From April 13, Sumitomo Mitsui Banking Corporation (SMBC) began offering a new type of home loan for married couples that offers an additional life insurance component. In the event that one of the spouses dies during the term of the loan, the surviving spouse, who must also be a borrower, will be exempt from paying off the remainder of the loan.
The loan was introduced to cater to a growing number of families with two working spouses. According to the Japan Institute for Labour Policy and Training, there were 10.65 million double-income households in Japan, up 10% over the past 10 years. Almost 20% of SMBC’s home loan clients are borrowing in both spouses names.
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