Hitachi Capital Corp., the consumer financing arm of Hitachi Ltd., said Wednesday it has set up a joint venture with home builders Sekisui House Ltd. and Daiwa House Industry Co. to engage in the residential mortgage loan business.
The new firm will open for business Oct. 1 and offer mortgage loan services by taking advantage of securitization programs provided by Government Housing Loan Corp., company officials said.
It will not only extend loans but also collect loans and sell mortgage-related insurance policies, the officials said.
Capitalized at 2 billion yen, the new firm is owned 50 percent by Hitachi Capital and 25 percent each by Sekisui House and Daiwa House.