Page 1 of 2
Tokyo Star Bank for non-PR mortgage?
Posted: Tue Jan 31, 2023 5:00 am
by 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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Wed Feb 01, 2023 12:42 am
by Teflon
ExpatScot wrote: ↑Tue Jan 31, 2023 5:00 am
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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Wed Feb 01, 2023 5:26 am
by 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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Wed Feb 01, 2023 9:16 am
by ExpatScot
Teflon wrote: ↑Wed Feb 01, 2023 12:42 am
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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Wed Feb 01, 2023 9:17 am
by ExpatScot
Yokohama wrote: ↑Wed Feb 01, 2023 5:26 am
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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Wed Feb 01, 2023 9:40 am
by 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/
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Thu Feb 02, 2023 4:58 am
by 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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Fri Feb 03, 2023 3:52 am
by imaginatorium
Wales4rugbyWC19 wrote: ↑Thu Feb 02, 2023 4:58 am
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...
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Fri Feb 03, 2023 6:38 am
by beanhead
Wales4rugbyWC19 wrote: ↑Thu Feb 02, 2023 4:58 am
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.
Re: Tokyo Star Bank for non-PR mortgage?
Posted: Sat Feb 04, 2023 1:53 am
by ExpatScot
Thanks, looks like they could be a good option too. Something to investigate at least.