2023-08-23 22:48:29
© Archyde.com. Set age limit, adjust DSR tweezers… The ’50-year Judamdae’ becomes difficult
CityTimes – Bank Loan Counter. [사진자료=뉴스1]
[시티타임스=한국일반] As 50-year mortgage loans (primary mortgage loans) have been pointed out as the main culprit in the recent surge in household loans, more and more banks are discontinuing sales or introducing age restrictions. The financial authorities are also expected to raise the threshold for regulation and loans to further reflect the borrower’s ability to repay the product through some adjustments in the total debt repayment ratio (DSR) calculation.
According to the financial sector on the 24th, banks have been reducing the sale of 50-year mortgage loans since the bank presidents’ meeting on the 17th to strengthen internal control and management of household loans. The policy mortgage product has decided to establish a new age requirement (up to 34 years old with a maturity of 50 years), which is the same as the standard applied to the special Bogeumjari Loan, or some banks decided to temporarily suspend sales.
BNK Kyongnam Bank plans to temporarily suspend the sale of 50-year maturity bonds from the 28th. This is to analyze the purpose of using the judamdae by age group and introduce an age limit. Sh Suhyup Bank will also limit the age of subscribing to 50-year contracts to 34 or younger within this month.
Nonghyup Bank, which was the first major bank to deal with the 50-year maturity bond (July 5 this year), decided to sell it only by the end of this month. Busan Bank tried to launch the product this month, but is reviewing the schedule. Other banks handling the product are also considering introducing similar measures.
Banks are starting demarketing for 50-year mortgage loans as financial authorities point to this product as the cause of a surge in household loans.
Initially, the government had been pushing for a 50-year maturity bond for young people and newlyweds who have low current income but sufficient future income. This is because it can reduce the burden of repayment of principal and interest of newcomers to society while maintaining the large framework of DSR regulation. At the same time, it had the effect of increasing the loan limit, limiting product handling to a certain age.
However, banks have amended the terms and conditions of the existing bond deposit products and started handling the deposit bond with a maturity of 50 years in earnest from last month. In the case of new products, permission from the financial authorities is required, but this means that only the limit has been increased while maintaining the standard for handling existing products of the main agent without this procedure. This is also why the financial authorities pointed out that it can be used as a DSR bypass.
Some banks set the same interest rate for the 40-year and 50-year mortgage loans. Credit risk is not reflected in the interest rate despite the longer maturity, which the financial authorities see as a problem as well.
In response, the financial authorities are said to be reviewing plans to partially improve the DSR calculation method so that the borrower’s repayment ability can be more elaborately reflected. In simple terms, it means that the interest rate of a 50-year bond is higher than that of a bond with a shorter maturity. In the case of the special Bogeumjari Loan, the interest rate rises by 0.05-0.10%p for every 10-year increase in maturity. Periodic repayments may also be adjusted.
Meanwhile, as news spread that sales of 50-year-maturity bonds will decrease, sales are rapidly increasing day by day. The five major banks, including KB Kookmin, Shinhan, Woori, Hana, and Nonghyup, sold 2.4945 trillion won in related products until the 21st. The product handling amount alone reached 1,303.8 billion won in the preceding seven business days.
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