Sony Bank Enters Tie-up with Sumitomo Forestry in Mortgage Loans
March 2, 2009
Sony Bank, Inc., a wholly-owned subsidiary of Sony Financial Holdings, today announced that it will offer mortgage loans in cooperation with Sumitomo Forestry Co., Ltd. ("Sumitomo Forestry") from March 2, 2009.
Subject to meeting certain Sony Bank lending criteria, Sony Bank will provide its mortgage loans with preferential interest rates to customers who purchase newly built homes from, as well as live in real estate properties built or sold by Sumitomo Forestry. Customers who purchase newly built homes will be able to apply for Sony Bank's mortgage loans through Sumitomo Forestry. Those who refinance their mortgage loans will need to apply from Sony Bank's service site.
With the forestry business as its foundation, the Sumitomo Forestry Group develops a total housing and living-related business worldwide, including distribution, manufacture and sales of timber and building materials and the design, construction of custom-built wooden housing and remodeling. Sumitomo Forestry's Home, the company's authentic custom-built home that fully accentuates the warmth of wood, has a proven track record as a top brand of custom-built wooden homes.
Sony Bank's mortgage loans are extremely convenient, because they do not require a guarantee or group credit life insurance fees. The entire loan process, from application to contract, is conducted without the borrower ever having to step foot in a bank branch. Even after the initial loan has been made, payments may be accelerated and the type of interest applied may be changed—all via the Internet. In these and other ways, Sony Bank will continue to enhance its mortgage loan services.
Note: This is an English-language summary of a Japanese announcement made by Sony Bank on March 2, 2009. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
