| Author |
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phiota
Rocker
Joined: Nov 01, 2005
Posts: 798
Status: Offline
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 Posted:
Dec 03, 2008 - 03:04 AM |
 
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| Post subject: Proprerty Loan for Expats? |
Just wondering if an expat (w/F visa) with No assets/job in China can get a property loan from a bank in China if he puts a large down payment (how large?).
thanks,
John |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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| Posted:
Dec 03, 2008 - 08:09 AM |
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| Post subject: Re: Proprerty Loan for Expats? |
| phiota wrote: |
Just wondering if an expat (w/F visa) with No assets/job in China can get a property loan from a bank in China if he puts a large down payment (how large?).
thanks,
John |
Without a cosigner, in theory ... no.
First of all, you cannot buy property unless you have already lived in China for at least one year on a work or study-related residence permit.
The bank will not let you borrow money on a house that you cannot legally own.
Second, you must prove that you have the means (i.e. source of domestic income) to prove to the bank that you will be able to make the mortgage payments.
The minimum downpayment you'd need -- assuming you were otherwise qualified -- is 30%. Perhaps if you went in with 70% or more the bank might be willing to overlook all your other issues and not follow policy. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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