Hankyoreh material photo. Reporter Lee Jung-woo
The financial authorities are offering an ultra-long-term (up to 40 years) home mortgage loan product for young people. It also temporarily supplies loans with interest rates exceeding 20%. On the 14th, the Financial Consumer Affairs Bureau of the Financial Services Commission announced ‘2021 Focused Tasks’ containing these details. First, it plans to lower the burden of repayment of principal and interest by introducing a mortgage loan with a maturity of up to 40 years for young adults and newlyweds. For example, if you receive a loan of 300 million won with an interest rate of 2.5% per year, the interest burden will be reduced to 191,000 won (16.1%) cheaper to 994,000 won, although the 30-year maturity rate is 1,85,000 won. . Until now, the maturity of the main charge of domestic banks has been at most 30 to 35 years, but the Financial Services Commission has revealed its position to provide a pilot product of the super-long main charge for more than 40 years since the end of last year. When policy products that were not previously available come out, private banks can refer to them to develop similar products. The Financial Services Commission decided to abolish the supply limit for security deposit and monthly rent support products for young people, and lower the guarantee fee from the current 0.05% to 0.02%. It has been decided that businesses who are closed or closed due to Corona 19 can apply for a special repayment deferral for up to two years before debt adjustment installment repayment regardless of their business history. It eliminated the standard that had to be at least one year old. The interest discount rate (50% of the contract interest rate), which was uniformly determined by the Credit Recovery Committee for individual debtors with a delinquency period of 31 to 89 days, was decided to apply differentially depending on the degree of heavy debt and the ability to repay the debtor. As for the special cases for vulnerable groups who receive debt reductions or exemptions from the Credit Recovery Commission, the second-tier and single-parent families were added to the existing basic beneficiaries, the severely disabled, and the elderly over 70 years old. The Financial Services Commission announced that it will provide support so that individual financial sectors can take the lead in designing and supplying policy products for the common people, away from the uniform supply of workers’ sunshine loans as well. When financial companies design and present a guarantee department’s low-income financial products, the Low-income Financial Promotion Agency examines them and supplies a guarantee. Financial companies with excellent performance in low-income loans can benefit from some easing of business regulations and soundness regulations. The Consumer Credit Act, which states that individual debtors can request debt adjustments from financial institutions, is scheduled to be submitted to the National Assembly in the first half of this month. The Financial Consumer Protection Act, which will take effect in March next year, plans to operate the’Money Law Enforcement Preparation Situation Group’ consisting of financial authorities, financial associations, and consumer organizations for three months before and after the law enters into force. A task force for each field, such as business registration and internal control measures, is also organized to check the financial sector’s readiness. By Shin Da-eun, staff reporter [email protected]