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It is believed that the reason the government relaxed the intensity of regulations on stepping stone loans more than originally planned was because the growth in loans was subsiding and the backlash from the common people was greater than expected. However, as the loan threshold has increased, it is pointed out that this measure will inevitably dampen the buying trend in areas where housing prices are relatively low even within the metropolitan area.
According to the Ministry of Land, Infrastructure and Transport on the 6th, regulations on stepping stone loans will be strengthened for new applications starting December 2nd. First, if you sign up for the Korea Housing Finance Corporation guarantee, you will no longer be exempt from the ‘air defense‘, which is the highest priority repayment for tenants. The amount of money that can be borrowed decreases as the loan limit is set after deducting the air defense amount determined by region from the loan amount. The cost of air defense is 55 million won for Seoul, 48 million won for the metropolitan overpopulation control area, and 28 million won for metropolitan cities. For example, in Goyang-si, Gyeonggi-do, an overpopulation control area, if Mr. A purchases an apartment worth 500 million won with a stepping stone loan (house collateral recognition ratio, LTV 70%), previously he could borrow up to 350 million won, but in the future, he could borrow up to 302 million won. You can only borrow up to. Likewise, the loan amount available to Mr. B, who buys an apartment worth 500 million won in Nowon-gu, Seoul, will also be lowered from 350 million won to 295 million won.
In addition, the government will also stop accepting loans for unregistered apartments under the condition of ‘post-collateralization’ in stepping stone loans. The Ministry of Land, Infrastructure and Transport has a policy of not allowing other loans from commercial banks to be converted to fund loans after completing registration. This strengthening of regulations applies only to apartments located in the metropolitan area.
However, special loans for newborns are excluded from this measure. The government believes that it will not cause a significant burden in household debt management because there is a national consensus on responding to population decline and low birth rates, and there are standards such as birth conditions, housing prices, and asset requirements. Kim Heon-jeong, director of housing policy at the Ministry of Land, Infrastructure and Transport, said, “Currently, the proportion of stepping stone loans in the metropolitan area and non-metropolitan area is 50% each,” and added, “If air defense systems for apartments in the metropolitan area are implemented, the amount of loan execution will decrease by 3 trillion won next year and 5 trillion won in 2026.” “I expect that,” he said.
The government’s decision to tighten policy lending is due to concerns that the increase in stepping stone loans could increase household debt and encourage a rise in house prices. According to the Ministry of Land, Infrastructure and Transport, the amount of Stepping Stone loans executed from January to October this year is 25 trillion won and is expected to reach 30 trillion won annually. This is an increase of approximately 30% compared to the previous year.
Accordingly, from the 21st of last month, the government decided not only to exclude the air defense exemption for stepping stone loans, but also to lower the LTV for purchasing a first home from 80% to 70%. However, as confusion among consumers continued due to the sudden loan tightening, it was temporarily postponed and the first-ever LTV strengthening was excluded from this announcement. An expert in the real estate industry said, “Housing prices in Seoul are being driven by the three Gangnam districts (Gangnam, Seocho, and Songpa), but it seems that the criticism that there is no justification for suppressing loans for the common people to suppress the rise in housing prices seems to have acted as a burden.” He said. In addition, the recent slowing growth in loans for home purchase appears to have had an impact on the decision. According to the financial industry, the increase in mortgage loans of the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) in August this year reached 8.9115 trillion won compared to the previous month, but in September it was 5.9148 trillion won and last month it was 1.0923 trillion won. The increase decreased to billion won.
Although the intensity of lending regulations has been relaxed compared to plan, it seems inevitable that the government will not avoid criticism that its hasty announcement has caused confusion in the market. Ko Jong-wan, director of the Korea Asset Management Research Institute, pointed out, “The reversal of LTV strengthening for the first time in one’s life may be perceived by the market as a wrong signal to buy a house while strengthening lending regulations.”
The real estate industry believes that the impact of this loan regulation will be concentrated on areas with relatively low housing prices. According to Real Estate R114, in the metropolitan area, the proportion of apartments under 600 million won, which is the maximum housing price for which newlywed households can receive a stepping stone loan, is about 47%. Seoul was counted at 13%. Among the 25 autonomous districts, Dobong-gu has the highest proportion at 53%, followed by Nowon-gu (42%), Geumcheon-gu (38%), and Gangbuk-gu (25%). On the other hand, Gangnam 3 districts recorded less than 3%. Soo-min Yoon, a real estate expert at NH Nonghyup Bank, said, “In Gyeonggi Province, the prices of apartments in the outskirts, where income levels are relatively low, will take a hit.”
Reporter Shin Mi-jin mjshin@sedaily.com Reporter Shin Jung-seop jseop@sedaily.com
