Sony Bank to Eliminate All Fees for Accelerating Mortgage Loan Payments
December 3, 2007
Sony Bank Inc., an 88% subsidiary of Sony Financial Holdings, announces the elimination, from January 1, 2008, of all fees associated with the acceleration of payments on its mortgage loans.
Previously, Sony Bank charged fees ranging from ¥2,100 to ¥31,500 (depending on the acceleration payment amount and including consumption tax) to the holders of fixed-rate mortgage loans or mortgage loans with riders specifying fixed rates on a portion of the loans. To enhance its customer service level, the bank has reviewed its fee structure and decided to eliminate all fees charged when accelerating mortgage loan payments from the beginning of 2008. This change will also make it easier for Sony Bank mortgage loan customers to accelerate their loan payments.
Sony Bank's mortgage loans are highly convenient. The bank charges no guarantee or group credit life insurance fees on mortgage loans, and the entire process—from initial application through to mortgage contract—is conducted without customers ever having to set foot inside a bank branch. Furthermore, after taking out mortgage loans customers can accelerate loan payments and change the type of loan interest rate, all over the Internet. Going forward, Sony Bank will continue to offer mortgage loans that are attractive because they are both economically rational and convenient.
Note: This is an English-language summary of a Japanese announcement made by Sony Bank on December 3, 2007. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
