JHF Reform Loan (for Seismic Retrofitting)This loan is available for those whose are planning seismic retrofitting work for their house. *The loan conditions vary depending on the age of the borrower at the time of application. There are two types of loans: (1) Renovation Loan (Seismic Retrofitting) (2) Renovation Loan (Seismic Retrofitting): Special Repayment Provisions for the Elderly
(1) Renovation Loan (Seismic Retrofitting)Use of funds: Funds required for certified earthquake-resistant renovation or earthquake-resistant reinforcement work on a house. *Funds can be used not only for your own residence, but also for your relative's residence, second house, vacant house, or house leased to a third party. Maximum Amount: 15 million yen (100,000 yen or more, in increments by 10,000 yen) *The upper limit is the construction cost of the housing portion. *The loan amount may be reduced for those who receive subsidies from the national or local government for renovation work. Interest Rate: The interest rate at the time of application is applied for the entire term (fixed interest rate). *The interest rate of the loan will vary depending on the type of group credit life insurance. *For details on loan interest rates and the latest interest rates, please refer to the Japan Housing Finance Agency website. Repayment Period: Within the shorter of the following (1) or (2) (in one-year increments) (1) 20 years (2) Maximum repayment period based on age: "80 years old": Either the age at the time of application for the loan (rounded up to the nearest 1 year) of the applicant or the person whose income is combined (*1)(*2). Whichever is older is applied. *1 When the amount of income to be combined exceeds 50% of the income of the person whose income is to be combined. *2 The age of the successor in the case of parent-child relay repayment. (2) Renovation Lan (Seismic Retrofitting): Special Repayment Provisions for the ElderlyUse of funds: Funds required for certified earthquake-resistant renovation or earthquake-resistant reinforcement work on a house. Maximum Amount: Whichever is lower of the following (1) or (2) (1) 15 million yen (100,000 yen or more, in increments by 10,000 yen) *The upper limit is the construction cost of the housing portion. *The loan amount may be reduced for those who receive subsidies from the national or local government for renovation work. (2) Maximum amount guaranteed by a guarantor approved by JFH *The Foundation for Senior Citizens' Housing is the guarantor organization approved by JFH. Interest Rate: The interest rate at the time of application is applied for the entire term (fixed interest rate). *For details on loan interest rates and the latest interest rates, please refer to the Japan Housing Finance Agency website. Repayment Period: Until the death of all applicants (including joint guarantors) Features of the Special Repayment Provisions for the ElderlyFeature 1: The repayment period is limited to the time of death of all applicants (including co-debtors), and the monthly payment is limited to interest only. This repayment method reduces the monthly burden compared to the regular repayment method (equal repayment of principal and/or interest).
Feature 2: The principal of the loan is to be repaid in a lump sum by the heirs upon the death of all applicants (including joint debtors) through the sale of the loaned house and land, refinancing loan from JFH, or personal funds. * The total repayment amount when using the special repayment method for the elderly will exceed the total repayment amount when not using the method. Comments are closed.
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AuthorArrows International Realty Corp. Archives
June 2023
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