Mortgage Repayment Insurance Products Partially Exempted in The Time of Unemployment Major Trust Banks, etc. September 2, 21:48
To protect mortgage users who have been hit financially by the new coronavirus, major trust banks and foreign insurance companies have decided to start handling insurance products that partially wag repayments if loan users lose their job.
The new insurance products were jointly developed by Sumitomo Mitsui Trust Bank and cardiff Non-life Insurance Co., Ltd., a foreign insurance company.
If the person who applys for the loan is unemployed or fired due to bankruptcy at work, etc., it is characterized by a special deal that exempts the repayment of the loan for up to three months, and it is said that it will start handling it in November.
However, interest rates are going to be slightly higher than regular mortgages.
According to banks, in the event of a disease such as cancer or stroke, there are many cases where a special offer to wad repayment of a loan is made, but it is the first time for a major financial institution to add a special offer to be exempted in the event of unemployment.
In order to protect against people having trouble paying off their mortgages due to the effects of the new coronavirus, the Financial Services Agency has asked financial institutions to flexibly respond to changes in loan conditions, and has also responded by reducing monthly repayments.