Japan Mortgage

Abstract: Reports from Journal Of Economic Perspectives suggest that the growth in Japan mortgage market has been prominent in the past 30 years or so. Among the various sources of availing mortgage loans, banks are the still most widely accepted source. The banks provide mortgage rates, which are adjustable or fixed. The fixed rate mortgage loans are usually extended for a period of 3 years. Cash down payments range on an average between 50% to 60%.

Availing mortgage in Japan may be quite cumbersome. An individual opting for a mortgage loan is not required to be a Japanese citizen but is required to be a permanent Japanese resident. With regard to foreigners, the banks in particular, are very cautious.

Japan mortgage loan may be availed from various sources like:

Banks
Public Housing Loan Corporation
Bidding
It is ideal to avail of loans from the bank after fulfilling the requisites. In case of Public Housing Loan Corporation, the interest rates offered are comparatively higher than the banks. Bidding is the most risky method. This procedure may be availed by people who do not have proper income. The bidding is done by the Judicial Courts, wherein the property of the people are auctioned for their non payment of mortgage loan.

Price of land in Japan, increased in the year 2007. This increase was the first recorded since the year 1991. Sale of mortgage backed securities(commercial), increased by 18%. Flat 35- loan program: As of May, 2005 mortgage rates in Japan were varying between 5% and 6%. The people intending to buy property in Japan could avail of a fixed rate for a loan tenure of 35 years at mortgage rate ranging between 2.3% to 3.6%. The Loan program Flat 35 was introduced by the Government Housing Loan Corporation. Even though the loan program was not very popular in the initial stages, gradually it gained recognition over the years

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Last Updated on : 24th August 2013