As Japan has one of the most vibrant economies of the world and the mortgage market of Japan is also very thriving. However it should be mentioned here that after the bursting of the ‘bubble economy' mortgage in Japan had also witnessed certain changes. The rate of mortgage loans was comparatively higher than the commercial loans. The serious fall in the mortgage interest rate was a concern to the Japanese government though it was better than its commercial counterparts. At this point there was also a significant decrease in the cost of property and house.
The recent scenario of mortgage in Japan is that the corporate has basically stopped borrowing from the banks thus the banks had to mainly depend on personal loans mainly housing. The average mortgage rate of Japan is 2.37%.
Some of the mortgage lenders of Japan are:
- Jukeikai Co., Ltd
- The Mortgage Corporation of Japan, ltd
- Daiwa Estate Company, Limited
- Royal Home Center, Company, Limited
- Osaka Marubira, Company ,Limited
There are two types of mortgage rates in Japan fixed and floating the rates also vary with the number of years. Like for example, 5 years of fixed mortgage rate is from 2.23% to 2.68% and 15 year fixed rate mortgage rate is 2.81%to 3.26%.
Apart from these mortgage agencies, the banks of Japan also give mortgage loan to the residents of the country. All the leading cities like Tokyo and Osaka have a number of agencies providing this kind of service. Foreigners only having a permanent residency status are liable for a mortgage loan in Japan .
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