Tokyo Star Bank for non-PR mortgage?

[ExpatScot]

My wife has been researching a bit about banks that grant mortgages to non-PR holders, and in addition to Shinsei and Prestia, she found that Tokyo Star Bank also provides this service.

Does anyone have an account with this bank or have any insight into them? I'd never heard of them before.

We'll be reapplying for PR in 6 months after getting rejected last time, but we want to keep our options open in case we find a cheap place to buy in the meantime.

[Teflon]

My wife has been researching a bit about banks that grant mortgages to non-PR holders, and in addition to Shinsei and Prestia, she found that Tokyo Star Bank also provides this service.

Does anyone have an account with this bank or have any insight into them? I'd never heard of them before.

We'll be reapplying for PR in 6 months after getting rejected last time, but we want to keep our options open in case we find a cheap place to buy in the meantime.

I had a consultation with Tokyo Star Bank for a home loan when I was shopping around a few years ago. They wanted a 40% down payment and the interest rate they quoted me on the home loan was much higher than Prestia's offer. So I ended up going with Prestia which required 20% down and had a more competitive interest rate. Shinsei requires that your spouse cosign if you don't have PR but you will also get the best rates and terms on the loan so that might be your best option.

[Yokohama]

I have heard Suruga Bank is also a "friendly" bank for foreigners without PR. I got my first mortgage with them. The interest rate was high, but hardly a down payment was needed. After I got my PR, I renewed the mortgage with another bank at a much more competitive rate. Suruga was also willing to lower the interest rate after I got my PR, but it was still more beneficial for me to renew at another bank.

[ExpatScot]

I had a consultation with Tokyo Star Bank for a home loan when I was shopping around a few years ago. They wanted a 40% down payment and the interest rate they quoted me on the home loan was much higher than Prestia's offer. So I ended up going with Prestia which required 20% down and had a more competitive interest rate. Shinsei requires that your spouse cosign if you don't have PR but you will also get the best rates and terms on the loan so that might be your best option.

Good to know, thanks. Yeah, our first choices will be Shinsei then Prestia, but thought it'd be good to have a 3rd option. 40% down seems a bit much though, especially if the rates aren't so favourable.

[ExpatScot]

I have heard Suruga Bank is also a "friendly" bank for foreigners without PR. I got my first mortgage with them. The interest rate was high, but hardly a down payment was needed. After I got my PR, I renewed the mortgage with another bank at a much more competitive rate. Suruga was also willing to lower the interest rate after I got my PR, but it was still more beneficial for me to renew at another bank.

I'll check out Suruga Bank, thanks for the info.

[mighty58]

I've heard that SBJ Bank (a Korean bank) is also willing to consider non-PR foreigners. No idea how competitive the rates are, but might be worth a look.
https://www.sbjbank.co.jp/individual/loan/any/

[Wales4rugbyWC23]

I found SMBC very friendly to non-PR holders, indeed they gave me a competitive mortgage almost 12 years ago. Also, local credit unions can be accommodating on a case, by case situation.

[imaginatorium]

Also, local credit unions can be accommodating on a case, by case situation.

Decades old info, but we got a mortgage without PR very easily from the local bank (Tochigi Bank). I think you just have to keep asking...

[beanhead]

I found SMBC very friendly to non-PR holders, indeed they gave me a competitive mortgage almost 12 years ago. Also, local credit unions can be accommodating on a case, by case situation.

Agreed. SMBC here as well. Although one branch rejected me, another one approved me.

[ExpatScot]

I've heard that SBJ Bank (a Korean bank) is also willing to consider non-PR foreigners. No idea how competitive the rates are, but might be worth a look.
https://www.sbjbank.co.jp/individual/loan/any/

Thanks, looks like they could be a good option too. Something to investigate at least.