[단독] Mutual finance bypassed by’land speculator’… Last year’s’non-housing real estate loan’ surged by 30 trillion

Mortgage loans such as land increased to 257.5 trillion won

Financial authorities announced’tweezers regulation’ this month

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Last year, it was found that non-housing real estate mortgage loans such as land in the mutual financial sector increased by more than 30 trillion won. While the financial authorities’ real estate regulations were concentrated in the metropolitan area and apartments, centering on commercial banks, the’people’ were aiming for mutual finance and land with a lot of gaps. Mutual financing is becoming a detour path to speculation, as seen from the fact that the Korea Land and Housing Corporation (LH) employees borrowed 70% of the land appraised value from North Siheung Nonghyup and others.

According to the data received from the Financial Supervisory Service by the Office of the People’s Power of People Chang-Hyun Yoon on the 13th, the balance of non-housing real estate mortgage loans at the end of last year for mutual finance such as Nonghyup, Suhyup, Credit Union, and Forestry Cooperative was 257 trillion 500 billion won in one year. The circle was swollen. The growth rate was the highest since 2017, which can be confirmed at 13.5%, and the rate of increase in total household debt last year (7.9%) was also significantly higher. Non-housing real estate mortgage loans are all real estate mortgage loans excluding houses such as land, commercial buildings, and machinery. For commercial buildings, commercial banks also accept a mortgage recognition ratio (LTV) of up to 70%. For this reason, most of them are likely to be land-secured loans in that they will not use the second financial sector, which has a high interest rate.

In the financial sector, among non-housing mortgage loans, there are cases in which farmers borrowed land as collateral for farming, but it is predicted that it would have been used to a large extent for land speculation. Commercial banks rarely deal with land mortgage loans because the goods are far from the bank branch and their expertise in appraisal of goods is low. Commercial banks must also manage the average total debt repayment ratio (DSR) of all loans to less than 40%, so the loanable amount is small from the perspective of lenders. On the other hand, mutual financing has a strong network of sales across the country, and land mortgage loans are also handled for a long time, so they have the expertise in appraisal. In particular, when receiving a land mortgage loan from mutual finance, you can borrow up to 70% of the appraised value, 70% for LTV and 160% for DSR, creating maximum leverage to buy land.

Financial authorities are expected to include measures to regulate non-home mortgage loans in the household debt management plan announced this month. Tightening the mutual finance DSR is expected to contain tweezers regulation that blocks non-farmers’ loans for land speculation because ordinary farmers can suffer damage.

Rep. Yoon Chang-hyun said, “While the focus of household debt and loan regulation was concentrated on apartment loans by commercial banks, the poisonous mushroom of speculation spread to land using funds from two financial sectors such as unions and savings banks.” Financial authorities should also include loans to land and shopping malls as subject of regulatory supervision.”

/ Reporter Lee Tae-gyu [email protected], Reporter Kim Ji-young [email protected]

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