flat35 is fixed-rate housing loan.
interest rate
• interest rate type: fixed rate
• loan term: up to 35 years
requirements
• The borrower or family occupy
• Both new and existing properties are eligible
• Existing properties must be built on or after June 1, 1981
• Second homes are eligible, but investment properties are excluded
• Condominiums must have an exclusive area of at least 30m2,
and single-family homes must have a floor area of at least 50m2
• applicants must be under 70 years old *
(applicants aged 70 or older are eligible if using a parent-child relay loan)
• Home inspection fees, fire insurance premiums, and earthquake insurance premiums are also eligible
borrowing amount
• borrowing limit: up to 100% of the construction cost or purchase price (if it exceeds 90%, the interest rate will be higher)
• loan amount range: 1 million JPY to 120 million JPY
• [additional loan limit based on annual income]
if annual income is less than 4 million JPY: less than 30% of annual income
if annual income is 4 million JPY or more: less than 35% of annual income
repayment methods
• equal monthly payments (principal + interest)
• equal principal payments
- bonus payments can be combined, up to 40% of the total loan amount
prepayment
• prepayment fee: free
• When applying at a financial institution counter,
applicants must apply at least 1 month in advance and
the repayment amount must be 1 million JPY or more
- When applying online, the repayment amount must be 0.1 million JPY or more
required items
• certificate of eligibility for Housing Standards
group credit life insurance
• When borrow through a mortgage from a bank,
you must join group credit life insurance.
• If the borrower dies during the loan term,
this insurance pays off the remaining mortgage balance.
rider
• interest rate transfer rider
• When selling a newly constructed certified long-term excellent housing,
the remaining debt can be transferred to the buyer.
interest rate discount system
• flat35S: When purchasing a house with superior earthquake resistance or barrier-free performance,
the interest rate will be discounted by 0.5% for the initial 5 years.
• flat35(regional cooperation type): obtain a certificate from the local government,
the interest rate will be discounted by 0.5% for the initial 5 years.
reverse60
requirements
• the applicant is 60 years old or more
• put up one's home as collateral
purpose of loan
• construct or purchase a home
• renovate a home
• lump-sum move-in fee for senior housing with services
borrow limit
the lowest of the following 3 amounts
• purchasing or construction costs
• 50% or 60% of the collateral property's appraised value
• 80 million JPY
repayment methods
• while the borrower is alive: only monthly interest is repaid
• upon death: the loan is paid off either by
selling the collateral property or
through a lump-sum payment by the heirs.