Individual Loans and "Increasing" Pair Loans: Comparison of Transitions and Actual Conditions
Sumitomo Mitsui Trust Bank's Mirai Research Institute published survey results on the usage of individual and pair housing loans. The study revealed that pair loan usage has approximately doubled over the past 20 years, with differences observed in dual-income rates and household financial management methods.
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- 📰 Published: April 28, 2026 at 18:00
- 🔍 Collected: April 28, 2026 at 10:01
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The "Sumitomo Mitsui Trust Asset Future Research Institute" (Director: Tomoo Maruoka) (hereinafter referred to as Mirai Research Institute), established by Sumitomo Mitsui Trust Bank, Limited, conducted an independent questionnaire survey targeting 10,000 people (aged 18-69) in January 2026 and released its analysis results.
One of the significant changes in housing loan borrowing over the past 20 years has been the expansion of pair loans.
For borrowings between 2021 and 2025, the usage rate of pair loans reached 22.0%, approximately double that of 20 years ago (Figure 1). While individual loans still constitute the majority, it can be seen that housing acquisition through pair loans has become established to a certain extent.
[Figure 1] Borrowing Form (Individual Loan/Pair Loan)
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan) (Source) Unless otherwise specified, created by Mirai Research Institute based on Sumitomo Mitsui Trust Asset Future Research Institute's "Survey on Awareness and Actual Conditions of Housing and Asset Formation" (2026).
This report, therefore, compares individual loan households and pair loan households from two perspectives: household financial conditions and housing loan borrowing methods, to identify their characteristics and commonalities.
1. Characteristics of Individual Loan Households and Pair Loan Households from the Perspective of "Household Financial Conditions"
First, we examine household employment patterns.
The dual-income rate for pair loan households is high at 84.8%, while for individual loan households, 57.8% are also dual-income (Figure 2). This suggests that even with the increase in dual-income households, a certain number of households still choose individual loans.
[Figure 2] Current Employment Patterns of Self and Spouse/Partner
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan).
Next, looking at current household annual income, "less than 7 million to 10 million yen" is the central range for both individual loan households and pair loan households (Figure 3).
However, the proportion of those with less than 7 million yen is 48.2% for individual loan households and 41.7% for pair loan households, whereas the proportion of those with 10 million yen or more is 20.9% for individual loan households and 29.6% for pair loan households. This indicates that pair loan households have a slightly higher proportion of high-income earners.
[Figure 3] Current Household Annual Income
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan) *Excludes those who answered "Don't know/Prefer not to answer".
Subsequently, we examined household financial management patterns. When classifying the survey options into four main styles: "Individual Management," "Joint Management with a Primary Person," "Joint Management," and "Independent Management," "Individual Management" is decreasing in all loan types. However, for individual loan households (2021-2025), "Individual Management" (36.9%) remains the most common, followed by "Joint Management with a Primary Person" (36.3%) (Figure 4).
In contrast, for pair loan households, "Joint Management with a Primary Person" and "Independent Management" both accounted for the highest at 28.0%. Notably, "Independent Management" is 13.1 percentage points higher than for individual loans, indicating that many households manage their income and expenses separately. However, other management styles are also observed to some extent, showing that "how household financial management roles are divided" varies among households.
[Figure 4] Person Responsible for Household Financial Management and Operation
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan) *Excludes those who answered "No spouse/partner" *Figures less than 5.0% are omitted from the graph.
Considering the above, while no significant differences are observed in employment patterns and household income distribution, differences are seen in household financial management methods, suggesting a certain relationship between the housing loan borrowing method and the approach to household financial management.
2. Characteristics of Individual Loan Households and Pair Loan Households from the Perspective of "Housing Loan Borrowing Methods"
Next, we focus on housing loan borrowing methods.
First, looking at the number of information sources referenced when considering a housing loan, the proportion of individual loan households that referenced "1 source" is largely 42.2% (Figure 5). However, as the borrowing period approaches the present, the proportion of "no information referenced" decreases, and the proportion of those who referenced "3 or more" information sources increases.
