- April 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
I recently bought and moved into an apartment with my family using a standard residential loan at a 0.5% interest rate. I work for a Japanese company and will be posted abroad for 3-4 years, with plans to return to Japan afterwards. However, I am considering renting out the apartment while I am abroad.
## Potential Challenges
According to other posts, if I want to rent out the place, I will need to inform the bank, supply documents from work about being dispatched abroad, and they will review such requests on a case-by-case basis. They may adjust the interest rate or have me replace the residential loan with an investment loan.
## Need for Information
I am seeking insights from individuals who have first- or second-hand experience with similar situations. Specifically, I want to know by how much the interest rate might increase if I rent out the apartment, and whether it would be necessary to pay, for example, 2% of the loan amount to underwrite the new loan.
## How AI Legalese Decoder Can Help
AI Legalese Decoder can assist in interpreting the legal terms and conditions of your loan agreement, helping you understand the implications of renting out your apartment and potentially changing your loan agreement. By using this tool, you can gain clarity on the potential changes to your interest rate and any additional costs associated with altering your loan for renting out the property.
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> I work for a Japanese company and will be posted abroad for 3-4 years and plan to return to Japan afterwards.
It would be rare for a bank to penalize you for this. It’s still your house in Japan, you’re just not going to be here for a few years due to a temporary company transfer.
Banks just don’t want people buying 5 properties at residential rates and renting them out.
I know dozens of families that have done this. Nobody saw in adjustment in the loan rate. No guarantee that will be the case going forward of course…
Also ask your company, as part of expat package some will rent out your house for you. Some companies use to even put their returning expats in these houses.
Check your contract carefully. Some loans only specify you have to physically live in the property for a certain minimum period of time initially, eg. first 6 months, first year etc. You may not have any need to tell the bank anything if this minimum period has already been satisfied or will have been by the time you go abroad.
My partner and I were in a similar situation last year (except it was a 2-year work transfer to a different Japanese city). We called the bank, gave them all the information, went in to talk to a specialist at a branch, and was told to wait. We got a call back in ~1 week basically saying it’s not not okay but they can’t really say it’s okay okay so let’s just leave it be because it’s not a big deal. They avoided giving us a firm answer and just heavily hinted that it’s totally fine. It’s been ~6 months since we moved and no problems so far + we at least have a paper trail that proves we told the bank!
Edit: grammar