Saemaeul Geumgo Strengthens Regulations on Jeonse Deposit Loans
[Asia Economy Reporter Kim Min-young] The National Credit Union Federation of Korea announced on the 30th that it will implement regulations on jeonse (long-term deposit) loan financing for owners of high-priced homes valued over 900 million KRW or those owning two or more houses.
Going forward, the Federation will include jeonse loan financing in the restrictions on recruitment activities by loan solicitation corporations.
Additionally, since the 13th, the Federation has been conducting on-site inspections of regional credit unions to prevent cases of circumventing government loan regulations and to guide the soundness of mortgage loans.
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A Federation official stated, “Saemaeul Geumgo strictly follows real estate loan regulations such as the December 16 Housing Market Stabilization Measures under the guidance of the Ministry of the Interior and Safety, and if any violations of loan regulations are confirmed, appropriate measures including loan recovery will be taken.”
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