Home savings account // First-Time Home Buyer Savings Account

[William]

Hi everyone,

On my way toward financial independence, I think it's time I also consider how I will buy my first house/mansion.

I'm still not there, because I think it will be easier to wait until I get my permanent residency, which should be done in a couple of years.
That being said, I'd like to start saving now. In my home country, there are some financial products, which I believe are translated in English with the term Home Savings Account. Basically, it's savings with interests that will also help you get a better loan.

I was wondering: is there a similar scheme in Japan?

[RetireJapan]

Not aware of anything like that.

The best way to get a low interest mortgage is to have PR and work full-time for a big company for at least three years.

Banks in Japan will often lend you 100% (or more) of the home price over up to 35 years, and the mortgage tax refund makes this an attractive option, even if you plan to pay the mortgage off early later (most banks will now let you make extra payments to the mortgage without paying a fee).

[Tkydon]

Very often, a company will have an arrangement with their corporate bank to provide advantaged interest rate terms for its employees.
If you are in employment, you can ask if your company has such an arrangement.

[William]

Good morning everyone,

Thanks for the advices.

I also found something that might be interesting: 勤労者財産形成住宅貯蓄（財形住宅貯蓄）.

I need to practice my Japanese (and my Deepl, let's be honest). I don't know if it's something different from what Tkydon suggested. From what I could quickly understand, there are some tax incentives with that scheme.