RetireJapan

Hi All,

I asked a question on the Japanlife reddit and got some good responses, but also wanted to survey home and loan owners here on the forums.

In short, my wife mentioned that banks have restrictions on Flat35 or other home loans if the applicant is over 40 years old. The responses on reddit seemed to lean towards that not being the case.

Can anyone with experience with Flat35 or an applicant who was 40 or over when they applied to share their experiences with the process and if banks do have age restrictions for folks.

As I mentioned in a different thread, my wife and I (both foreigners, with PR, stable jobs) are looking at getting a home (passive house if we can) and are interested in the Flat35 loan series.

Thank you in advance.

It's possible. I got a regular (not Flat 35) 35 year loan from SMBC bank at age 41.

I am also currently looking at options for mortgages, and I am reaching up to 40s.
From my discussions with Shinsei bank they did not mention anything like age restrictions, and I would be able to get a loan that terminates when I will be 75 (if approved).

As speculation though, what may be different when one is approaching 40s or so is the group life insurance scheme that some banks ask you to join as a requirement. You need to be eligible for this and I am unclear at the moment how eligibility for the life insurance scheme is affected by age or medical conditions.

I can't speak too much to the flat35 loan part, but I'd be very interested in hearing about how you've been doing trying to get a passive house built here.

jcc wrote: ↑Tue Feb 16, 2021 7:05 am I can't speak too much to the flat35 loan part, but I'd be very interested in hearing about how you've been doing trying to get a passive house built here.

Do you know Mark? https://www.retirejapan.com/blog/buildi ... ergy-home/

That or a post somewhere else is what I think got me interested in the whole passiv haus thing!

I got a 35 year loan from SMBC at age 49

suntori wrote: ↑Wed Feb 10, 2021 2:12 am
As speculation though, what may be different when one is approaching 40s or so is the group life insurance scheme that some banks ask you to join as a requirement. You need to be eligible for this and I am unclear at the moment how eligibility for the life insurance scheme is affected by age or medical conditions.

This runs out at 80 for some banks. It may not be all, so please check if this is important to you.

concerned wrote: ↑Thu Feb 18, 2021 11:54 am I got a 35 year loan from SMBC at age 49

I have tried twice today to do an online application on SMBC's website. Both times I get to the very end and I get a system error.

How did you apply? Also, why did you choose them over others?

Cheers!

Mr.Goodkat wrote: ↑Sat Jul 03, 2021 8:03 am
How did you apply? Also, why did you choose them over others?

Cheers!

Not a specific answer to your question, but many people find that local banks and online banks are more competitive than the 'big three' megabanks.
It is worth looking at your local 信用金庫 to see if you meet their requirements, along with smaller/net banks such as SBI, Rakuten Bank and Aeon Bank.