Expats Finding It Hard to Qualify for a Mortgage from Korean Banks
I can understand the bank’s perspective on this if someone cannot prove they are going to be employed longer than a year. I think even a Korean citizen would have a hard time being approved for a loan under these circumstances:
For Lonnie, a 45-year old Canadian working as a professional English instructor in Seoul, buying his own house in the city has been near the top of his bucket list.
But his plan for a dream house has been let down by local banks rejecting his applications for a credit loan. Despite his status as a full-time instructor at the Graduate School of Interpretation and Translation of Hankuk University of Foreign Studies for more than eight years, the banks have not been accommodating.
“For the first time in almost 18 years after I came here, I applied for a credit loan offered by Woori Bank last year to raise money to purchase an affordable starter home,” he said. “However, a bank clerk said I don’t qualify for the lending as my contract at HUFS was only for a year, saying foreigners could run away if they only had a one-year contract.“
His contract is renewed on a yearly basis, but he is classified as regular worker subject to the state’s employment insurance coverage. He earns an annual income of around 80 million won ($69,300).
Korea Herald
You can read more at the link.
Most of the new policy and regulations come due to Chinese coming to Korea mucking about and then running back to China leaving unpaid bills and defaulted loans. Once again commie chinese doing their part to ruin the world.
Blame the Chinese again, Flyingsword?
Interesting speculation that any group of foreigners, and specifically Chinese, would be given as a reason for foreigners to have troubles getting any kind of loan from a Korean bank. Would you happen to have any kind of statistics to show that’s the case? Given the problems foreigns have with even getting basic banking service from Korean banks over the past few decades, I’d have to say that’s just putting a guess out there. After all, what banks are there giving out all of these loans to foreigners?
Past 8 years able to get loans. Last 6-8 months rules changed. First hand from bank manager, “its because of the chinese….” Fiend came back to teach, told they had to wait 6 months and have pay statements before could open account. Different bank, different bank manager but same response.
BTW, john henry, do your own damn research.
Flyingsword, you know non-p3do, sooper-patriots (i.e., those who fully approve of Joey Bivalve) don’t do reaearch. Facts are r4cist.
And besides, the internet in Beijing isn’t gonna say anything negative about Chinese people borrowing money and skipping out on it. As long as they do it outside Red China.
Set, good point.
I’m not the one that made the assertion. When I make an assertion, I do so after “doing my own damn research”. Make an assertion? Prove it.
Assertion: Johnhenry supports pedophiles and pedophilia, and is a pedophile.
Research:
There are plenty of videos of Biden engaging in pedophilia with children… such as pinching a young girl’s nipple.
Johnhenry supports Biden.
Johnhenry refuses to condemn Biden for his pedophilia or condemn the general practice of pedophilia unrelated to Biden.
Johnhenry supports a pedophile and pedophilia.
Research shows (almost 100%, and possibly exactly 100% due to margin of error) that only pedophiles support pedophilia.
Johnhenry is a pedophile backed up with statistical certainly.
Johnhenry is a pedophile.
Fact.
Damn, $69k just to teach English? That’s a pretty sweet deal for an English teaching job
Banks outside the influence of Dodd-Frank tend to be much more conservative about how thwy loan money. What is “Lonnie’s” credit score? How much of a down payment can he make? What other assets does he have?
No one is owed a mortgage. And listening to whingey tarts complain about”racism” and “rights” when they’re from a country that sends Pastors to jail for holding church services is too bloody much.
All this First World privilege makes me wonder if the loan officers he spoke with weren’t completely correct.
Johnhenry, how do you feel about pinching an 8 year-old girl’s nipple? How do you feel about the people who do that?
https://poptopic.com.au/news/senator-daines-niece-maria-piacesi-says-biden-pinched-her-nipple/