Despite high interest rates and high inflation, the Yoon Seok-yeol government is still pushing to stimulate the real estate economy through deregulation of debt. Regulations on real estate loans have been drastically eased, allowing multiple homeowners to take out mortgage loans even within regulated areas such as Gangnam District 3 and Yongsan-gu, and regulations on housing rental and sales businesses have also been eased. The restriction on deposit loan guarantees for high-income single homeowners was also abolished.
According to provisional household credit statistics for the first quarter of this year announced by the Bank of Korea, the balance of mortgage loans reached a record high of 1017.9 trillion won. In June of this year, the balance of mortgage loans by banks increased by 7 trillion won from the previous month to 814.8 trillion won, while the balance of other loans decreased by 1.1 trillion won to 246.1 trillion won. In the aftermath of the government’s real estate deregulation, the rate of increase in mortgage loans is increasing.
The balance of depository loans increased by about 70% in just three years from KRW 101 trillion in January 2020 to KRW 170.5 trillion in December 2022. Despite the effects of high interest rates and charter fraud, demand for charter loans is increasing again as interest rates on charter loans have recently dropped.
Accordingly, we would like to diagnose housing loan problems such as mortgage loans and leasehold loans and seek countermeasures.
Discussion Summary
Title: Home loans that shake again, will the household debt bomb explode? Date and place: August 31 (Thu) 10:00, Assembly Members’ Hall 3 Hosted by: Euljiro Committee of the Democratic Party of Korea, Minbyun People’s Livelihood Economic Committee, Edumoney, People’s Solidarity for Participatory Democracy, Korea Bankruptcy Rehabilitation Lawyers Association Hosted by: Members of the National Assembly Park Ju-min and Yoon Young-deok Lee Dong-joo and Jung Tae-ho Program Presentation 1_Quantitative and qualitative risk assessment of household debt such as home mortgage loans and improvement tasks: Lawyer Kim Nam-geun, Executive Committee of the Economic and Finance Center of the People’s Solidarity for Participatory Democracy Presentation 2_Yun Seok-yeol Diagnosis and evaluation of government housing mortgage policy problems: Lim Jae-man and Sejong University Real Estate Department Professor Discussion Hanmundo Seoul Digital University Real Estate Department Invited Professor Lee Kang-hoon Attorney/Minbyun Public Welfare Committee Chairman Kim Tae-hoon Financial Services Commission Macro Finance Team Manager Lim Kwang-kyu Team Leader, Bank of Korea Financial Stability Bureau Stability Management Team
2023-08-26 04:18:44
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