40-year policy mortgage launch in July
Priority applied to young adults and newlyweds
Reinforced regulations on mutual finance real estate loans
An additional charter loan product that can be repaid in installments will be released next month.
On the 4th, SGI Seoul Guarantee agreed to provide a jeonse guarantee limited to 500 million won (300 million won for homeowners) that can be repaid in installments, and is discussing the timing of product launch with commercial banks.
SGI Seoul Guarantee currently operates the amortization pre-generation loan guarantee, but the difference is that new products can be changed in a temporary repayment method if necessary.
Even if it becomes difficult for the borrower to repay the principal in installments due to an unexpected decrease in income, it has added a function to repay the loan at maturity without worrying about arrears.
Unlike a home mortgage loan, which pays off principal and interest together, ordinary jeonse loans are structured to repay the principal in full at maturity, and the same interest expense is always incurred.
On the other hand, if part or all of the principal is amortized over time, the loan principal decreases and the interest expense paid decreases.
In addition, the financial authorities will launch an ultra-long-term policy mortgage (home mortgage loan) product with a maturity of 40 years to help young people build their own homes as early as July this year.
The Financial Services Commission is preparing for the launch of a 40-year mortgage product along with the Housing Finance Corporation (Jugeumgong) and banknotes. The launch target is July this year. The financial authorities plan to introduce mortgage products with maturity of 40 years to young people and newlyweds first.
This measure is made with the point that the financial authorities’ stance of strengthening lending regulations is depriving young people of the opportunity to provide housing.
The 40-year mortgage applies mutatis mutandis to the Bogeumjari Loan requirement, which is currently the longest 30 years.
Bogeumjari loans can be borrowed up to 300 million won per year if they meet conditions such as 70 million won or less per year (unmarried, married couples combined) and home price of 600 million won or less.
For this very long-term mortgage payment, Jugeum-Kong issued the first 30-year mortgage security (MBS) in October of last year.
Meanwhile, the financial authorities decided to regulate loans to the real estate construction business of mutual finances (excluding Saemaul Geumgo) such as Nonghyup and Credit Union to less than 50% of total loans. The Financial Services Commission issued a legislative notice (April 5th to May 17th) of amendments to the Credit Union Act and the Enforcement Decree of the Credit Union Act containing such contents. Real estate and construction loans, which have a high proportion of the total loans of the mutual finance industry, are each limited to 30% or less of total loans. The sum of the two sectors is regulated to less than 50% of total loans.
Reporter Beomsoo Kim
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