[2025 Audit] Multi-Homeowners' Mortgage Loans Hit Record 337 Trillion Won, Account for 30% of Total

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The outstanding balance of mortgage loans held by multi-homeowners with two or more properties has reached an all-time high.

Yonhap News Agency

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According to data obtained by Assemblyman Cha Kyugeun of the National Assembly’s Strategy and Finance Committee from Statistics Korea and the Bank of Korea on October 13, as of the end of last year, the outstanding mortgage loan balance for multi-homeowners stood at 337.1 trillion won, accounting for 30% of the total.

The outstanding balance of mortgage loans for multi-homeowners decreased from 336.6 trillion won at the end of 2021 to 324.2 trillion won in 2022, then rose again to 332 trillion won in 2023 and 337.1 trillion won last year.

The sharp decline in mortgage loans for multi-homeowners in 2022 coincided with an increase in the comprehensive real estate tax and capital gains tax rates for multi-homeowners, leading to a greater preference for holding a single, high-value property. Measures to manage household debt, such as the introduction of the Debt Service Ratio (DSR) regulation, were also implemented. Assemblyman Cha pointed out that, subsequently, as lending regulations for multi-homeowners were eased, the outstanding balances of related loans increased.

The proportion of mortgage loans held by multi-homeowners out of all mortgage loans declined from 34.2% at the end of 2021 to 32% in 2022, 31.2% in 2023, and 30% in 2024. However, this trend is attributed not to a decrease in the outstanding balance of mortgage loans for multi-homeowners, but rather to a steady increase in the total outstanding mortgage loan balance, which rose from 984.5 trillion won in 2021 to 1,013.4 trillion won in 2022, 1,064.3 trillion won in 2023, and 1,123.8 trillion won in 2024.

Assemblyman Cha stated, "The fact that the outstanding balance of mortgage loans for multi-homeowners with two or more properties reached a record high again last year is not unrelated to the easing of lending regulations," adding, "The current administration must continue to enforce strong lending regulations."

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