Home loan interest rates rise in April

This month, the Bank of Tokyo-Mitsubishi UFJ and and Sumitomo Mitsui Banking Corporation will increase the prime interest rate on their 10-year fixed-rate home loans by 0.05 points to 1.25%. Mizuho will also increase their prime rate by 0.05 points to 1.20%. This is the second month in a row to see an increase in interest rates.

Resona will leave their prime rate at 1.20%

The minimum interest rate under the Japan Housing Finance Agency’s ‘Flat 35’ loan has increased for the second month in a row to 1.54% for loans with a term of less than 35 years. For loans less than 20 years, the minimum rate is 1.31%.

Sources:
The Nikkei Shimbun, April 1, 2015.
The Sankei Shimbun, March 31, 2015.

Tokyo Star Bank offering Japan home loans to Taiwanese residents

Tokyo Star Bank is now offering financing for the purchase of real estate in Japan. The loans are available for qualified Taiwanese residents only.

The bank can provide financing for up to 60% of the value of the property and up to a maximum amount of 500 million Yen. Interest rates are around 2%. Loans can only be made to private borrowers using their own name and not companies.

Home loan interest rates to reach record low in January

Mizuho Bank Interest Rate

Three of Japan’s major banks are lowering the prime interest rates on their 10-year fixed rate homes loans in January.

The Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank will lower interest rates by 0.1 points to 1.15%, while Sumitomo Mitsui Trust Bank will reduce their rate by 0.1 points to 0.9%. It is expected that other banks will also lower their rates.

Large-scale monetary easing by the Bank of Japan has caused the long-term interest rate to reach a record low.

Bank of China to offer home loans to Chinese residents in Japan

Mitsui Real Estate Sales announced on August 24th that they have tied up with the Bank of China (BOC) to provide mortgages for Japanese properties to Chinese residents in Japan.

The new loan product was introduced by the BOC in June, 2011, and is aimed at Chinese who currently reside in Japan but do not have Japanese citizenship. Domestic Japanese banks can also provide financing but they have much stricter terms and conditions. The BOC aims to lower the hurdles to borrowing.

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