Gov't Clamps Down on Property Speculation

  • Arirang News

    June 20, 2017 08:24

    The government has announced a new set of measures to cool the overheating property market.

    To tackle easy loans, the loan-to-value ratio, which is now up to 70 percent of a property's value that can be financed through loans, will be lowered to 60 percent.

    Also, loans must not exceed 50 percent of the applicant's income, also down 10 percentage points. The previous rates will be maintained for low-income households and actual homebuyers.

    The government will also restrict reselling of homes and purchasing for redevelopers in designated zones.

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