Hello Japan financiers
I have seen some discussion about this topic, but I was not able to find information pertaining to my specific situation. So I’m posting here to see if anybody has any insight or personal experience relating to this situation.
I’m thinking of building a house in Tokyo with a personal loan. I would be living there and plan to live there for at least 5 or 10 years, but could even be longer.
I know that in a typical Japanese situation, if your work moves you to another city, the bank will allow you to rent out the house with your personal loan still attached, however, what happens if you have to go back to your home country for family / health reasons or your work changes and you need to move?
I know some people are getting in trouble with their banks by renting out (with the personal loan) and not for closing this to the bank. Obviously I would like to avoid the situation, but in that case you can never rent out your property. Would be great to have the reassurance that if something were to happen I would be able to rent out my place without much problem.
Any thoughts, experiences or advice would be very helpful. Thank you.
by rasdouchin