We are planning on buying a house, and were considering giving a bigger downpayment to reduce the interest rate.
We are in a position where a family member at home is willing to give us a loan without interest (this is legal where we are from). There will be paperwork that specifies how this money will be paid back (the amount to be paid each month etc).
The plan is to transfer the money (about 8.000.000 yen) to our Japanese bank account (We have Yucho and Rakuten, not sure which one will be better to use). Both bank accounts are under the same name.
The concern is whether this transfer may be stopped by the Japanese bank, for how long, and what documents they may ask for to approve the transfer.
Can we do anything to make the transaction as swift as possible? Also, am I missing anything that could delay the transfer or cause other issues?
Lastly, do we need to report this loan in our next tax declaration?
Thank you in advance!
by Zafnya
