Most insurance companies and two banks said Wednesday they will help people who bought substandard condominiums developed by Huser Ltd. and other builders.
Residents who bought units in the structurally weak buildings have been calling for financial support since they discovered their homes were among 485 condos built with quake-resistance data falsified by architect Hidetsugu Aneha.
Shinsei Bank announced it will suspend mortgage payments on all the condos in question for three years.
Shinsei said all mortgage holders will not have to pay interest for three years and will be able to extend their mortgage payment schedules for three years.
Mizuho Bank currently is negotiating with its mortgage holders to suspend payments for up to three years, a bank spokesman said.
The Government Housing Loan Corp. announced Monday it will also allow the condo owners to suspend mortgage payments for up to three years.
The General Insurance Association of Japan meanwhile said its 18 member firms that offer earthquake insurance will stop collecting premiums from people who own the faulty condos until the end of March.
"After the two months, we will decide if we need to extend the period of suspension for the payments," association spokesman Masafumi Yamamoto said.
The insurance firms said the suspension applies to 75 cases the Ministry of Land, Infrastructure and Transport reported of people still living in their substandard condos as of Jan. 30.
Several insurers also are considering temporarily halting fire insurance premiums, he said.