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The Financial Services Commission will announce additional measures for household debt on the 26th. It is predicted that the measures to be announced this time will include content related to advancing the implementation of the DSR regulation and strengthening the amortization and loan review.
According to the financial industry on the 24th, Koh Seung-beom, chairman of the Financial Services Commission, in a comprehensive audit on the 21st, said, “The system to be announced on the 26th will speed up the implementation of DSR in relation to the repayment ability test, strengthen the management of the second financial sector, and improve the quality of household debt. It will contain improvements, etc.,” he said.
DSR is an indicator of the ratio of principal and interest to be repaid to income. Unlike the mortgage recognition ratio (LTV), which calculates only the limit of a mortgage loan, it includes the principal and interest burden of all loans in the financial sector, such as credit cards and card loans.
Earlier, the government announced a plan to strengthen the borrower-level DSR by dividing it into three stages by July 2023. As part of this, since July of this year, DSR for each borrower has been applied to those who have received a loan with a house exceeding 600 million won as collateral or a credit loan exceeding 100 million won in all regulated areas. After that, from July next year, it was planned to be applied to borrowers whose total loan amount exceeded 200 million won, and from July 2023, it was planned to apply to all borrowers with a total loan amount of more than 100 million won. However, as the increase in household debt has grown out of control in recent years, the possibility of early implementation of DSR regulations for each borrower has increased.
If the DSR regulation for each borrower is introduced early in accordance with the additional measures of the financial authorities, it is expected that the maximum amount that can be borrowed will be greatly reduced. Currently, even if the loan amount exceeds 200 million won, the DSR regulation is not applied, because once the second stage is implemented, it will be included in the regulation without exception.
In addition, this measure is expected to include the contents of applying the same 40% as that of banks to the second financial sector where the current DSR regulation ratio is 60%.
Financial authorities have decided not to apply the DSR regulation to the jeonse loan regulation, which has been strongly opposed by end-users. Jeonse loans are also excluded from the management limit for household loans in the fourth quarter of this year (increase rate of 6%). However, borrowers can borrow only as much as the Jeonse price has risen, and single-family homeowners must apply for a loan at the bank window and pass the examination, making management difficult.
Meanwhile, the government’s focus on strengthening household loan management is expected to continue next year. The financial authorities’ target to manage the growth rate of household loans in the banking sector this year is 6%, but it is lowered to 4% next year.
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