Financial Authorities: "Fourth Quarter Balance Loans for Upcoming Residential Projects to Be Supplied Without Disruption"

[Image source=Yonhap News]

[Asia Economy Reporter Kiho Sung] The Financial Services Commission announced that balance payment loans for projects currently undergoing move-in in the fourth quarter of this year are proceeding smoothly.

The Financial Services Commission and the Financial Supervisory Service held a 'Move-in Project Inspection Task Force (TF)' meeting together with the Korea Federation of Banks on the 26th. At the meeting, the status of balance payment loans and difficulties for each move-in project were reviewed.

According to the meeting, among the 117 projects scheduled for move-in in the fourth quarter of this year, balance payment loans have been proceeding smoothly for occupants who meet the loan eligibility requirements at 88 projects currently undergoing move-in as of that day. Additionally, the financial sector plans to handle a total of 9.3 trillion KRW in balance payment loans for the 117 projects.

The scale of balance payment loan applications from occupants related to projects moving in during October and November currently underway is 3.2 trillion KRW, which is 42.1% of the financial sector's loan handling plan of 7.6 trillion KRW. Based on these discussions, the meeting forecasted that there would be no significant supply issues even if new balance payment loan applications are submitted by buyers at these projects.

Meanwhile, for the 29 projects where move-in begins next month, the financial sector plans balance payment loans amounting to 1.6 trillion KRW. Financial companies intend to allocate additional funds to these projects next year, so there is expected to be no major issues in the supply of balance payment loans.

However, it is known that some complaints have been raised regarding insufficient guidance on whether balance payment loans are handled and early exhaustion of balance payment loans at certain projects.

A Financial Services Commission official stated, "Compared to the past, some occupants have felt uneasy as financial companies' decisions to handle balance payment loans have been somewhat delayed," adding, "The financial sector is actively responding by providing loan schedules through branches and having financial companies with available lending capacity handle additional loans."

Meanwhile, financial authorities plan to closely monitor the handling information of balance payment loans for scheduled move-in complexes to ensure that buyers do not face difficulties during move-in in the fourth quarter.

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