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Finance

After tax overhaul, government weighs tweaks to loan rules, eases balance loans, tightens lease loans

South Korea is expected to step up discussions on follow-up measures on real estate and household lending after releasing a tax overhaul plan. The basic framework for managing household loans, including LTV and DSR rules, is set to remain. Authorities are considering easing funding burdens for end-users who signed contracts before tighter rules by partly exempting some balance loans from banks’ total loan caps. At the same time, they are weighing tougher rules for jeonse loans, including lower limits and guarantee ratios.

Finance

NH NongHyup Bank, KODIT to extend 383 billion won financing support for SMEs

NH NongHyup Bank will provide 383 billion won in agreement-based guarantees with the Korea Credit Guarantee Fund for growth companies and small and medium-sized firms outside the Seoul metropolitan area. It said it signed agreements on productive finance and region-tailored support, supplying 220 billion won and 163 billion won in guarantees, respectively. KODIT will apply a 100 percent guarantee ratio for three years and cut guarantee fees, while the bank will support fees for two years.

Finance

Shinhan Bank to support SMEs hit by Middle East war with Kibo

Shinhan Bank will work with the Korea Technology Finance Corporation (Kibo) to support small and medium-sized firms hurt by instability in the Middle East. The bank said it signed an agreement with Kibo on June 26 for inclusive financial support to help SMEs overcome crises stemming from the Middle East war and related factors. Shinhan will contribute 4 billion won, while Kibo will supply 200 billion won in guarantees using the funds.