Due to the soaring real estate price, it is steadily pointed out that it is difficult to find houses (less than 600 million won) for the Bogeumjari loan centering on Seoul, and it is noteworthy whether actual requirements will be eased.
Bogeumjari theory▶ Click here for a larger view
According to the financial authorities on the 21st, in a business report submitted by the Korea Housing Finance Corporation to the National Assembly, it included “reviewing the improvement of requirements for Bogeumjari loans such as housing prices and income standards in order to continue support for building my own home reflecting changes in market conditions.”
Bogeumjari loans can be borrowed up to 300 million won if they meet the conditions of an annual income of 70 million won or less (unmarried, married couples combined) and a house price of 600 million won or less.
An ultra-long-term policy mortgage (housing mortgage loan) product with a maturity of 40 years, which the financial authorities decided to introduce first to young people and newlyweds, also applies the requirements of the Bogeumjari loan.
The problem is that there are fewer and fewer houses that can receive bogeumjari loans due to rising house prices.
It has been a long time since the median price of Seoul’s housing (apartment, single, alliance) exceeded 600 million won.
According to KB Kookmin Bank’s housing price trend time series statistics, the median price of housing in Seoul last month was 8759 million won.
That is why voices from inside and outside the politics are flowing out of the politics that the threshold of the Bogeumjari theory should be lowered.
Noh Woong-rae, the top member of the Democratic Party, said on the 15th that the Bogeumjari loan standard is expected to be applied to a 40-year mortgage. “It is necessary to increase the scope of use to houses with a combined income of 150 million won and 900 million won.”
Financial authorities are aware of the gap between the level of house price and the standard of the Bogeumjari loan, but they are cautious about easing the standard.
Since there are many factors to consider, such as measures to advance household debt and trends in loans and house prices, the Financial Services Commission’s position is that it is currently not putting the relaxation of the Bogeumjari Loan requirement on the subject of review.
In the case of Seoul, it is becoming increasingly difficult to find houses under 600 million won, but it is also the logic of the Financial Services Commission that the threshold of under 600 million won is not at all high nationally.
An official from the Financial Services Commission said, “It is not true that Bogeumjari loans are not going out because there are no homes under 600 million won.” “Nationally, there are far more loans this year than last year,” he said.
Financial Committee▶ Click here for a larger view
At the moment, it is drawing a line to ease the requirements for the Bogeumjari loan, but there is also an atmosphere within the FSC that agrees with the need to raise the standard for Bogeumjari loan housing.
Therefore, if the direction of loan regulation is set in a large frame through the household debt advancement plan, which will be disclosed in detail next month, there is a possibility that the issue of the requirements for the Bogeumjari loan will rise above the surface.
In particular, it is noted that Eun Seong-soo, chairman of the Financial Services Commission, is highly interested in supporting young people and end users, and whether it will lead to the relaxation of the requirements for the Bogeumjari loan.
There are also observations that the issue of the Bogeumjari theory standard will be discussed in earnest, centering on the politicians, who will try to target the votes of the younger generation, when the field of vision widens and enters the presidential election phase in the second half of this year.
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