General Information
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Required documents:
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Foreign Registration Card
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Passport
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Proof of income
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Employment certificate or Student ID
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Most banks offer special loan products for foreigners, with conditions varying based on credit score and income.
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Visa
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E-7 is indeed eligible for both Jeonse and Property loan.
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It is not possible to obtain a loan with an E-2 visa.
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It is important to establish a thorough loan repayment plan and clearly understand the interest rates and repayment terms.
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If you find Korean challenging, it is advisable to choose a bank that offers consultations in English.
Types of Loan
In Korea, there are usually three types of loans available.
Personal Loan (신용 대출)
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All foreigners on E-7 and F visas are eligible.
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However, the main catch for this is the company you work for has to be in the system.
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There is a list and if your company is inside (usually big companies aka 대기업) then you are good to go.
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For the amount, it will depend on your salary, size of company, type of contract (full time/permanent employee) and credit score.
Jeon-se Loan (전세 대출)
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Foreigners and Koreans can get up to 80% of the loan depending on their monthly income.
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Visa status, annual income, type of contract and credit score are the factors to see if you are eligible as well as % given.
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Jeonsae contract is for 2 years.
Housing Loan (주택 담보 대출)
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If eligible, foreigners can get up to 50% depending on the city, gu, dong and their monthly salary.
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Visa status, annual income, type of contract and credit score are the factors to see if you are eligible as well as % given.
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Housing Loan contract is up to 40 years.
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