2023-11-25 09:25:15
Mortgage interest rate banner in Seoul./News 1
Recently, as the financial authorities pointed out ’50-year home mortgage loans’ as one of the main culprits in the explosion of household debt, commercial banks stopped selling them, and it was revealed that senior citizens over 60 years old were actually receiving 50-year mortgage loans as a policy finance product. The borrower was able to receive a 50-year maturity loan despite his advanced age by claiming that he was a ‘newlywed household’.
According to data received from the Financial Services Commission and Korea Housing Finance Corporation by Kang Hoon-sik (Democratic Party), a member of the National Assembly’s Political Affairs Committee, on the 24th, foundries provided eight 50-year mortgage loans to people in their 60s or older from this year to last month. Of these, three were new loans issued following September, when the government began regulating mortgage loans to curb household debt.
Jugeumgong’s 50-year maturity mortgage loan (preferential type) is available to those ‘under the age of 34’ or ‘newlyweds within 7 years of the date of marriage registration’. The ‘hole’ here is that there is no age limit for newlyweds. For this reason, it is analyzed that ‘newlyweds in their 60s’ were able to take out loans without considering life expectancy and repayment ability. The oldest borrower was 65 years old. There were 201 newlywed couples in their 40s and 50s who received 50-year mortgage loans last September and October.
This issue was also raised in the Financial Services Commission’s audit of government affairs last month, but Rep. Kang points out that it is still not resolved. A foundry official explained, “The product will be sold only until January of next year and then discontinued.”
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