And you thought you could never afford that house because a Korean bank would never give you a loan. Turns our you were wrong.
Shinhan Bank’s “The Dream” Creates “Jeonse” Housing Loan Program for Foreigners
That’s right. If you have the right long-term stay visa and a stable income, then you too can now receive a loan to cover your jeonse for up to W200,000,000.
If you’re not familiar with Korea’s “jeonse” program, that’s the system whereby you entrust someone with a large sum of money and it serves as a substitute for paying a monthly rent – or more often nowadays a portion of the rent. The owner of the building gets to invest the money elsewhere and reap the benefits while you get to live in their apartment paying little to no monthly rental fees.
With Shinhan Bank loaning you the money at just over a 3% interest rate – with even greater discounts available for those with good credit – this can make for a very economical way to get yourself some housing.
Automated Programs from Shinhan Bank Make Saving Easy and Sending Abroad a Breeze
The folks at Shinhan have lined up plenty of other financial services to benefit foreigners as well. Their “The Dream Installment Savings” automates your savings by withdrawing it directly from your back account each month – and it provides guaranteed interest rates up to 1.7% on these accounts. Beats the heck out of what you’re getting in your regular bank account right now.
You can also automate your remittance abroad with the “My World Transfer Account.” With this account you can set up a repeating date to automate transfers, or you can even pick an exchange rate at which to make your transfers. When the rate hits your target, then the transfer happens automatically. Nice way to ensure you only transfer at your target rates, isn’t it?