The Asian Banker

Shinsei Bank launches PowerSmart Home Mortgage for home improvements
Jun 03, 2013

Tokyo, May 21st 2013 - Shinsei Bank, Limited (“Shinsei Bank”; “the Bank”) today announced that in order to accommodate customers’ home improvement needs, it will start offering home improvement (“renovation”) financing from Saturday, June 1, 2013 when an application is made together with the application for a Shinsei Bank PowerSmart Home Mortgage (“PowerSmart Home Mortgage”).

The Bank will provide the same interest rate for renovation as that applied to the PowerSmart Home Mortgage. Furthermore, up to 100% of the value of renovation can be added to the collateral value when certain conditions that are stipulated by the Bank are met. This will raise the total loan amount offered under the PowerSmart Home Mortgage.

Since the launch of the PowerSmart Home Mortgage in February 2002, Shinsei Bank has endeavored to differentiate its housing loan services by offering certain free of charge services such as free guarantee fees and free early repayment fees. In December 2012, the Bank launched “PowerSmart Home Mortgage (Anshin Pack)” that allows customers to make provisions for possible changes in their lifestyle during the loan term, such as changes in their income or state of health. As a result, the PowerSmart Home Mortgage balance reached approximately 1,090 billion yen as of March 31, 2013.

By offering financing for renovations when customers are considering refinancing their housing loans,  Shinsei Bank expects to attract a wider range of customers by meeting their needs for improving their existing homes or used homes they purchase. Shinsei Bank will continue striving to strengthen and improve its financial products and services to enhance customer satisfaction.


Re-disseminated by The Asian Banker

Categories: Retail Banking
Keywords: Shinsei Bank

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