![]() ![]() It is advised for the applicant to fill in the required documents themselves. Blueprint of desired property Important Notes When Applying for a Home Loan Loan repayment schedule (If there are other remaining debts) Withholding Tax Statement (源泉徴収票 gensen-choshusho) Health Insurance Card (健康保険証 kenko-hokensho) The pre-application will be following this process. Therefore, it is advised to maintain a healthy lifestyle. cancer, acute myocardial infarction, and stroke) to register. There are also programs which allow those with the so-called “three major illnesses” (i.e. Therefore, to enter, the applicant must be in a good health condition. ![]() Most banks require the loan applicants to register for a Group Credit Life Insurance (団体信用生命保険 dantai shinyo seimei hoken). On average, more than three years of employment is the recommended duration. In the bank’s perspective, they cannot trust a person with plenty debts.īefore applying for a home loan, it is advised to finish paying other debts as early as possible.įinancial industries trust those who have worked for the same company for numerous years, as it confirms they have a steady income. If a person applies for a home loan with remaining debts, such as student loans and auto loans, the pre-application process might be difficult to pass. Japan Credit Information Reference Center Corporation () How Much Is Property Tax When Buying Property in Japan? Japanese Bankers Association Personal Credit Information Center () The following organizations manage personal credit information: Criteria include, among others, the applicant’s place of employment and previous and present debts. The information financial institutions use to determine the credibility of the loan applicant is called personal credit information. Preferential Interest Rate - The amount of interest the financial institution will deduct from the standard interest rate What information does the bank check? Repayment Duration - The duration until the loan borrowed will be fully repaid Loanable Amount - The maximum amount of money the applicant can borrow from the bank If the applicant is approved in this stage, it is more likely for the actual application process to go smoother.Ī pre-application can be conducted for free, however, it should be noted that there are some banks that do not provide this service.ĭuring this process, the applicant will be able to know the following. a bank) prior to the actual application in order to determine if the applicant is qualified to borrow money from them. Step 1: Home Loan Pre-Application (事前審査 - jizenshinsa)Īlso called pre-qualification, a pre-application (事前審査 - jizenshinsa) is conducted by a financial institution (e.g. The applicant becomes more advantageous if they have a child who is enrolled to a Japanese school. If the applicant is married to a Japanese person, they have a higher chance of getting approved for a home loan. 8 Most Expensive Areas To Own Property in Tokyo 3. On average, it is recommended to have worked in a Japanese company for three years. However, if they switched to a company within the same industry, the effect will not be as bad. Additionally, if they have not transferred jobs, and worked for one company for numerous years, they have a higher chance at getting accepted. The longer a foreigner works for a Japanese company, the more advantageous they are when applying for a home loan. The period of time worked at a Japanese company Note that a Work Visa or Spouse of a Japanese National Visa is different from a Permanent Resident Visa, as it does not necessarily guarantee its holder the right to apply for a home loan. ![]() When obtained, the holder will be treated the same as a Japanese citizen, and will be able to apply for the loan. It is also the most advantageous visa when applying for a home loan. A Permanent Resident Visa allows the holder the right to live in the country which granted them the visa without any period of duration limits. ![]()
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