RetireJapan

Occasionally I read on Reddit or on a FB post (usually from an advert) about such and such a foreigner with no PR, etc got a 100% home loan.

My wife believes they are entirely bogus. So I'm asking our community if anyone has ever got a home loan, were they PR (or married to a Japanese), was it 100% or did you have to do a down payment?

If anyone has got a 100% home loan, would they be willing to share which bank? Or what they had to do to obtain it?

I got a 110% loan

Covered the price of the manshon and an extra 10% to cover fees, insurance, etc.

I have PR and a stable job. My wife is Japanese but had nothing to do with the process. Used Shonai Bank (regional bank from Yamagata). I talked to half a dozen banks and they had the best interest rate (0.5% floating for 30 years). I also liked the no-nonsense, to the point manner of the manager that I dealt with.

RetireJapan wrote: ↑Sat Jul 21, 2018 11:09 am I got a 110% loan

Covered the price of the manshon and an extra 10% to cover fees, insurance, etc.

I have PR and a stable job. My wife is Japanese but had nothing to do with the process. Used Shonai Bank (regional bank from Yamagata). I talked to half a dozen banks and they had the best interest rate (0.5% floating for 30 years). I also liked the no-nonsense, to the point manner of the manager that I dealt with.

Thanks for the feedback. I get the feeling that regional or local banks might be best to work with. Was that your feeling?

From what I have seen so far the local banks are the best. Hoping to write the RJ guide to mortgages this year though, so will probably be doing more research soon

Yes it’s possible.

Just bought a house last month. Been living and working in Japan for 3 years. Steady job but no PR. Got 110% with no issues at all. All the procedures from the moment we decided to buy the house till the old got approved and we got the keys took 3-4 weeks.

Wish you best of luck.

Interesting. I’m an expat (home market is Tokyo) currently overseas but likely returning to Japan. Have obviously been employed on Japan contract for the duration of the overseas assignment. My status is thus a bit complicated. But my question: what is the typical loan-to-salary ratio offered by Japanese banks?

Apolsif this is a basic question, but have little idea of the Japanese mortgage system, as never considered buying property before.

I believe it depends on your indebtedness rather than your salary. Banks look at how much of your disposable income the repayment would take up.

Thanks! So with zero debt (which is my position) and a pretty healthy deposit and base annual salary I should be ok?

Plus permanent residency and a record of stable employment, probably. Lots of banks will be happy to talk to you

Your income is important, but the type and source of that income is important too. My wife and I got a 100% loan this past summer. Even though I make about 2.5x more than her, have 0 debt, and substantial savings, the bank wouldn't even look at me due to me being mainly self-employed. So it's in her name.
My income is mainly 'business income' rather than 'salary income' so the banks weren't interested. Hopefully you'll have better luck.