Five of Japan’s mega-banks announced plans to increase the premium interest rate on new home loans with a 10-year fixed rate. These rates will apply to new loans issued in May. Floating interest rates will not change.
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Home loan tax deduction may be reduced in 2022
The cash loophole from the 1% home loan income tax deduction is about to be closed as the government looks to revise the percentage down next year.
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13-year home loan tax deduction deadline is November 30
With the deadline to apply for the 13-year home loan income tax deduction coming this November, should buyers rush in to purchase or wait to see if it is extended? This scheme allows homebuyers to deduct a percentage of their home loan balance from their income taxes each year for 10 ~ 13 years (the 3-year extension is the one with the looming deadline).
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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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Debt relief for homeowners could arrive in December
The Financial Services Agency (FSA) is firming up plans that would reduce or exempt home loan repayments for struggling borrowers. These are extraordinary measures that would apply to those who have been affected by the coronavirus pandemic and its economic impact, and help to prevent home foreclosures and personal bankruptcies.
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Bank to provide mortgage relief for new borrowers
In a tie-up with insurance company BNP Paribas Cardif, Sumitomo Mitsui Trust Bank will soon start offering a mortgage payment exemption option for borrowers who have been fired or lost their job due to corporate bankruptcy.
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Mortgage relief in the works for struggling homeowners
The Financial Services Agency (FSA) and the Japanese Banker’s Association are looking at introducing special measures to provide reductions or exemptions in home loan repayments to those struggling from a loss in income as a result of the coronavirus pandemic. This will provide a much-needed safety net for borrowers.
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Mortgage stress on the rise
The Japan Housing Finance Agency (JHF) is reporting a surge in inquiries from borrowers who are struggling to make home loan repayments in the current crisis. As economic conditions worsen amidst the coronavirus pandemic a growing number of companies are laying off workers or reducing hours and pay. Household finances are being stretched to the limit, putting some borrowers in a precarious situation.
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Home loan interest rates to rise in May
Four of Japan’s leading banks will be increasing their advertised interest rates on home loans this month. This is in response to an increase in the 10-year government bond yield.
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Coronavirus fears may see home loan interest rates remain low
The potential for future rate cuts to counteract a global slowdown caused by the coronavirus is a silver lining for Japan’s major real estate developers. As interest rates are slashed further, borrowing costs are expected to remain low for developers and home buyers.
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