With Assemblyman Song Young-gil, following 'LTV 90%', "I will make it possible to own a house with just wedding gifts"

Mentioned 'LTV·DTI Regulation Easing' Yesterday

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Song Young-gil, a leading candidate for the next leadership of the Democratic Party of Korea, stated, "If young people have just the wedding gift money, I will make it possible for them to own a home."

On the 14th, Song appeared on YTN Radio's "Hwang Bo-seon's Start of a New Morning" and said, "If I become the party leader, I will definitely solve the real estate problem." He explained, "During my time as mayor of Incheon, I created the 'Song Young-gil's Everyone Can Have a Home' project and have been preparing it for 8 years. With only 10% of the existing house price, anyone can move in and live anytime, and if they have the ability to work and a job, they can own their home immediately even without a large sum of money."

He added, "Currently, 1,098 households are being constructed in Incheon's Midan City," and explained, "The houses are priced at 350 million KRW, but members who invested 35 million KRW have the right to purchase at the initial sale price even if the price rises after 10 years."

Regarding loan regulations, he continued with a similar stance as the previous day. On this day, Song said, "For our young generation buying their first home, we plan to provide financial support through definite loan-to-value (LTV), debt-to-income (DTI), and mortgage measures to enable them to buy a house."

The day before, Song mentioned significantly easing LTV and DTI regulations to 90% for the homeless. This means allowing people to buy a house with only 5-10% of the house price. Song argued, "Current real estate policies try to curb rising house prices by taxing them, but simply solving rising prices with taxes is never a solution. For first-time homebuyers without a home, LTV and DTI should be eased to 90% so they can buy a house immediately."