Japan is a highly developed country and it is also densely populated. As a result, there is a high demand for real estate and residential properties in Japan. However, the home loan rates offered by various financial institutions in Japan are cheap and competitive in nature.
At present, Japan is performing a total revamp of the home loan market by reconstituting the home loan service providers in the public sector. A large number of commercial banks and other financial institutions are participating in the home loan market of Japan. The maximum period for repayment of home loans in Japan is 35 years.
The savings rate in Japan is quite high in comparison to other Asian countries. This is playing a significant role behind the increasing home ownership in Japan. At present, approximately 60% of the Japanese households are represented by the homeowners.
The home loans in Japan are available both with fixed rate of interest and variable rate of interest. Some of the Japanese home loan companies are also providing home financing facilities to residents of Japan who are not Japanese by origin.
The terms and conditions of the home loans available in Japan are flexible in nature. Online mortgage loan services are also available from a number of home loan lenders. Instant online mortgage quotes are offered by a number of home mortgage loan providers in Japan. The home loan borrowers can compare these quotes and choose the most affordable mortgage option for them. The online application process for home loans is easy and saves a lot of time in comparison to the traditional application methods.