Outline of next year’s bank household loan supply plan
Banks provide autonomous supplies, but be careful not to focus on a specific period.
Financial authorities will maintain a high-intensity stance on household loan management next year
Financial authorities and banking institutions will begin monthly and quarterly loan management from the 1st of next month to prevent household loans from being concentrated in a specific period. Banks plan to autonomously judge and distribute loan supply according to each business situation, but to avoid excessive concentration in the first half of next year.
According to the financial sector on the 31st, it is known that the banking sector has recently finalized its annual plan with the financial authorities regarding how to handle household loans for next year.
Banks have decided to distribute loans on a monthly and quarterly basis starting next year to prevent an oversupply of household loans at certain times. This is to prevent consumer inconvenience caused by market chaos due to loan management failure.
Previously, the bank’s loan supply this year far exceeded its annual plan in the second half of the year, and banks raised the loan threshold by tightening limits or raising interest rates to keep the plan, albeit belatedly. Because of this, it became difficult for consumers to secure financing before signing a real estate contract, causing confusion.
Starting next year, how to allocate the total amount of loans by period will be determined by the autonomous judgment of each company, as each bank’s business situation is different. If the monthly total is full, banks must postpone lending to the next month even if there is demand.
If banks do not follow this and provide loans in excess of the monthly supply they originally agreed to provide, financial authorities may impose sanctions. In addition, loan distribution methods that focus on specific months, which is inconsistent with the government’s purpose, are also subject to administrative action by financial authorities.
Although disruption in loan supply is expected to be minimized going forward, the government’s high-intensity household loan management policy is expected to continue next year.
First of all, the principle that household loan growth must be managed within the current growth rate will be strictly applied next year as well.
For banks that do not comply with this or exceed the annual plan, a penalty will be imposed to reduce the average total debt service ratio (DSR) limit for the following year. If the average DSR limit is reduced, the loan limit that the bank can handle decreases accordingly.
Currently, some banks are being mentioned as targets of penalties from financial authorities as they still have not met their annual loan plans for this year.
However, the financial authorities are of the position that since the final settlement for this year’s loan supply will be released in mid-January, it is necessary to wait and see whether a penalty will be imposed. Currently, a careful review is being conducted within the Financial Services Commission and the Financial Supervisory Service, so there is a possibility that the penalty will be applied as never before.
The ‘Stress DSR Level 3’ regulation, which imposes additional interest rates on all household loans in the financial sector, will also be applied from July next year. Currently, the authorities are preparing to computerize the final loan limit based on individual income and loan information in order to apply the 3rd stage of stress DSR.
We also plan to look into the lending practices of banks that issue loans indiscriminately. We plan to suppress the excessive increase in loans by upgrading credit screening to establish income- and asset-based loans, while also preventing frequent unfair loans.
An official from the financial sector said, “As banks failed to manage the total amount of loans this year, causing great confusion among consumers, intensive management is expected from the banking sector on its own starting next year.” He added, “Both the financial authorities and the banking sector are expected to focus on stable management of household debt. “He said.
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