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The threshold for the second financial sector loan is increasing. The government will introduce the "DSR" as a measure to restrict lending to households from the 17th of next month.
The Financial Supervisory Commission (FSC) held a meeting on the management of household debt on March 30 and announced a plan to introduce the DSR management index for the second financial sector.
Credit unions such as agriculture, fishing and credit unions are expected to bring DSR down to 160% by the end of 2021, or 261.7% on average in the first quarter of this year.
In addition, by the end of 2025, 20% of the points should be lowered each year to 80%.
Savings Bank and Capital Finance Corporation are expected to lower their average DSR from 111.5% and 105.7% for the pilot period to 90% by the end of 2021, respectively. Insurers are expected to reduce the DSR, which is currently 73.1%, to 70% by the end of 2021 and card issuers to 60%, accounting for 66.2%. This DSR management indicator will be applied from the 17th of next month, after the application of a new loan to households.
"The level of the DSR management index by sector of activity has been differentiated according to the conditions and characteristics of each business sector," said Choi Hoon, chief financial officer. "The goal of DSR for mutual financing seems to be in free fall, but that should not be a problem for real lenders because of the characteristics of mutual financial clients that do not prove their income."
With the introduction of the DSR, second-tier financial institutions are expected to reduce mortgages with high mortgage rates, as well as lenders with high DSRs over the pilot period and loans.
Mutual financing is expected to reduce mortgage loans (DSR 165.5%) and non-residential mortgages (363.8% DSR). Savings banks are likely to tighten their non-residential mortgages (DSR 230.8%) and Stockton (293.3% DSR).
Sohn Byeong-deok, Vice Chairman of the Financial Supervisory Commission, said: "We will gradually stabilize the downward stabilization by setting the management power of the DSR to an appropriate level, so that the financial accessibility of the second financial sector be reduced so that ordinary and vulnerable borrowers do not suffer from difficulties. "
The meeting also adjusted the method of calculating the annual income and the debt used to calculate the RSD.
Loans of insurance contracts (conditional loans) and lenders have been made available independently of the DSR figures. However, when calculating the DSR based on other loans, interest payments on insurance loan and lender loans are taken into account.
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DSR (Debt Service Ratio): The debt service ratio is the ratio of the total loan repayment amount that the household has to pay for one year divided by the annual income. Reducing this number means limiting loans.
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