Bank of China Tokyo Branch (the Branch) has delivered the first individual mortgage loan after the recent launch of home mortgage loan business in Japan.
With China's rapid economic development and the increase of wealth, a growing number of Chinese are choosing to purchase real estates in Japan, increasing the demand for individual home mortgage loans.
As of the end of 2010, the total number of Chinese living in Japan exceeded 800,000. Over the years, due to the banks' stringent approval process on home loan applications from the foreigners in Japan, some bank customers' demands have not been met for a long time. In response, the Branch has, by working closely with the local insurance companies, credit bureaus and real estate agencies, officially launched the individual home mortgage loan business after market research and product development, formulation of rules and regulations, contract drafting and successful system testing.
The offering of individual home mortgage loans by the Branch will not only make it easier for the Chinese in Japan to get home loans, but also provide the local customers with more choices of home loans, demonstrating a promising new growth opportunity for the Branch in the local market.
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