Hello r/JapanFinance
We are in the middle of getting a house built and first of all, I'd like to thank this sub for all the insightful inputs.
Our situation in summary:
– Married, my wife and myself are foreigners. Wife has PR but my PR application is currently in progress (applied in February 2024)
– We found a land and a local builder. Builder happens to be the current land owner.
– I applied to Prestia and SBI Shinsei for a loan under my name (no pair loan at the moment but we consider it) and my wife is the guarantor as a PR holder. Both prescreening are OK.
With our builder, we will have to proceed to five payments:
- Land payment
- 10% of the house, before the construction starts
- 30% of the house, during the construction
- 30% of the house, during the construction
- 30% of the house when construction is completed.
The problem is:
– Prestia can only break the loan in two parts (in short, land and house completion). To cover a finer breakdown, a bridge loan (つなぎ融資) with another financial institution will be required.
– SBI Shinsei requires a bridge loan (つなぎ融資) as well
– As I am not a PR holder, I cannot apply to SBI Shinsei bridge loan provider (アプラス) and our builder founded out that PR is often a requirement for bridge loan.
For now, we are planning to ask other banks such as Suruga Bank, Tokyo Star Bank or MUFG to see if there are any other options for us.
Has any of you experience with bridge loan without having a PR? For people who get their house built, requiring multiple payments along the construction, did you face any other mortgage challenges?
Thank you!
Edit: fixed typo where I wrote 事前審査 instead of つなぎ融資.
by Xsy-lum