(Maekyeong DB)

Raise LTV to 80% of households purchasing a home for the first time in their lives… LTV 70% for the rest of households regardless of region

(Maekyeong DB)

The Presidential Takeover Committee will come up with a plan to ease the upper limit of the mortgage recognition ratio (hereinafter referred to as LTV) for first-time homebuyers by up to 80%. In the case of single-homeowners who are not the first-time homebuyers, the LTV will be lowered to 70% regardless of the region. It is understood that the process of easing loan regulations has begun.

The mortgage loan ratio refers to the maximum loanable limit compared to the house price (collateral value) that banks apply when lending a house as collateral. A low LTV ratio is applied to the regulatory overheated speculation district and the adjustment target area.

Currently, 40% of LTV is applied to regulated areas (speculation areas and overheated speculation areas) and 50% is applied to areas subject to adjustment. Here, the upper limit of preferential treatment up to 20%P is newly applied to households purchasing a home for the first time in their lives. In the case of multi-residential LTV, a plan is being discussed to ease the application from 0% to 30-40% in regulated areas.

This is part of the ‘real estate normalization’ policy proposed by President-elect Yoon during the presidential election, and the transition committee said on the morning of the 4th, “We will support the formation of the housing ladder for end-users by promoting the normalization of loan regulations introduced in urgent situations such as rapid housing price rises within a short period of time.” announced that

Meanwhile, the DSR regulation is expected to maintain the existing plan without immediate easing measures. The total debt repayment ratio (DSR) is the ratio of an individual’s total loan repayment to annual income, and is an index that judges the loan repayment ability. Currently, if the total loan amount exceeds 200 million won in DSR, the principal amount of a bank loan cannot exceed 40% of annual income (based on bank notes). From July, the total loan amount will be lowered to 100 million won and the DSR will be expanded. In addition, the transition committee announced that it would actively review a system that reflects future income in order to prevent a situation in which young households are unable to purchase a house due to DSR regulations despite the easing of LTV.

In addition, the transition committee plans to ease the housing price standards for general and preferential housing pension subscriptions in order to stabilize housing for old age. In the case of the general type, the market price will be changed from 900 million won to 1.2 billion won, and the market price of the preferential type will be changed from 150 million won to 200 million won.

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