100% Home Loan - does it exist?

[vapid]

Occasionally I read on Reddit or on a FB post (usually from an advert) about such and such a foreigner with no PR, etc got a 100% home loan.

My wife believes they are entirely bogus. So I'm asking our community if anyone has ever got a home loan, were they PR (or married to a Japanese), was it 100% or did you have to do a down payment?

If anyone has got a 100% home loan, would they be willing to share which bank? Or what they had to do to obtain it?

[RetireJapan]

I got a 110% loan

Covered the price of the manshon and an extra 10% to cover fees, insurance, etc.

I have PR and a stable job. My wife is Japanese but had nothing to do with the process. Used Shonai Bank (regional bank from Yamagata). I talked to half a dozen banks and they had the best interest rate (0.5% floating for 30 years). I also liked the no-nonsense, to the point manner of the manager that I dealt with.

[vapid]

I got a 110% loan

Covered the price of the manshon and an extra 10% to cover fees, insurance, etc.

I have PR and a stable job. My wife is Japanese but had nothing to do with the process. Used Shonai Bank (regional bank from Yamagata). I talked to half a dozen banks and they had the best interest rate (0.5% floating for 30 years). I also liked the no-nonsense, to the point manner of the manager that I dealt with.

Thanks for the feedback. I get the feeling that regional or local banks might be best to work with. Was that your feeling?

[RetireJapan]

From what I have seen so far the local banks are the best. Hoping to write the RJ guide to mortgages this year though, so will probably be doing more research soon

[Ditto]

Yes it’s possible.

Just bought a house last month. Been living and working in Japan for 3 years. Steady job but no PR. Got 110% with no issues at all. All the procedures from the moment we decided to buy the house till the old got approved and we got the keys took 3-4 weeks.

Wish you best of luck.

[monchan]

Interesting. I’m an expat (home market is Tokyo) currently overseas but likely returning to Japan. Have obviously been employed on Japan contract for the duration of the overseas assignment. My status is thus a bit complicated. But my question: what is the typical loan-to-salary ratio offered by Japanese banks?

Apolsif this is a basic question, but have little idea of the Japanese mortgage system, as never considered buying property before.

[RetireJapan]

I believe it depends on your indebtedness rather than your salary. Banks look at how much of your disposable income the repayment would take up.

[monchan]

Thanks! So with zero debt (which is my position) and a pretty healthy deposit and base annual salary I should be ok?

[RetireJapan]

Plus permanent residency and a record of stable employment, probably. Lots of banks will be happy to talk to you

[deepdishj]

Your income is important, but the type and source of that income is important too. My wife and I got a 100% loan this past summer. Even though I make about 2.5x more than her, have 0 debt, and substantial savings, the bank wouldn't even look at me due to me being mainly self-employed. So it's in her name.
My income is mainly 'business income' rather than 'salary income' so the banks weren't interested. Hopefully you'll have better luck.