For pair loan households, the proportion of those who referenced "only 1 source" decreases, and the proportion of "3 or more" increases.
In both cases, the diversification of information gathering is progressing, but the degree of change is greater for pair loan households. As pair loans involve multiple parties in the contract, it is thought that consideration proceeds with a more multifaceted approach to information gathering compared to individual loans.
[Figure 5] Information Sources Referenced When Considering Housing Loans
One of the significant changes in housing loan borrowing over the past 20 years has been the expansion of pair loans.
For borrowings between 2021 and 2025, the usage rate of pair loans reached 22.0%, approximately double that of 20 years ago (Figure 1). While individual loans still constitute the majority, it can be seen that housing acquisition through pair loans has become established to a certain extent.
[Figure 1] Borrowing Form (Individual Loan/Pair Loan)
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan) (Source) Unless otherwise specified, created by Mirai Research Institute based on Sumitomo Mitsui Trust Asset Future Research Institute's "Survey on Awareness and Actual Conditions of Housing and Asset Formation" (2026).
This report, therefore, compares individual loan households and pair loan households from two perspectives: household financial conditions and housing loan borrowing methods, to identify their characteristics and commonalities.
1. Characteristics of Individual Loan Households and Pair Loan Households from the Perspective of "Household Financial Conditions"
First, we examine household employment patterns.
The dual-income rate for pair loan households is high at 84.8%, while for individual loan households, 57.8% are also dual-income (Figure 2). This suggests that even with the increase in dual-income households, a certain number of households still choose individual loans.
[Figure 2] Current Employment Patterns of Self and Spouse/Partner
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan).
Next, looking at current household annual income, "less than 7 million to 10 million yen" is the central range for both individual loan households and pair loan households (Figure 3).
However, the proportion of those with less than 7 million yen is 48.2% for individual loan households and 41.7% for pair loan households, whereas the proportion of those with 10 million yen or more is 20.9% for individual loan households and 29.6% for pair loan households. This indicates that pair loan households have a slightly higher proportion of high-income earners.
[Figure 3] Current Household Annual Income
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan) *Excludes those who answered "Don't know/Prefer not to answer".
Subsequently, we examined household financial management patterns. When classifying the survey options into four main styles: "Individual Management," "Joint Management with a Primary Person," "Joint Management," and "Independent Management," "Individual Management" is decreasing in all loan types. However, for individual loan households (2021-2025), "Individual Management" (36.9%) remains the most common, followed by "Joint Management with a Primary Person" (36.3%) (Figure 4).
In contrast, for pair loan households, "Joint Management with a Primary Person" and "Independent Management" both accounted for the highest at 28.0%. Notably, "Independent Management" is 13.1 percentage points higher than for individual loans, indicating that many households manage their income and expenses separately. However, other management styles are also observed to some extent, showing that "how household financial management roles are divided" varies among households.
[Figure 4] Person Responsible for Household Financial Management and Operation
*Respondents: Those with housing loan experience and knowledge of borrowing form (individual loan/pair loan) *Excludes those who answered "No spouse/partner" *Figures less than 5.0% are omitted from the graph.
Considering the above, while no significant differences are observed in employment patterns and household income distribution, differences are seen in household financial management methods, suggesting a certain relationship between the housing loan borrowing method and the approach to household financial management.
2. Characteristics of Individual Loan Households and Pair Loan Households from the Perspective of "Housing Loan Borrowing Methods"
Next, we focus on housing loan borrowing methods.
First, looking at the number of information sources referenced when considering a housing loan, the proportion of individual loan households that referenced "1 source" is largely 42.2% (Figure 5). However, as the borrowing period approaches the present, the proportion of "no information referenced" decreases, and the proportion of those who referenced "3 or more" information sources increases.
For pair loan households, the proportion of those who referenced "only 1 source" decreases, and the proportion of "3 or more" increases.
In both cases, the diversification of information gathering is progressing, but the degree of change is greater for pair loan households. As pair loans involve multiple parties in the contract, it is thought that consideration proceeds with a more multifaceted approach to information gathering compared to individual loans.
[Figure 5] Information Sources Referenced When Considering Housing Loans