Home loan rates rise as interest rate hits 6 year high

From the beginning of this month, Japan’s main banks have started to increase interest rates offered on home loans. This is due to the worldwide shift towards reducing monetary easing measures that have been in effect since the start of the pandemic. On January 31, Japan’s long-term interest rate reached 0.185%, the highest level in six years.

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Bank offers 40-year home loans to counteract rising house prices

Keiyo Bank, headquartered in Chiba City, is rolling out a home loan product with a maximum repayment term of up to 40 years. Up until now, the maximum loan term was 35 years. Although a longer loan term results in higher interest paid in total, the monthly repayments will be slightly less, lowering the bar for younger home buyers to qualify.

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