2023-08-27 16:23:26
Financial Supervisory Service begins regulatory compliance checks for each bank
Prospects for strengthening DSR screening and revamping the calculation formula
Decided not to introduce ‘loan age limit’
Han: “If you expected a rate cut, be careful”
▲ Page 20 As the 50-year mortgage loan, released under the name of protecting vulnerable borrowers, was pointed out as the main culprit of the increase in household debt during the high interest rate period, the financial authorities started to revise the guidelines, and rather, the demand for ‘permanent’ seems to be flocking. Under pressure from the authorities, the banking sector began preparing its own measures, such as suspending product sales, and even the governor of the Bank of Korea delivered a message of warning to the younger generation against real estate investment. all.
According to the financial sector on the 27th, the Financial Supervisory Service launched a ‘comprehensive inspection of the handling of household loans’ against banks as the recent increase in household loans has not stopped. The Financial Supervisory Service plans to send three auditors to each bank to look closely at whether they have complied with loan regulations. Hana Bank will be held from the 24th to 29th, KB Kookmin Bank from September 4th to 7th, Woori Bank from 11th to 14th, Shinhan Bank from 18th to 21st, and NH Nonghyup Bank from 19th to 22nd.
As of the 24th, the balance of the 50-year mortgage loans of the five major banks was 2,886.7 billion won, and nearly 3 trillion won was executed since the first launch of NH Nonghyup Bank in the beginning of last month. Compared to the end of July (865.7 billion won), it has increased by 2.21 trillion won this month. Only after the 13th when the possibility of ‘age restriction’ began to be discussed, 1.872 trillion won increased, and it is interpreted that the anxiety of having to get a loan before being blocked affected. The balance of household loans of these banks also increased by 240.3 billion won from the end of last month (679.2208 trillion won), and was tallied at 679.4612 trillion won.
As concerns grow that the 50-year maturity loan is being used as a means of circumventing the DSR regulation, the inspection by the financial authorities is expected to expand to internet banks as well. Although clear guidelines have not yet been presented, the authorities are known to have taken the lead in not setting the age limit, which was initially controversial. It is expected that the DSR review will be strengthened and the calculation formula will be reformed.
Prior to this, the banking sector was preemptively preparing a plan. NH Nonghyup Bank decided to sell the product only until the end of this month because the 2 trillion won limit was exhausted, and BNK Kyongnam Bank will stop selling from the 28th. DGB Daegu Bank plans to shorten the maturity period to 40 years from next month. Sh Suhyup Bank and Kakao Bank introduced an age limit of 34 years or younger.
BOK Governor Lee Chang-yong warned on the 24th, “If you bought a house expecting interest rates to drop, you should be careful,” but as house prices have been on the rise since last month, demand for 50-year loans is expected to continue for the time being.
According to the results of a consumer trend survey released by the Bank of Korea on the 22nd, the August housing price outlook index rose to 107, the highest in a year and three months. If the index is higher than 100, it means that more consumers expect house prices to rise than those who expect a decline.
Reporter Min Na-ri
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