Resumption of non-face-to-face lending… Loan limit increased
We also handle suspended loans… Some conditions remain
(Seoul = Newsis) Reporter Kim Geum-bo = According to KB Real Estate’s monthly housing price trend time series, the rate of increase in apartment rental prices in Seoul this year was more than twice as high as the sales price. From January to November, apartment sales prices in Seoul rose 2.6%, but jeonse prices rose by 6.3%. The photo is of an apartment complex in downtown Seoul on the 8th. 2024.12.08. (email protected)
(Seoul = Newsis) Reporter Lee Joo-hye = Major commercial banks will ease lending regulations that were tightened to manage household loans starting from the new year. Until the end of last year, the threshold was raised to control the total amount of household loans, but as the year changed and a new limit on the total amount of household loans was created, it was lowered. However, some loan conditions are maintained to control speed and prevent speculation.
According to the financial sector on the 1st, banks are raising the limits on home mortgage loans and resuming non-face-to-face lending.
KB Kookmin Bank will lift restrictions on subscribing to mortgage insurance (MCI/MCG) from the 2nd. MCI and MCG are insurance that you purchase when receiving a home loan. If you do not have this insurance, you can only borrow the amount minus the small rental deposit, which reduces the limit.
In addition, it was decided to remove the limit on mortgage loans for the purpose of living stabilization funds, which was limited to 200 million won. The operation of mortgage deferral products (purchase funds within 1 year and livelihood stabilization funds within 3 years) will also resume. Land mortgage loans are also handled again.
The loan limit for jeonse funds loans limited to the range of the rental deposit increase will be lifted, and restrictions on new jeonse loans for refinancing with other banks will also be lifted.
Previously, in October last year, the new handling limit within the annual income range for credit loans and the maximum contract limit for negative bank accounts were lifted.
Shinhan Bank gradually eased restrictions on home loans, jeonse loans, and credit loans that were implemented from the 2nd from the 17th of last month. Non-face-to-face household loans also become possible.
The limit on mortgage loans for the purpose of stabilizing living funds was raised from KRW 100 million to KRW 200 million, and processing of Plus Mortgage Loan (MCI) and acceptance of loan solicitors was resumed.
The jeonse loan will resume handling new pre-sale properties (unregistered properties), and owners of a single home will also be able to receive a jeonse loan. The limit on credit loans to less than 100% of annual income will also be lifted.
Hana Bank will also resume applying for mortgage insurance (MCI/MCG) starting from the 2nd. Previously, on the 12th of last month, non-face-to-face mortgage and jeonse loan sales were resumed starting this month.
Starting from the 2nd, Woori Bank will also lift restrictions on MCI and MCG subscriptions. The maximum mortgage loan for the purpose of living stabilization funds will be changed from 100 million won to 200 million won. In the case of return of lease deposit or repayment to our bank or another bank, more than 200 million won can be handled. Additionally, non-face-to-face consultations were resumed from the 23rd of last month.
For jeonse loans, restrictions on handling property located in the metropolitan area are lifted for homeowners, and it is also possible to transfer to another bank.
The reason why banks are loosening their lending bars is interpreted to be because as the year changes, the total household loan amount for each bank is newly set, creating room for lending. Previously, as household loan balances rapidly increased in the second half of last year, banks raised loan interest rates and strengthened loan conditions to manage the total amount.
However, the pace is being adjusted while maintaining some regulations in the new year. We plan to continue managing household debt while supplying funds centered on actual users. Although most banks have lifted the lock on home loans, regulations on home loans for multiple homeowners continue. Woori Bank decided to indefinitely extend the suspension of sales of non-face-to-face credit loan products, which had been scheduled until the end of last year.
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Source: www.newsis.com
