2024-01-08 05:43:58
Apartment mortgage loans and jeonse loans are also included in the ‘refinancing loan infrastructure’ that allows for non-face-to-face loan transfers.
The Financial Services Commission and the Financial Supervisory Service announced that in the refinancing loan infrastructure, apartment mortgage loans will be able to be transferred from tomorrow (9th), and jeonse loans will be able to be transferred from the 31st.
The refinancing loan infrastructure consists of a loan comparison platform that searches for existing loans and loans to be replaced, financial companies holding existing loans, financial companies providing new loan products to be replaced, and the Korea Financial Telecommunications and Clearings Institute’s loan transfer relay system.
Financial consumers can use the loan comparison platform to check existing loans and compare new loans every business day from 9 a.m. to 8 p.m.
Once a new loan product has been selected, the borrower will apply for a loan review through the app or branch of the relevant financial company.
Documents such as home purchase contracts and rental lease agreements can be photographed and submitted non-face-to-face, and those from financially vulnerable groups such as the elderly can visit a branch and submit documents.
The financial company that provides the borrower with a replacement product will conduct a loan review for 2 to 7 days and then notify the borrower of the review results via text message.
Afterwards, the loan transfer is completed when the borrower confirms the loan conditions, including repayment method and interest rate structure, and agrees to a loan contract.
Loan products that can be replaced include apartment mortgage loans worth less than 1 billion won and guaranteed jeonse loans secured by apartments for which market prices can be inquired.
However, in order to prevent excessive loan transfers, apartment mortgages can be changed following 6 months of receiving the existing loan, and jeonse loans can be changed following 3 months until half of the jeonse rental contract period has expired.
Also, in the case of a jeonse loan, you must only switch to a guaranteed loan from the same guarantee institution that provided the loan guarantee for the existing loan.
To prevent the expansion of the use of the refinancing loan infrastructure from acting as a factor in increasing household debt, the financial authorities prohibited the amount from being transferred by increasing the amount, and limited the limit of new loans to the remaining amount of existing loans.
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