First estate purchase experience. Found a nice piece of land in a great city location we want to live in for ¥60M. « Negotiated » (just asked for, really) a discount of ¥1.5M. With an estimated ¥40M on top for building the house, we’re taking a pair loan of ¥100M. Our financial situation is decent (good jobs, Japanese/PR). We’ve got some cash saved up but would rather finance the whole costs with a loan – so we are free to invest the rest or use it as contingency funds (advice welcome on that point).
We applied for a loan with two banks and rapidly got offered the whole sum with variable interest rates at 0.355% and 0.375% – without insurance included at that stage (how much should we expect to pay on top? what is needed and how much should we be looking at at best? I’ve read posts mentioning rates around 0.2%, am I missing something?). The estate agency is taking a total fee of just under ¥2M. Notary stuff was around the same amount. Planning to sign soon, as it all sounded good. Construction company still to be decided.
Does this all sound standard? Should I be negotiating any of this further or look for other bank for better loan conditions? Any advice/recommendation would be highly valued. About any part of this. I’m new to this whole business and am afraid of making a mistake. What am I missing? What should we be paying attention to next?
I loved reading this sub’s stories and the info already helped me a lot to understand what the main issues are, so thanks. Any thoughts or personal experiences are really welcome too!
by hybrot