(LEAD) Gov't aims to supply over 230,000 additional homes in Seoul metropolitan area to tame housing prices
SEOUL, Aug. 13 (Yonhap) -- The government said Thursday it will push to supply m...
The Financial Services Commission (FSC) announced Thursday that it will broaden housing finance support for young individuals, newlyweds, and first-time homebuyers, all while preserving overall household debt controls as part of the government's efforts to stabilize the housing market. FSC Chairman Lee Eog-weon unveiled a suite of measures designed to ensure that stringent lending rules do not unduly hinder financing opportunities for genuine homebuyers or new housing development.
The commission will retain the current loan-to-value and debt-service ratio rules, while enabling banks to continue providing loans tied to new housing supply and home purchases by young people and first-time buyers without facing undue restrictions from household lending quotas. A central component of this package is a three-pronged housing finance program tailored for younger borrowers.
The FSC intends to introduce a mortgage loan offering longer-term financing for young people planning to buy homes, alongside a novel guarantee product to facilitate jeonse deposit refunds. Additionally, the regulator will broaden the utilization of borrowers' anticipated future income in financing decisions.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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