Just trying to manage expectations I guess. I’m planning to have my own house on my 4th year of living here. I just can’t stand of paying rent each month 😂
Assuming I have enough salary to apply for a loan, are there other criterias I have to fulfill?
– not PR yet
– worker’s visa
– probably N4 level, would possibly reach N3 if I actively study
– looking to build/buy a house near Tokyo
12 comments
IMO if you are going to live in that house forever, then go for it. Otherwise you are generally not going to get a better deal than just renting. If it’s a high rise condo or even a house in central Tokyo (Minato-ku etc) then it’s totally another story. Just my 2 cents.
If you do not have PR, you will find it extremely difficult to get a loan, especially without a Japanese spouse.
You might be able to get a loan but you’ll have to put down 20%. Not a great deal.
Only money. Bought one after one year in japan (mansion), no pr, one year visa, awful salary (200.000 monthly)😂. My wife was student. But we had the $$$ to burn.
Get better in Japanese and get your PR + income first my dude.
Japanese as there will be tons of legalise.
PR for loan application.
Income for monie.
Yes if you have about 50% of the house’s price to give as downpayment. That would sweeten the bank’s ears. May have to go above that in some cases.
No otherwise.
If you have enough cash it’s realistic to have a house before coming to Japan. Anything is possible.
Anyways there’s a famous saying that goes like don’t count all your sheep before the Shepards market” or more colloquial “don’t put all your eggs in one basket”/ “don’t spend your cheque before you cash it”.
Set a plan, play the course – this is how goals are reached
I moved to Japan in September 2019 and bought my dream house (in Niigata) in February 2021 because Corona in Tokyo really annoyed me. Best decision ever. I was on a one year spouse visa and self-employed and my wife only had a part-time job.
The main thing banks want before extending a loan is PR. To do that, the fastest way is to be married to a Japanese national for at least three years, and live in Japan for one, and pay your taxes on time.
You can get PR without being married to a national, just just probably takes longer.
You don’t need PR at all if you just pay in cash, btw – I bought a house my first weekend in Japan. Housing is extremely affordable in Tokyo (especially compared to, say, New York, London, San Francisco, Hong Kong).
Buying a home is essentially a forced savings plan – the money you pay towards the mortgage each month goes to something you *own.* Highly recommend it; save up, just don’t buy too much house.
I do with wife. Closed just after my 5th year began
Echoing what everyone else says. some properties only accept loans from certain banks. so if you can get a loan from one place doesn’t mean it will the same as others so having pr opens you up more for coverage.
I know some gaijin coworkers who were able to buy a house on loan. Albeit the interest is higher because of no PR