Watch | Youtube Data API V3Gov't announces stricter lending policies to clamp down on property speculation

ARIRANG NEWSShared publicly - 2017-06-19T12:22:17.000Z

Gov't announces stricter lending policies to clamp down on property speculation

주택시장의 안정적 관리를 위한 대책 마련 Property prices in Korea have surged in recent years,... especially since regulations on mortgage loans were loosened in 2014.The government's rushing to come up with ways to prevent a possible bubble waiting to pop... and to help debt-pressured consumers.Oh Soo-young sheds light on these countermeasures. The Korean government is cracking down on debt-fueled property bubbles seen in some areas of the country.The government announced a new set of measures on Monday,... targeting a total of 40 hotspots-- which include districts in Seoul, Gyeonggi-do Province, and the cities of Sejong and Busan. To reduce speculation,... property owners and redevelopers in those areas will face tougher procedures in reselling and buying homes.Also, two major loan regulations have been tightened up in the designated areas. The loan-to-value ratio,... which allowed up to 70 percent of a property's value to be financed through loans,... will be lowered to 60 percent,.... and 50 percent for the debt-to-income ratio.However, the previous rates will be maintained for low-income households and actual homebuyers. The government has also decided to enforce the debt-to-income ratio on collective mortgages,... which were granted without income screening as they're brokered en masse through construction companies selling off new properties.But will this be enough to cool down the overheating?

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