"My Home Loan Limit Calculator" Updated to Reflect Latest Real Estate Regulations
Easily Check Mortgage Limits by Region with Annual Income Input
LTV and DTI Calculations Now More Accurate with MyData Integration
Fintech company Finda announced on July 1 that it has updated its "My Home Loan Limit Calculator" to reflect the government's real estate regulations.
By simply entering their annual income into the calculator on the Finda application, users can easily check the mortgage loan limits by region. The update incorporates the "Household Debt Management Reinforcement Plan" announced by the government on June 27. Through the calculator, users can find out the loan limits for regulated areas, the Seoul metropolitan area, and other regions. Changes to the loan-to-value (LTV) ratio for first-time homebuyers are also included.
The calculator allows users to calculate both the LTV and the debt-to-income (DTI) ratio, as well as complete their loan application in one go. By entering their annual income and the market value of their home, users can see their calculated loan limit without a credit inquiry. If users link their MyData, the calculator will reflect their current outstanding loan balances, further increasing the accuracy of the results.
A Finda representative stated, "We updated the calculator to help users who want to understand the impact of real estate loan regulations but find the calculations too complicated to make decisions easily," adding, "We will continue to respond quickly to changes in financial policy so that users struggling with money issues can make wise financial decisions through Finda."
The service is available on the "My Home Loan Limit Calculator" page in the "Calculator" section of the Finda app's main tab.
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