My mortgage just got approved while not having a PR also not in the application process.
So I thought to share some of the information I know.
I’m a Chinese (most unwanted type when talking about buying real estate lol) living in Tokyo for 3 and half years. Started working 2 years ago and switched job at the beginning of this year. And I’m not married to Japanese either. Living here purely relying on working visa.
My CV shouldn’t look “stable” enough to the banks.
Besides Suruga bank, where famous for giving non-PR foreigners loans, below 4 mega banks also worth trying.
SMBC: the odd requirement is that you have to be married. They will turn you down if you’re single. The amount is quite generous compared to SMBC Prestia and Mizuho. Usually the rate is 1% with 20% down payment.
SMBC Prestia: no particular hurdle I ran into when applying. But the amount they gave me was much smaller compared to SMBC so I passed. Their rate is usually 0.98%, also 20% down payment.
Need to highlight that their English service is really good.
Mizuho: they require you to at least started PR application when applying for loan. They can offer 0.7%-ish rate with 0 down payment.
UFJ: 5 years living in Japan or 3 years working in the same company. I don’t have either so they turned me down despite I have been their customer with all my personal finances attached to them for more than 3 years. Quite unhappy with that 🙁
One suggestion I can give is keeping talking to the banks. Their policies are always changing these days.
The overall atmosphere might look like nobody wants foreigners to buy properties anymore but that’s not what the banks are thinking. They are more willing to lend you money than you think if you ask.
Also, start your PR application asap. Just that will change a lot of things. I regret I haven’t done it while I could.
by Hoooooooro
7 comments
The rates u mentioned are variable rates right? Not fixed.
Thank you! This is very helpful. Appreciate you sharing your experience.
Thanks for sharing! Do you mind if I ask if you can speak Japanese? IMO those are pretty good rates for a foreigner without PR. Are they fixed or floating rates? Lastly, which bank did you pick?
One note on Mizuho. They will ask for the photocopies of all the documents that you have submitted for the PR application (and not just the application receipt that the immigration gives you). If you don’t have that, they will turn you down during the actual loan review process.
Very informative!
Congratulations on your purchase
Very helpful, thanks. I was under the impression that without PR, mortgages would be an absolute no.
Prestia now only give loans if you income is at least 10m yen per year, or that’s what they told me in October
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