Kim Seong-hoon, a 31-year-old office worker, is a newlywed couple who is about to get married in July. Kim is contemplating whether to rent an apartment in the outskirts of Seoul or buy an apartment in the metropolitan area to prepare a newlywed house. If he buys a house, Kim’s lack of funds is about 300 million won. If the bank receives this as a mortgage loan with a 30-year interest rate of 2.5% per year, about 1.19 million won per month must be repaid as principal and interest. However, if the government uses an early 40-year policy mortgage that is piloted this year, the monthly repayment will decrease by about 16.1% to 990,000 won.
On the 14th, the Financial Services Commission announced that it would introduce an early 40-year policy mortgage targeting young adults and newlyweds in the 2021 Business Plan for the Financial Consumer Affairs Bureau during this year. When this product is released, the burden of principal and interest to be paid monthly is reduced, and the overall loan limit is increased.
The application requirements are expected to be the same as for other policy financing products currently in operation. The Housing Finance Corporation’s Bogeumjari Loan, a policy financial product for the vulnerable, can be received only when the annual income is 70 million won or less (85 million won or less for newlyweds) and housing conditions of 600 million won or less.
The Financial Services Commission is also planning to expand support for jeon and monthly rent to young people aged 34 and under in the first half of this year. Accordingly, it is considering a plan to abolish the supply limit of 4.100 trillion won and raise the upper limit of the amount of money that can be received per young adult.
Support for youth jeon and monthly rent loans was introduced in May 2019 to reduce the burden of housing expenses for them. Among homeless householders aged 34 or younger, if the combined annual income of the person and spouse is 70 million won or less, they can receive a loan from the household in the lower 2%. The targets are houses with less than 500 million won in the metropolitan area and less than 300 million won outside the metropolitan area. The personal loan limit is 70 million won in deposit (500,000 won per month). Last year, the sharp rise in jeonse is one of the reasons the government is reviewing the system.
The FSC will cut the legal maximum interest rate from 24% per year to 20% from July, and plans to come up with measures to minimize possible side effects.
According to the Financial Services Commission, there were 2.39 million borrowers (borrowers) using loans with an annual interest rate of more than 20% as of March last year, and the average interest rate was 24%. In accordance with the maximum interest rate cut, borrowers who are using loans exceeding 20% will be provided with loan products temporarily in the second half of this year so that they can repay their existing loans. The Sunshine Loan17 interest rate for low-credit people who are inevitable on high-interest loans of 20% or more per year will also fall in the second half of the year. Currently, the interest rate for this product is 17.9% per annum, and the interest rate is expected to decrease slightly along with the maximum rate cut.
Along with this, the Financial Services Commission decided to cut brokerage recruitment fees in order to recruit loans from excellent lenders and reduce procurement costs. The recruitment fee is paid by the financial company to the recruiter, but the Commission judges that the current fee is too high to increase the interest rate on loans to be executed for low creditors.
In addition, it decided to improve the trust business system in response to the demand for’customized asset management’ as the population ages. The scope of the entrusted property is expanded to not only active properties such as money and real estate, but also passive properties (liabilities) and security rights that are bound to the assets, and measures to diversify management methods are discussed, such as allowing trust companies to re-trust to achieve the purpose of the trust. .
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