# Mr. A, an office worker who earns 50 million won a year, intends to get a 40-year mortgage when he buys his own house. Assuming that the loan interest rate is about 3.75%, and considering that Mr. A currently has a bankbook with a negative limit of 50 million won, the loan limit is 143 million won (DSR 39.89%). However, if you get a 40-year loan under the same conditions, your loan limit will increase by 22 million won to 165 million won (DSR 39.94%).
As banks continue to launch 40-year mortgage loans one after another, the limit on loans for financial consumers is increasing to tens of millions of won.
DSR is the annual principal and interest repayment amount divided by annual income. From July, it is expected that more people will seek out loans for the very long term as the ‘DSR Stage 3’, which binds the DSR to 40% or less even if the total loan amount exceeds 100 million won, will be implemented.
Currently, Hana, Busan, and Daegu Banks have launched Judamdae with a maturity of 40 years, and Shinhan and NH Nonghyup Banks are available from next month. KB Kookmin Bank and Woori Bank are also reviewing the launch of a 40-year maturity loan.
According to the Maeil Economic Simulation on the 28th, if an office worker with an annual income of 50 million won receives a loan with a 40-year maturity, he will be able to receive an additional 44% or more of his/her income than if he received a 30-year loan. The main loan interest rate is 3.75%, the credit loan interest rate is 4%, and the credit loan is provided under the condition that the annual income is received. In particular, when calculating the DSR, the maturity of the credit loan is 5 years, which is shorter than the main loan.
If an office worker with an annual income of 50 million won has a negative bank account with a limit of 10 million won, he can receive up to 360 million won (DSR 39.58%) of the 40-year maturity. It is a figure of 50 million won in annual income compared to 310 million won (39.26%) with a 30-year maturity. Not only did the 30-year product limit increase by 167 million won, from 143 million won to 310 million won, due to the decrease in credit loans. .
In addition, if the mortgage loan ratio (LTV) and DSR deregulation are combined, the amount that can be borrowed for a 40-year loan will be larger.
The Presidential Takeover Committee is discussing ways to ease regulations on end-users such as homeless people, young people, newlyweds, and unmarried couples. For these end users, the LTV will be raised up to 80%, and the DSR regulation will be significantly relaxed in consideration of future income.
However, there are also disadvantages associated with a longer maturity. The longer the interest payment period, the higher the principal, and the higher the total interest amount. If you borrow 310 million won with a 30-year maturity, the total interest is 26.83 million won, which is 66% of the principal, but if you borrow 360 million won with a 40-year maturity, the total interest is 335.56 million won, which is 93% of the principal.
The current interest rate hike period is also a burden for financial consumers. The mortgage loan mix has surpassed the top 6% in several banks and is expected to reach 7% this year. It is expected that individual consumers will have different preferences for products with a 40-year maturity depending on their cash holdings and real estate market outlook.
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