As the government decides to raise the loan threshold to manage household debt, there are observations that the real estate buying trend may slow down. Some believe that the end of special mortgage loan operations will have limited impact on the market as it was predictable.
According to the financial authorities on the 14th, from the 27th, special housing loans will not be available if the combined annual income of a couple exceeds 100 million won or the house price exceeds 600 million won. In addition, even if you receive a home mortgage loan with a maturity of 50 years, if you do not clearly prove your ability to repay , a maturity of up to 40 years is applied when calculating the total debt service ratio ( DSR ). As the maturity period decreases and the portion of principal and interest to be paid each month increases, the loan limit decreases.
The special housing loan launched by the government in January 메이저놀이터played a role in the rebound in housing prices across the country this year. The special Bogeumjari loan is a policy financial product that provides loans of up to 500 million won for homes worth less than 900 million won at a fixed interest rate of 4% per annum. The interest rate is lower than that of a commercial bank mortgage loan and it has the advantage of not being included in DSR , so the number of users, especially those in their 20s and 30s, taking out a special home loan to buy their own home has increased. The 50-year mortgage loan has also recently become popular as a means of bypassing DSR regulations and obtaining as many loans as possible.
Of course, if your annual salary is less than 100 million won and the house price is less than 600 million won, you can continue to use the special mortgage loan, and if you are in your 20s or 30s and have proven your ability to repay, you can still receive a mortgage with a 50-year maturity.
Apartment prices in Seoul have been rising for 17 weeks, but transactions are rarely made and listings are piling up. According to the Seoul Real Estate Information Plaza, apartment transaction volume in Seoul increased from 3,427 in May to 3,848 in June, but then decreased again to 3,593 in July. This is because interest rate uncertainty remains and the wait-and-see attitude of buyers has intensified due to the rise in asking prices. In this situation, it is assessed that a decline in housing sales sentiment is inevitable as the government sends a signal, “Don’t overdo it by buying houses,” by restricting loans.
However, some point out that it may take time for this loan suppression policy to have a meaningful effect. Ham Young-jin, head of Zigbang Big Data Lab, said, “Although it has become a little difficult to get a loan, thanks to the lifting of deregulation areas early this year, it has become possible to purchase a house with a lease in most areas of Seoul.” He added, “The recent decline in transaction volume may also be due to the summer off-season, so it is a fall situation. “We need to watch a little more,” he explained.
In the fall, when weddings and moving events are active, demand for leases and home purchases may increase.
Soo-min Yoon, a real estate expert at Nonghyup Bank, also said, “The special home loan is scheduled to be operated temporarily from launch, so many users will have already received it.”