South Korea's Financial Services Commission said on Friday it would swiftly roll out improvement measures related to the routine extension of loans for people who own multiple homes.
In a statement, the commission said it would "closely examine the situation in which loans to multi-homeowners are routinely extended and the need for improvements, and take swift action." It added that it would hold an inspection meeting with the entire financial sector on Friday for that purpose.
The move is a follow-up measure after President Lee Jae-myung (이재명) said providing financial benefits such as loan extensions to multi-homeowners is not fair.
No separate rules have existed on extending existing loans for multi-homeowners, and banks are known to have routinely allowed loan extensions.
Ji-young Lee
ljy@d-today.co.kr