Shinsei "PowerSmart Home Mortgage" Interest Rates
10-year Convertible Floating Rate
Interest Rate Type
Special contract period（10 year）
Floating interest rate period (Before Powerfreeze Option） Home Mortgage Floating (daily) Base Rate Fixed interest rate period (After Powerfreeze Option）
as of November 1, 2008
Home Mortgage Floating (daily) Base Rate (as of November 1, 2008)
●This rate is reviewed daily. Please note that the interest rate will be applicable at the time of disbursement and not application date nor contract day.
After special contract period
10-year convertible floating rate (daily)
-0.5％p.a.
(As of November 1, 2008:
1.800
Depending on the residual term of the special contract period, Home Mortgage Initial Fixed Base Rate
Home Mortgage Initial Fixed Base Rate
％ p.a.)
-1.0％p.a.
-0.4％p.a.
2.300
％ p.a.
Transition of Floating Interest Rate
*"Home Mortgage Floating (daily) Base Rate" is the rate that will be used to determine the applicable rate for Floating interest rate period, and is reviewed daily. *"Home Mortgage Initial Fixed Base Rate" is the rate that will be used to determine the applicable rate for Fixed interest rate period and after special contract period, and is reviewed monthly. *Please note that after Special contract period (10 year), "Home Mortgage Floating (reviewed semi-annually) Base Rate" will apply if "Floating Interest Rate" is selected, and "Home Mortgage Initial Fixed Base Rate" will apply if "Initial Fixed Interest Rate" is selected AND the outstanding loan balance is less than JPY 5MM at the time of such rate is selected.
Floating Interest Rate / Initial Fixed Interest Rates
Interest Rate Type Floating
(reviewed semi-annually)
as of November 1, 2008
●This rate is reviewed monthly. Please note that the interest rate will be applicable at the time of contract and not application date. ●Following rates will be applied when contracted during the period between November 1 through November 30, 2008.
Initial Rate A
－
Initial Rate B
Home Mortgage Base Rate
%p.a. %p.a. %p.a. %p.a. %p.a. %p.a.
2.400 2.500 2.650 2.750 2.900 3.050
- 0.7％p.a.
2.400 3.000 3.250 3.450 3.500 3.650
－
%p.a. %p.a. %p.a. %p.a. %p.a. %p.a.
1 year fixed 3 year fixed 5 year fixed 7 year fixed 10 year fixed
Interest rate after initial rate has expired
－
－
－
－
－
Home Mortgage Initial Fixed Base Rate
Home Mortgage Initial Fixed Base Rate
- 0.4％p.a.
*"Home Mortgage Base Rate" is the rate that will be used to determine the applicable rate for next interest term when initial fixed term ends, and is reviewed monthly. *Please note that after the first initial period is over, "Home Mortgage Floating (reviewed semi-annually) Base Rate" will apply if "Floating Interest Rate" is selected, and "Home Mortgage Initial Fixed Base Rate" will apply if "Initial Fixed Interest Rate" is selected AND the outstanding loan balance is less than JPY5MM at the time of such rate is selected.
Long-Term Fixed Interest Rates
Interest Rate Type 20 year fixed 25 year fixed 30 year fixed 35 year fixed Term
20 Years Over 20 to 25 years and under (in one year increments) Over 25 to 30 years and under (in one year increments) Over 30 to 35 years and under (in one year increments)
as of November 1, 2008
●This rate is reviewed monthly. Please note that the interest rate will be applicable at the time of contract and not application date. ●Following rates will be applied when contracted during the period between November 1 through November 30, 2008.
Standard Type Interest Rate
3.400 3.550 3.600 3.600
% p.a. % p.a. % p.a. % p.a.
*"Standard Type Interest Rate" applies for mortgages with Long-Term Fixed Interest Rate and is reviewed monthly.
- Please see Page 2 for more details on each interest rate types. - Applications for PowerSmart Home Mortgage will be subject to specified credit approval process. As a result, we may not be able to proceed with the application conditions as you had requested. - Based on the interest rate movements, interest rates may be reviewed during the month. - Please refer to the below for the timing of rate setting for each interest rate type.
Please see Page 2 for more details on Home Mortgage Base Rates.
Application
Credit Review
Contract Closing
Disbursement
Interest Rate at this timing will be applied if Floating /Initial Fixed Interest Rate or Long-Term Fixed Interest Rate is selected.
Interest Rate at this timing will be applied if 10-year Convertible Floating Interest Rate is selected.
