dev wrote:Thanks Rip. Actually I talked with Nordea as well, and they wanted the 'Permanent Residence Permit' as well, which I suppose is 'P' type.
I don't really know the loan terms and how it works. What I could understand was that when a citizen or permanent resident applies for loan, the government ( or may be the bank itself ?) gives some kind of backup so the person does not need to show any kind of backup money. Bank said they can give loan, but I have to arrange the backup money (IIRC~~ 30%), which I don't have at the moment. So I was wondering if there's still any possiblity.
Upphew wrote:Sure there is possibility, you just need to show guarantor or assets to back up your loan.
dev wrote:I remember, one of my friend in Sweden (foreigner, working) got the loan there, but looks like its different here.
dev wrote:Just to make sure, as I'm not permanent residence or citizen, I'd need to either show that I have ~30% of the loan amount, Or have the guarantor or assets. All other options (eg. wave additional guarantees for a fee) are only for the citizens and Permanent residents.
dev wrote:All other options (eg. wave additional guarantees for a fee) are only for the citizens and Permanent residents.
Mook wrote:It's nothing todo with showing that you have 30%.
Rip wrote:Mook wrote:It's nothing todo with showing that you have 30%.
Actually it does. Just "showing" of course isn't enough because the bank also wants to hold also that property in their custody until the loan is paid, so it would not make any sense to give bank notes as guarantee. Shares in a financially solid company or shares in housing company (for another apartment) would be accepted (at bank discretion) for some fraction of their market value. Finnish government bonds would presumably be accepted at face value.
(Obviously OP does not have this option)
Mook wrote:Your reading skills are clearly poor.
dev wrote:I'd need to either show that I have ~30% of the loan amount, Or have the guarantor or assets
Mook wrote:You don't give the 30% to the bank, you give it to the seller of the property - when you buy it!
Rip wrote:Mook wrote:You don't give the 30% to the bank, you give it to the seller of the property - when you buy it!
...as I was clearly talking about giving assets to the bank as a collateral?
As such, technically cash I guess could be collateral too (extremely liquid, value well defined), but as you would effectively pay unnecessarily commission and interest for that 30% you would immediately deposit (with zero interest rate) at the bank, the bank manager might start wondering if the person suggesting this is sane enough to sign any documents.
The property is then used as guarantee for the loan - the bank keeps all the papers. So, if you don't pay the mortgage, the bank sells the property.
It is not possible to give OP guarantee, so we have to use Finnish government guarantee.
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