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10/11/2022

Buying a House: the Budget 3

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Buying a House: the Budget 3

Mak1ing a larger down payment
The larger your down payment is, the less you will borrow and the lower your loan repayment burden will be.
​The lower your loan repayment burden, the more secure your household finances will be in the future, so consider ways to increase your down payment as much as possible.
Picture
Point 1: Plan to increase your savings.
During the repayment period of a mortgage loan, there is a risk that household financial circumstances may change, such as an increase in children's educational expenses or a decrease in income due to retirement, and you may be unable to pay the originally planned loan repayment amount.
However, if you can increase your down payment and lighten your repayment amount, you can reduce such risks. For this reason, it is important to plan ahead and save for the future.
Picture
📖CASE STUDY
If a mortgage loan is taken out for a property price of 30 million yen, with equal principal and interest, 35-year repayment, 2% interest rate, and monthly repayment only...
​
 If the down payment increases by 1 million yen, the annual repayment amount decreases by about 39,750 yen. 
*This is an example of an estimate based on the above assumptions.
With a down payment of
​6 million yen

Monthly repayment: 79,503 yen
Annual repayment: 954,036 yen
➡
The annual repayment amount is reduced by approx. 39,750 yen
With a down payment of 7 million yen
Monthly repayment: 76,190 yen
Annual repayment: 914,280 yen
Picture
Point 2: Points to keep in mind when receiving financial assistance from your parents
You may be receiving financial assistance from your parents when purchasing a house. You can receive financial assistance by "borrowing from your parents" or "receiving a gift from your parents".
When borrowing funds from your parents, it is important to note that in order for the loan to be recognized as a borrowing and not a gift, an IOU must be prepared and the interest rate, repayment method, and other conditions must be the same as those for a loan from a third party, even if the loan is from your parents.
It should also be noted that gifts received from your parents are subject to gift taxation, even if between you and your parents. However, there are cases where tax exemptions are available for gifts received from parents or grandparents, so please check in advance.

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Real Estate agent in Kyoto, Buy and Sell, Leasing, Renovation and Construction, Management for Investment and Vacation Property, Professional Services for International Customers. We deal in KyoMachiya houses, detached and attached Houses, new and old Condominium Apartments, Block of Apartments and Buildings for Commercial, Residential and Investments use, Manage and Support Operation and New Development of Guesthouse, Ryokan and Hotel, Total Supports for Land and Buildings Real Estate in Kyoto.
Yours sincerely, Founder Ken Hayashi
Real Estate Broker Company License No. Kyoto-Fu Governor ( 2 ) 14044 , ​Member of Kyoto Association of Residential Land Building Business
  • Home
  • Study
    • Rights of Property >
      • Real Right and Credit
      • Rights to the land and Rights to the building
    • the Building Lots and Buildings Transaction Business Act >
      • Laws Related to Real Estate Transaction in Japan
      • (1) Laws Concerning Land Use
      • (2) Laws Concerning Construction of Buildings
      • (3) Laws Regulating Real Estate Companies
      • (4) Laws and Regulations Concerning Advertisement
      • (5) Laws Concerning Contracts Including Sales Contracts and Lease Contracts
      • (6) Laws concerning Titles and Rights
      • (7) Laws Concerning Real Property Registration
      • (8) Laws Concerning Condominium Management
      • (9) Laws Concerning Defects (Faults, etc.) of Housing Properties
    • How to and Procedures >
      • Process of Real Estate Sale
      • Process of Real Estate Purchase >
        • the Process of Buying a House
        • Housing Prices
        • the Living Environment
        • the Budget
        • Find a Home
        • Choosing a Real Estate Agency
        • Financial Planning and Mortgage
        • Making the Final Decision to Purchase
        • Concluding a Sales Contract
        • Delivery of the Property
      • Cost by Transaction
      • Important Points Explanation
      • Real Estate Sales Contract
      • Property Condition Confirmation
      • Facilities and Equipment List
    • Building Management >
      • Process of Residential Property Management
      • Process of Real Estate Leasing >
        • Idea of Lease Agreement
      • Process of Second House Management
    • Related Acts
    • Glossary >
      • Real Estate Glossary in Japan
    • Tax in Japan >
      • Consumption Tax
      • Property Tax
      • Capital Gain Tax
      • Withholding Tax
      • Taxes on Gifts and Inheritances
    • Q&A >
      • Q&A
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