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Important notes on Shinsei "PowerSmart Home Mortgage"
10-Year Convertible Floating Rate
●This interest rate is for reference only. Interest rates are reviewed daily, based on the movement of "Home Mortgage Floating (Daily) Base Rate." Please note that the interest rate will be applicable at time of disbursement and not application date nor contract day. ●The floating rate will start on the disbursement date. The customer may choose to fix the rate with applicable fixed rate type depending on remaining years of the initial special contracted 10 years (may fix one time only). The rate applied and the timing of the fix will be as of the following day of the request (to fix). ●Applied interest rate (annual) for "Floating Rate Applied Tenor," "Fixed Rate Applied Tenor," or "Tenor After the Special Contracted Term (10 years)" will be the following (1) through (3). (1) Floating Rate Applied Tenor - "Home Mortgage Floating (Daily) Base Rate" minus 0.5% p.a. - Floating rate is subject to change on daily basis. (2) Fixed Rate Applied Tenor - 1, 3, 5, 7, & 10 year fixed interest rate applied depending on the remaining tenor of special contracted term; "Home Mortgage Initial Fixed Base Rate" minus 1.0% p.a. (3) Tenor After the Special Contracted Term - Unless instructed by the customer, "Floating Rate (reviewed semi-annually)" will be automatically applied. - Customers may select to apply "Initial Fixed Interest Rate" (for a term of 1, 3, 5, 7, & 10 years). - Please note that service charge will incur for fixing the rate with one of the "Initial Fixed Interest Rate". - If "Initial Fixed Interest Rate" is selected, "Home Mortgage Initial Fixed Base Rate" will apply. - Please note that "Home Mortgage Initial Fixed Base Rate" minus 0.4% will apply if the outstanding loan balance is over JPY 5MM at the time "Initial Fixed Interest Rate" is selected. (If Mix Loan is applied, the loan balance will be reviewed for each loan).
Floating Interest Rate / Initial Fixed Interest Rates
●If "Floating Interest Rate (reviewed semi-annually)" or "Initial Fixed Interest Rate" is selected, the applied initial rate will be determined at the time of contract. Therefore, please note that depending on interest rate movement, applying "Initial Rate" may differ from time of application. Please confirm the details on applying interest rate upon contract closing. ●When either "Floating Interest Rate (reviewed semi-annually)" or "Initial Fixed Interest Rate" is selected, either "Initial Rate A" or "Initial Rate B" will apply until the day prior to the first interest change date depending on the rate selected at the time of contract. ●Unless otherwise instructed by the customer, at the end of the initial interest rate period, the "Floating Rate (reviewed semi-annually)" will automatically apply. Customers may also select to apply the "Initial Fixed Interest Rate" (for a term of 1, 3, 5, 7, or 10 years). The "Home Mortgage Base Rate" will apply for those customers that have selected a fixed interest rate. Further, when the fixed interest rate is selected and the outstanding balance is over JPY 5MM, the following interest rates will be applied. (1) Fixed interest rate "Home Mortgage Base Rate" minus 0.4% when "Initial Rate A" is initially selected. (2) Fixed interest rate "Home Mortgage Base Rate" minus 0.7% when "Initial Rate B" is initially selected. (For the Mix Loan service, each loan condition must be met in order to receive special discount rate). ●"Floating Interest Rate (reviewed semi-annually)" will be reviewed and be effective as of the 27th of the interest rate review month based on "Home Mortgage Base Rate" determined on May 1 and November 1 of each year. ●If a "Initial Fixed Interest Rate" is selected in the interest rate review month, the applicable interest rate will be based on the "Home Mortgage Base Rate" of the same month taking effect from the 27th. Please note that service charge will incur for fixing the rate with one of the "Initial Fixed Interest Rate".
Long-Term Fixed Interest Rates
●The applied rate at the time of borrowing will be applied until maturity of the mortgage. There will be no rate reviews during the term of the mortgage. ●"Standard Type Interest Rate" will be selected for the terms of 20, 25, 30, 35 years. ●If "Long-Term Fixed Interest Rate" is selected, applying rate will be determined at the time of contract. Therefore, please note that depending on interest rate movements, applying rate may differ from time of application. Please confirm the details on applying interest rate upon contract closing. ●Please note that once the loan agreement is concluded for this mortgage ("Long-Term Fixed"), the rate cannot be neither changed nor revised to "Fixed Interest Rate" or "Floating Interest Rate" during the term of the mortgage.
[ Common Points for All Interest Rate Types ]
●Product Description is available on Shinsei Website. ●"10-year Convertible Floating Rate" mortgages and "Long-Term Fixed Interest Rate" mortgages may be discontinued under extenuating circumstances due to interest rate fluctuations, etc. ●As a general rule, the Bank reviews the initial interest rate every month (and "10-Year Convertible Floating Rate" is reviewed daily); however, based on the interest rate movements, interest rates may be reviewed during the month. Please confirm the borrowing terms and applied interest rate at the time of contract. ●Disbursement date of the loan may be decided by the customer. Please set the contract date from the first business day two months in prior to the date of disbursement date. ●Existing PowerSmart Home Mortgage customers may not refinance their current home mortgage loans for this mortgage program. ●Please note that monthly scheduled payment amount will be recalculated and is subject to change upon interest rate revisions or due to interest rate movements. ●If the monthly repayment amount is reviewed, a new repayment schedule will be posted.
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