Financial Services Commission announces changes to regulations such as ‘Banking Supervision Regulations’
(Seoul = Yonhap Infomax) Reporter Jung Won = The Financial Services Commission announced on the 10th that it will give notice of regulatory changes to the amendment of supervisory regulations by industry sector in order to speedily promote the measures to ease financial regulations proposed for a soft landing in the real estate market.
The Financial Services Commission aims to announce changes to the supervisory regulations for five industries, including banking, insurance, savings, deposits, and mutual finance, from this day to the 20th, and then start implementing them in earnest from the 2nd of next month.
First of all, the Financial Services Commission decided to allow home mortgage loans in regulated areas for multi-homed people who are currently prohibited from handling them.
After the revision, multi-homeowners will be subject to a mortgage loan ratio (LTV) of 30% in regulated areas and 60% in non-regulated areas.
Dealing with rental and sales operators is also allowed.
In the case of housing rental and sales businesses, the main charge is currently prohibited in all regions, but the improvement plan decided to apply 30% in regulated areas and 60% in non-regulated areas.
Various restrictions related to the main charge for the purpose of returning the rental deposit are also eased.
The current system limits the borrowing limit to 200 million won for apartments exceeding 1.5 billion won in speculation and permeation areas, while also imposing a move-in obligation for houses exceeding 900 million won in regulated areas.
In addition, households with two houses must dispose of other houses when handling mortgage loans located in regulated areas, and households with three or more houses are prohibited from taking mortgages in regulated areas.
Starting next month, the Financial Services Commission aims to abolish various restrictions related to the main debt for the purpose of returning the rental deposit.
In addition, the regulation, which had been limited to a maximum of 200 million won for the purpose of living stabilization funds, will be abolished.
In addition, it was decided to prevent the situation in which the loan limit is reduced due to a rise in interest rates by applying the total debt principal and interest repayment ratio (DSR) at the time of the existing loan, not at the time of refinancing.
In the case of ordinary people and actual users, it was possible to borrow up to 600 million won when handling mortgage loans for the purpose of purchasing a house in a regulated area, but this restriction will disappear in the future.
For married couples with a combined annual income of 90 million won or less, the head of a household without a home, and a housing price of 900 million won or less in speculative and permeable areas, common people and actual users who meet all the requirements can apply for loans within the limits of LTV and DSR.
The Financial Services Commission said, “Easyment of cheonsei loan guarantee regulations for housing and actual users and expansion of debt restructuring due to repayment difficulties will also be implemented from the 2nd of next month after amending the bylaws of guarantors and amending the best standards for debt restructuring in the financial sector.” In the case of a plan to expand debt restructuring due to repayment difficulties, we will implement it first in the banking sector and then expand it to the entire business sector,” he added.
jwon@yna.co.kr
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