Yoon Seok-yeol "Loan Regulations Can't Stay Like This"... Yoo Seung-min "Youth and Newlyweds LTV 90%"

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] The presidential candidates of the People Power Party on the 14th criticized the government's household loan regulation policy and presented their respective plans to minimize damage to actual borrowers.

Former Prosecutor General Yoon Seok-yeol wrote on Facebook under the title "Excessive loan regulations on crazy housing prices, this cannot continue" that "Recently, many citizens are struggling due to the financial authorities' excessive total loan volume regulations," adding, "Banks are stopping new mortgage loans, restricting credit loans, and even intervening in jeonse loans and group loans to meet the household debt management targets set by the authorities." He criticized, "The Moon Jae-in administration's economic policy lacks fairness and common sense. It always causes absurd situations where the main and secondary matters are reversed," and said, "Now, while trying to control household debt, it is pushing citizens' lives to the brink." Former Prosecutor General Yoon stated, "Rapid increase in household debt must be prevented, but it cannot be done in this way," and added, "When promoting policies that have a significant impact on people's lives, I will thoroughly evaluate the validity of the policy and secure sufficient time to adhere to the values of fairness and common sense."

[Image source=Yonhap News]

Former lawmaker Yoo Seung-min criticized, "The Moon Jae-in administration, which caused crazy housing prices and crazy jeonse and monthly rents due to failed real estate policies, is tightening loans, which is a bad policy that strangles the livelihoods of ordinary people," and announced a pledge to "lift the loan-to-value ratio (LTV) limit up to 90% without restrictions for 2030 youth and newlyweds." He promised, "Housing loan regulations are sufficient with only the debt-to-income ratio (DTI) regulation." He also stated, "Loans will be supported at ultra-low interest rates in the 1% range up to 500 million won, and principal repayment can be deferred until the time of maximum house sale." Furthermore, he proposed, "We will significantly increase the floor area ratio for housing in urban areas and expand special supply for newlyweds, youth, and first-time homebuyers to about 50% of new supply," and "Above all, all income restrictions related to special supply will be abolished."

This content was produced with the assistance of AI translation services.