Sumitomo Mitsui Banking Corp. has launched new loans for construction and renovation of apartments designed exclusively for older people.
The bank said Thursday it will provide loans for the construction and renovation of nursing homes and apartment buildings where care and life-support services are available at lower interest rates than loans for general apartment buildings. It has formed a partnership with Daiwa House Industry Co. for the new program.
Sumitomo Mitsui will provide loans to individual landowners and Daiwa House will undertake construction and renovation. The developer will then lease completed buildings and pay rent to the owners.