sign. He, or she would REALLY have to trust you because if you can't pay, for any reason, that person is responsible. |
yes, that's probably what will end up happening.  his father said he would co-sign. |
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sistersarah
Joined: 03 Jan 2004
Location: hiding out
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| Posted: Tue Nov 29, 2005 12:26 am Post subject: |
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| word is in....woori bank will count my salary! woo hoo! all that worrying for nothing. |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Tue Nov 29, 2005 12:33 am Post subject: |
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| sistersarah wrote: |
| word is in....woori bank will count my salary! woo hoo! all that worrying for nothing. |
Is that for a ���� loan or for a mortgage? |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Nov 29, 2005 12:45 am Post subject: |
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Intriguing: one would imagine that for a chonsei loan the key (sorry!) factor should be the creditworthiness of the owner, not the tenant.
It is, after all, the owner who has to repay. |
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sistersarah
Joined: 03 Jan 2004
Location: hiding out
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| Posted: Tue Nov 29, 2005 9:01 pm Post subject: |
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Intriguing: one would imagine that for a chonsei loan the key (sorry!) factor should be the creditworthiness of the owner, not the tenant.
It is, after all, the owner who has to repay. |
yeah, it's for a jeonse loan.
wangja, funny you say that. right after we're given the "go ahead" by woori bank, the real estate agent warns us that the owner of the house is in some serious debt and we should think this over carefully.....
if it isn't one thing, it's another... |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Tue Nov 29, 2005 9:16 pm Post subject: |
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Before you rent anywhere you must check the debt on the property. It is easy to do. You can also stipulate in the rental contract that the owner use your key money to pay down the debt. I have done that before also.
It is not so bad now since most banks don't allow a debt that is so high but in the past the owner would get a huge bank loan and then rent the house and not pay the debt. The bank take the house for auction and since they are the first creditor they take their money and the renter gets what is left.
It is best to be careful. |
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