MUFJ reduces home loan interest rate to 0.55% in July

The Bank of Tokyo-Mitsubishi UFJ (MUFJ) will reduce the prime rate on their 10-year fixed-rate mortgage by 0.30 points from June to 0.55% for home loans obtained from July 2016 onwards. This is the biggest discount in rates for the bank since April 2009 and is a historical low.

The 15 and 20-year fixed-rates will also be reduced by 0.10 points from June. The bank’s prime variable rate will remain unchanged at 0.625%.

In June, Sumitomo Mitsui Trust Bank reduced their 10-year fixed-rate by 0.05 points to a record low of 0.50%.

The following is an example of the monthly home loan repayments for a mortgage of 100,000,000 Yen over a 30 year term:

@ 0.85% interest rate = 314,800 Yen/month
@ 0.55% interest rate = 301,400 Yen/month

Sources:
Jiji Press, June 28, 2016.
The Nikkei Shimbun, June 28, 2016.

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