Need help: housing loan in Finland

[Adrian42]

Yes this can happen at any time even after get permanent residence isn't it? what is the relationship with PR and loan here?

With no PR and no job you will not get a new RP.

Again this is nothing to do with PR and returning loan money back to bank. No job no money and finally you can not pay the back the loan, this can happen in any time...

It is an additional risk for the bank:

Selling your apartment might bring them less than the outstanding mortgage, and you might be gone to some place in the world where they cannot ever get the rest of the mortgage from you.

A person with a PR gets nourished from Finnish taxes until he finds a new job in Finland (and can then pay back the rest of his debt).

Combine high unemployment with quadrupled interest rates, and apartment prices will likely go down since there won't be many buyers at that point.

I think this is good for me if apartment price goes down

Why would that be good for you?

Your apartment might be worth less than the mortgage, so even if you'd sell it you'd still have debt left.

As long as you are living in your apartment and have no problem paying the mortgage rates it is mostly irrelevant how the value of your apartment develops, but as soon as you want to or are forced to sell it that will be a huge issue.

but I am hoping within short time Finland will have less unemployment.

Most people are less optimistic.

When a bank is today cautious about giving out housing loans in the current situation that is a good sign, since otherwise we might see exactly the same problems as in the US, Ireland or Spain also in Finland.

Yes, I agree this will good but they should apply cautious for every one not only for foreigners, then only we might not see exactly the same problem...

Finnish banks are at the moment generally cautious - no matter who wants to get a loan.

And as explained above, you not having a PR is an additional risk for the bank.

[cors187]

If was good to hear from Nodea that 15% is not enough so save more money and come back but actual answer was I need residence permit to get the loan.

I am not sure how much money is suitable for buying a apartment here in Finland but I bought my previous apartment with 25% money in my home country and rest of money was from Bank loan without any problem. But here in Finland you can buy guaranty from government with additional money and all together it is apartment+maximum government guaranty= 85%. So I need 15%, isn't it?

I suppose main reason is economical situation is not good at this moment as you mentioned so they are not willing to give loan until some one has really strong background and ofcourse living in Finland longer or Finnish citizen.

Which country are you from? and did you deposit the money into the norfea account before talking with nordea?

[masudulcse]

Which country are you from? and did you deposit the money into the norfea account before talking with nordea?

I am from Bangladesh. Yes I have deposit account into nordia where I have around 15% deposit of housing price.

[cors187]

Which country are you from? and did you deposit the money into the norfea account before talking with nordea?

I am from Bangladesh. Yes I have deposit account into nordia where I have around 15% deposit of housing price.

Do you have a permanent residing address form maistratti or a temporary one?

[masudulcse]

Which country are you from? and did you deposit the money into the norfea account before talking with nordea?

I am from Bangladesh. Yes I have deposit account into nordia where I have around 15% deposit of housing price.

Do you have a permanent residing address form maistratti or a temporary one?

I have permanent residence address from Maistratti.