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1% large common interest rate fixed rate loans released next month… 20 trillion won limit

2019-08-25T05:08:01.339Z

Long-term and fixed-rate mortgage loan products with a loan rate of 1% per year will be released on the 16th of next month. It is a kind of fixed-rate special product that the government has prepared for the common people who are using variable rate loans with high interest rates.



Long-term and fixed-rate mortgage loan products with a loan rate of 1% per year will be released on the 16th of next month.

It is a kind of fixed-rate special product that the government has prepared for the common people who are using variable rate loans with high interest rates.

The better home loan loan product for the two financial sectors is open to multiple borrowers and high mortgage lenders.

The Financial Services Commission confirmed and announced plans to improve housing finance.

This plan contains details of the 'common type secured loans' products that convert a floating rate or a semi-fixed rate mortgage into a long-term and fixed rate.
Earlier, the FSC held a meeting at the Seoul Banking Association in Seoul, Korea, and was attended by Deputy Chairman Sohn Byung-du and discussed the plan.

The loans subject to repayment are floating or semi-fixed interest loans handled by all financial sectors, including banks and savings banks.

Mortgages and loans with fully fixed interest rates until maturity are not eligible.

As it is a fixed rate product, it depends on the condition that the principal is paid in full evenly from the first month of the loan.

Interest rates are currently between 1.85% and 2.2% per year.

It is the lowest level among virtually all fixed and floating rate loans handled by commercial banks.

The interest rate varies depending on the loan period or the application method.

If you apply for a 10-year loan online, you will receive a minimum annual rate of 1.85%.

If you are newly married and meet multiple preferential interest rate requirements, such as multiple children, one parent, or disabled person, your interest rate may drop as low as 1.2% per year.

Actual rates applied will be determined during September-October.

Given that market interest rates are currently declining, they may be lower than those suggested by the FTC.

As it is a product targeted for the common people, there is a limit to the loan.

Basically, only one housing applicant with married income of 85 million won or less can apply.

For newlyweds or households with two or more children, the couple's combined income requirement is raised to 100 million won.

Housing prices are those with a market price of less than 900 million won.

The loan limit is the smallest of the three conditions: the existing loan range, the maximum limit of 500 million won, the LTV 70% and the total debt repayment ratio 60% plus the maximum repayment fee of 1.2%.

Although the basic loan limit cannot be exceeded by default, the limit is increased as much as the repayment fee.

The total loan supply is around 20 trillion won.

If your application exceeds 20 trillion won, we will only lend you up to 20 trillion won in order of low housing prices.

The loan application period is two weeks from the 16th to the 29th of the following month.

You can apply at the bank window or the homepage of the Korea Housing Finance Corporation. You can apply for two weeks instead of the first-come, first-served basis.

The actual exchange will take place in October or November.

(Photo: Provided by the Financial Services Commission, Yonhap News)

Source: sbskr

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