Bank or coop willing to lend to foreigners in Taidong?

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Bank or coop willing to lend to foreigners in Taidong?

Postby Rotalsnart » 22 Jun 2010, 13:19

I'm interested in possibly purchasing some land in Taidong with the idea of eventually building a house on it. (Land zoned as "building land", not farmland.) I have a couple of friends who may have similar ambitions as well.

Does anyone know of a bank or credit coop in Taidong that is willing to give mortgage loans to foreigners without a guarantor? (I already have a guarantor-free mortgage on an apartment in Taipei, but my bank here is only willing to give mortgages on houses, not purely land. They suggested that I inquire with a local 農會 (nonghui; farmers' association credit cooperatives).

If anyone has any experience in this regard, could you please share it?
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Re: Bank or coop willing to lend to foreigners in Taidong?

Postby sleepingtiger » 11 Mar 2011, 15:35

I live in Taidong and last year went to a bank to see if I qualified for a loan. I was interested in buying a house, and I had 50% of the purchase price in cash.
I was told NO... I was told banks only lend money on houses less than 25 years old. Also I'm not Taiwanese. Although the banker did say, if I could get the house seller
to gaurantee me, it could be considered. I thought fat chance there. I thought I could use the house itself as collateral. The bank still wasn't interested. Farmland has no value to the banks. Here in
Taidong county, the courts are FULL of forclosures. The banks have lost too many times. good luck and save your money.
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Re: Bank or coop willing to lend to foreigners in Taidong?

Postby finley » 11 Mar 2011, 15:55

I've come across the same attitude, although it makes no economic sense whatsoever; land has collateral value, the houses on them do not (especially the way they build them in Taiwan - that's why they have the 25 year rule, I imagine).

Incidentally, I believe you are allowed to build a house on up to 10% of land zoned as farmland. Hence the ugly concrete apartments appearing near the Danshui river near where I live with the building permit board specifying "agricultural buildings".
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Re: Bank or coop willing to lend to foreigners in Taidong?

Postby Belgian Pie » 11 Mar 2011, 16:00

If you have at least 750 ping, two years wait time before construction begins ...
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