With financial authorities doubling the household loan volume management target compared to the previous level, it is expected that all down payment loans for 70,000 households waiting for apartment occupancy in the second half of this year will be fully released.
In addition to Saemaeul Credit Unions, which received a 'penalty' last year for failing to comply with volume regulations, all financial institutions are scheduled to jointly handle down payment loans. Among the increased loan funds (30 trillion won), excluding group loans, additional limits will be granted to general housing loans (hereinafter referred to as housing loans) and credit loans such as card loans on a per-financial-institution basis.
◇Group loans including down payment loans handled regardless of individual financial institution targets… Saemaeul Credit Unions with an annual net increase target of 0% this year also permitted to handle
According to the Financial Services Commission and the Financial Supervisory Service on the 17th, a working-level meeting is scheduled for the 19th to convene loan officers from financial institutions to determine how much limit will be allocated to which loans in accordance with the increased volume management target.
On the 13th, the financial authorities announced through measures to stabilize the real estate market that the household loan volume increase target for this year would be doubled from the previous 1.5% to 3%. The additional loan funds resulting from the relaxation of volume regulations amount to approximately 30 trillion won. These funds will be allocated into three main categories: △financial institution's own loans, △policy loans, and △reserved loans.
Group loans, which are the most significant concern, including down payments, relocation costs, and interim payments, will first be allocated under the reserved loan category.
In the case of group loans, they can be handled virtually freely without being constrained by individual financial institutions' annual household loan management targets. For example, if it is assumed that about 20 trillion won of the total additional loan funds of 30 trillion won will be needed for group loans by year-end, then 20 trillion won can be lent freely regardless of individual companies' household loan management targets. The number of apartments scheduled for occupancy in the second half of this year is 70,000 households.
The financial authorities plan to coordinate the proportion of group loan handling by industry sector, including banks, mutual financial institutions, and the second-tier financial sector.
Saemaeul Credit Unions and New Community Credit Cooperatives, which received a penalty of '0 won' net increase in household loans this year for violating the household loan volume regulation last year, are also permitted to handle group loans. The Nonghyup (National Agricultural Cooperative Federation), which must increase household loans by within 1% this year, will also not be subject to individual company volume regulation limits regarding group loans.
A financial authority official stated, "Since group loans can be handled separately from the management targets of individual financial institutions, it is expected that the anticipated demand for group loans in the second half of the year will be supplied without any delays."
◇General housing loans and card loan limits increased with surplus excluding group loan increase… KB Kookmin Bank and Shinhan Bank likely to receive higher limits
Among the total 30 trillion won increased volume for the second half, the remaining funds excluding group loans will be allocated as general housing loan and credit loan limits. The extent of the increase in general housing loans will be determined by considering each financial institution's household loan management performance as of the end of July.
KB Kookmin Bank and Shinhan Bank, which have handled household loans relatively stably within the total volume management limit until the first half, are expected to receive more loan limits compared to other banks.
If KB Kookmin Bank's total loan volume increases, there is discussion that the 30th million won housing loan limit restriction, which it has been applying independently since last month, may be lifted.
Card loans in the second-tier financial sector are also expected to see some increase. This is because limits for credit loans, not just general housing loans, will be partially relaxed. In the case of credit card companies, card loan limits may increase. However, since negative balance account credit loans were the starting point of the volume regulation crisis, it is analyzed that the increase in card loan limits, which are a type of credit loan, will be very limited.
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