The National Credit Union Federation of Korea (NACUFOK) will implement additional household loan management measures starting from the 5th, including a complete suspension of mortgage loans for multi-homeowners.
This reflects the results of the Financial Services Commission's household debt inspection meeting, aiming to strengthen regulations on multi-homeowners to curb the increase in household loans by the end of the year and enhance the effectiveness of total volume management.
The core measure is a nationwide complete suspension of mortgage loan refinancing from other financial institutions for multi-homeowners. The refinancing loan restrictions, previously limited to the metropolitan area, will now be expanded nationwide.
Additionally, all secured loans applied for by multi-homeowners for the purpose of purchasing housing, including balance payment loans, will be suspended. Furthermore, new interim payment loans for business sites requiring withdrawals within the year will also be restricted.
This regulation will be in effect until the end of the year, with the possibility of extending the period if necessary.
A NACUFOK official stated, "Through managing household loans, NACUFOK plans to contribute to the stability of the financial market and further strengthen its role in inclusive finance in cooperation with local communities."
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