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There is good news for multicultural families who own or are looking to buy a house.
The Korean government has lifted all restrcted areas nationwide except Seoul, Gwacheon, Gyeonggi-do; Seongnam (Bundang, Sujeong), Hanam, and Gwangmyeong from real estate regulated areas. An important implication of the deregulation is that more loans can be secured against a house.
The Ministry of Land, Infrastructure and Transport announced the release of additional regulatory areas with the same content at the 3rd Real Estate Ministerial Meeting held on the 10th.
As a result, nine locations of Gyeonggi provinces, which were tied up as speculative overheated districts, were released. Suwon, Anyang, Ansan Danwon, Guri, Gunpo, Uiwang, Yongin Suji/Giheung, and Dongtan 2 are the targets.
In the areas subject to adjustment, 31 areas were released including, 22 locations in Gyeonggi-do, including Goyang, Namyangju, Gimpo, Uiwang, Ansan, and Gwanggyo districts; as well as the entire Incheon area (8 locations) and Sejong, were lifted.
Accordingly, all of Seoul and only Gwacheon, Seongnam (Bundang, Sujeong), Hanam, and Gwangmyeong remained as double regulation areas, including the speculative overheating district and the adjustment target area.
What does deregulation mean?
In Korea, as a government measure for areas where real estate prices are overheated, three regulations are in place: ‘speculation area’, ‘overheated speculation district’, and ‘region subject to adjustment’.
The regulation that receives the strongest sanctions is the speculation area, but the speculation area is only applicable to some areas such as Gangnam in Seoul.
The next most severe regulation is the overheated speculation district. In the overheated speculation district, the mortgage loan ratio (LTV) is applied, which sets the limit on the amount of loan that can be borrowed when buying a house. If the house price is less than 900 million won, you can get a 40% loan, and for a house over 900 million won, you can get a 20% loan. This means that it is very difficult to buy a house with a loan.
However, this is the principle, and exceptions apply to homeless people and single-homeowners. It is best to inquire with a real estate agent for more detailed mortgage loan ratios. Because it changes too often.
Even in the area subject to adjustment, 50% of mortgage loan ratio (LTV) of less than 900 million won of house price and 30% of over 900 million won of house price are applied.
In areas that have been completely lifted from these restrictions, you can borrow up to 90% of the house price to buy a house. Some small apartment complexes are 100% available. Are you surprised? Of course, it depends a little bit on what the developer who built the house and the financial institution negotiate.
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