According to the 'Measures to Strengthen Household Debt Management' announced by the Financial Services Commission last week, it will be difficult to get loans from next year.
Loan regulations in the second financial sector, which are used a lot by ordinary people, have also been greatly strengthened, so there are more areas for insurance and card loan users to consider.
Today (31st), insurance companies and credit card companies gave common advice to set the loan maturity longer and repay the principal in installments like other financial institutions.
If you already have a lot of loans, such as mortgage loans, use the loan that is not reflected in the income-based loan regulation, that is, the total debt repayment ratio (DSR). Using the financial sector was also suggested as a way to increase the limit.
In addition, the financial consumer group proposed that a 'safety net' should be prepared that allows exceptions to the loan regulation for essential funds of the working class in addition to marriage, funeral, and disease treatment.
Individual DSR regulation limits the ratio of all annual principal and interest to the borrower's annual income, and even if the same amount is borrowed, the longer the maturity, the lower the DSR.
Maturity has a strong influence on loan limits in DSR regulation.
For young people or newlyweds with relatively low incomes, if they use a 40-year policy mortgage (Bogeumjari Loan, eligible loan), the amount they can borrow increases significantly.
As of the announcement by the financial authorities in June, the annual principal and interest of the 40-year Bogeumjari Loan has decreased by 15% compared to the 30-year maturity, and the DSR ratio decreases accordingly.
You also need to consider the expiration date of your credit card loan.
Currently, the maturity of card loans is often one year, but the card industry predicted that as it is reflected in the DSR, it may become longer.
A credit card industry official said, "The maturity of card loans was meaningless because there were no prepayment fees and there was no prepayment fee. same," he said.
In the banking sector, starting January next year, if the total loan amount exceeds 200 million won, the principal and interest will be less than 40% of the annual income.
In July, this standard applies from the total loan amount of KRW 100 million.
If you have no choice but to get a 'spiritual' loan to buy your own house, you can use a second financial institution, such as an insurance company, where individual DSR is applied up to 50%.
For example, if a freshman with an annual income of 35 million won without other loans receives a loan (maturity 30 years, interest rate 3.8%, equal repayment of principal and interest) for a house with an appraised value of 900 million won in Seoul, the DSR is 40% Up to 250 million won is possible, but at 50% DSR, it goes up to 310 million won.
That means you can get an extra $600,000 from the insurance company.
If the annual income is 40 million won and the house price is 800 million won, and an interest rate of 3.7% is applied, the loan amount will be 220-230 million won at 40% DSR, but it will increase to 280 million won at 50%.
Non-bank notes generally have higher loan interest rates than banks, but insurance companies may also receive loans at interest rates similar to or lower than those of bank notes, depending on timing, credit rating, and preferential conditions.
This is because the method of calculating interest rates and preferential conditions are different.
However, an insurance company official said, "In the second half of this year, according to the total amount management by the financial authorities, some insurance companies have applied their own DSR lowered to the bank level, and various preferential conditions have disappeared, so consumers should check it well in advance."
If you are already using the 'billion-dollar loan', additional loans are more difficult due to the DSR regulation, so you can use products that are not reflected in the DSR for new loans.
Insurance contract loan (contract loan), deposit/deposit collateral loan, small credit loan of 3 million won or less, jeonse fund loan, commercial vehicle finance, mid-payment loan for pre-sale housing, redevelopment/redevelopment moving expense loan, mid-payment loan for pre-sale officetel, financial products for low-income earners (New Hope) It is not reflected in the DSR when receiving a hole seed, change dream loan, interdollar loan, college student/youth sunshine loan).
However, you should be careful when receiving additional loans afterward, as most of these non-reflected items are also reflected in the DSR.
However, only interest is reflected in terms of loan, deposit-backed loan, and jeonse loan even when attempting to obtain additional loans.
An insurance company official predicted, "There is a high possibility that insurance companies will expand the contractual loans as they are excluded from the DSR, which allows loans up to 70 to 80 percent of the accumulated premiums."
Proof of income other than salaries can help increase the size of your loan.
“If the income included in the global income tax return, such as pension income, financial income, or other income, is reflected in the calculation of the loan limit,” said Kang Hyung-gu, secretary general of the Financial Consumers Federation. explained.
A credit card company official said, "If you apply for 'scraping' of income data to a financial company when applying for a loan, you can find out your actual income more accurately through data inquiry, so the limit may increase."
As card loans are reflected in the DSR, the card industry advised users to be careful when planning their funds.
A credit card company official said, "The amount available for credit card loan appears in the customer information sheet, but customers who use multiple cards may be disappointed if they make a financial plan expecting that they will be able to receive all the card loan amounts written on each notice," said a card company official.
He added, "There are not many inquiries yet, but if the system is implemented in earnest next year, there may be complaints one after another."
The financial sector and financial consumer groups have set up their own plans to ensure that essential funds are not lost due to measures to strengthen household debt management, and the government has called for a safety net.
Secretary-General Kang said, "With this measure, the vulnerable, such as the common people, who have to buy a house with a loan will be hit harder." “The financial authorities should clearly communicate these operating guidelines to financial institutions, excluding students and their children’s student loans from the loan limit,” he said.