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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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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