By continuing you agree to eChinacities's Privacy Policy .
Sign up with Google Sign up with FacebookQ: Can foreigners get a mortgage from a Chinese bank?
12 years 10 weeks ago in Money & Banking - China
It is possible, but you have to put like 75% or more down. It depends on the location and usage of the property. You will also need to show that you have significant ties to China (such as a family, other properties, company, etc...)
I tried that, and as Xpat John says, there are so many requirements that you wonder if it is really worth it.
You must have a valid work, and show proof of minimum yearly income. Then you must have the same job for at least one year or better even more time. Make a substantial monthly salary (so your monthly payment will not be more than 20 % of monthly income). Have established a good credit in China, and need to have resided here for over a year minimum. Then, you must have enough liquidity to pay a down payment from 50 t0 75 % of the property value, depending on your credit rating, salary, time at same work and for how many years you request the loan..
It would be a lot easier to ask your local wife, if you have one, for her to get the loan on her name than for you to get one.
It is not like they are going out of there way to make things difficult most Chinese people buy in in whole with cash so by that standard it all makes pretty decent sense that they would require more than American banks.