Mortgage relief for quake-hit homeowners

The Japan Housing Finance Agency is working alongside private financial institutions to support people who suffered damage to their homes in the earthquake that struck Ishikawa Prefecture on January 1.

Officials say people with "Flat 35" and other housing loans handled by the agency may be entitled to interest rate reductions and mortgage forbearance.

The agency will also offer low-interest loans for home repairs and reconstruction.

Under a plan open to applications this month, affected residents who wish to build a new home can borrow up to 37 million yen for land and housing or up to 27 million yen for housing alone, at a fixed annual interest rate of 1.59 percent.

Applicants who apply to buy a new, existing house or condominium can borrow a maximum of 37 million yen, or up to 12 million yen to repair a current home, at the same interest rate.

In all cases, applicants will require a disaster victim certificate from their local government to qualify.

Advice is available at the toll-free number 0120-086-353 from 9 a.m. to 5 p.m. daily.

This information is current as of January 11, 2024.