(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] Woori Bank announced on September 1 that it will impose new restrictions on housing loans starting September 9, targeting those who already own a property. The new policies are designed to curb speculative buying in Seoul and the surrounding metropolitan area.

Key Points of the New Policy:

Ban on Additional Property Purchases: Effective September 9, Woori Bank will no longer offer loans to individuals who already own a home and are seeking to purchase additional property in Seoul or the Greater Seoul area. Exceptions will be made for cases where the purchase of a new home is contingent upon the sale of an existing property due to mismatched moving dates.

Restrictions on Jeonse Loans: Jeonse loans will be restricted to households where all members are non-homeowners. However, loans will still be available for extending existing Jeonse agreements or for leases where the contract was signed and a deposit was paid before September 8.

Refinancing Restrictions: The bank will restrict requests for refinancing existing mortgages from other banks. Nevertheless, refinancing through existing infrastructure will remain available.

Reduction in Maximum Loan Term: The maximum term for mortgage loans will be reduced from 40 years to 30 years. This change aims to increase the Debt Service Ratio (DSR) and lower the available loan limits for borrowers.

These measures are part of Woori Bank's effort to stabilize the housing market and limit speculative investments.

 

 

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