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Mortgages in Japan 2022/3/19 21:55
How easy is it to get a non-PR mortgage (for a home to live in) in Japan?

I found this website https://www.realestate-tokyo.com/buy/loan-info/#:~:text=No%20Permanent....

It shows that there's a few banks that do it. Are there any catches such as high interest rates, Japanese-speaking/listening only, spouse-visa needed, etc... ?
by Jonzeh  

Re: Mortgages in Japan 2022/3/20 18:54
I can't talk about mortgages directly - but I'm aware that it can be challenging just getting a credit card in Japan as a foreigner.

I don't want to get into the whole politics of it - but Japanese banks are known as being uber conservative when it comes to risk. Lending out a significant amount of money to a person to own a property who is not a permanent resident is often seen as a significant risk. Note that a lot of property in Japan has seen little or negative growth over time. I'm more thinking about country and older properties in relation to this.

So to put it simple - expect it to be challenging but I'd expect this for most people in a new country when they don't have much of a credit rating.
by mfedley rate this post as useful

Re: Mortgages in Japan 2022/3/20 22:35
For the banks, their considerations are whether the borrowers will definitely stay in Japan for the whole term of the loan and pay it off. Another might be whether the borrowers (if they are not fluent in Japanese) fully understand the terms of the loan agreement, as they would want to avoid a situation where they are faced with the claim that the borrowers had not been informed of certain terms before they signed the loan agreement.

So gifh the banks see any risk factors, the borrowers might be offered a higher interest rate or a higher fee with a guarantor company. But I wouldnft call them gcatch,h as the banks need to make decisions for their businesses.

For details, youfd need to inquire with the banks individually. Best wishes.
by AK rate this post as useful

Re: Mortgages in Japan 2022/3/21 12:14
Did you look into getting a mortgage at a bank in YOUR country?
I know that a Taiwanese colleague of mine did but an apartment in Tokyo while on a work visa with a mortgage from Taiwan. And yes, it was more expensive than a Japanese mortgage. He changed it to a Japanese bank, once he got PR.

I did something similar when I bought an apartment in Spain with a bank in Germany. But that was obviously all within the EU.
by LikeBike rate this post as useful

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