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Finance

South Korea raises household loan growth target to 3 percent, expands housing supply finance to 47.8 trillion won plus alpha

South Korea\'s financial authorities will raise this year\'s target for the growth rate of total household loans to around 3 percent from 1.5 percent. They will expand financial support for housing supply to 47.8 trillion won plus alpha from 26.3 trillion won. The authorities will keep the basic framework of real estate lending curbs, including LTV and DSR limits, while tightening some rules on jeonse loans from January.

Finance

Hana Financial appoints Lee Seung-yeol as CIFO to strengthen inclusive finance governance

Hana Financial Group said on Tuesday it will strengthen its inclusive finance execution framework by appointing Vice Chairman Lee Seung-yeol (이승열) as chief inclusive finance officer. The group said it executed more than 60 percent of its 3.1 trillion won annual inclusive finance target in the first half and will step up efforts in the second half. Plans cover youth and small business support, debtor protection and financial crime prevention, and expansion of social solidarity finance.

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.