President Yoon has instructed his Cabinet and secretariat to assess regulatory measures regarding loan extensions for existing multiple homeowners, emphasizing fairness in financial policies.
On the 20th, President Yoon Suk-yeol emphasized the need for a thorough review of regulatory measures concerning loan extensions for individuals with multiple properties. He referenced an article discussing the financial authorities’ consideration of applying the rent income-to-interest repayment ratio (RTI) regulation when extending loans for rental business operators. Critically, President Yoon questioned the focus on RTI regulations and argued that loan extensions should be treated the same as new loans, suggesting that fairness in policy necessitates consistent regulations across both categories. He proposed a gradual implementation of resolving loan amounts, advocating for a structured timeline that eases the financial burden on multiple homeowners without delaying significant reforms in the housing market.
In his statement, President Yoon highlighted the government's ongoing efforts to combat real estate speculation and the excess profits associated with it. He expressed that while the government has previously provided several opportunities to multiple homeowners, the lack of action taken on their part necessitates a strict stance on any further benefits, particularly in terms of loan extensions. Drawing attention to a social contract between the government and citizens, he emphasized the need for equitable treatment in financial policies to ensure that those who have benefited disproportionately from the real estate market do not continue to receive additional advantages.
Through these directives, President Yoon seeks not only to enforce stricter measures on existing homeowners with multiple properties but also to reinforce his administration's commitment to creating a fairer real estate market. This initiative is aimed at dismantling the prevalent notion of speculative profits in the housing sector and promoting a more sustainable approach to real estate investment that serves broader societal interests. His remarks reflect an overarching goal to transform South Korea into a nation where citizens collectively thrive, urging for a drastic shift away from policies that have fostered inequality within the real estate sector.
