"Contract at Risk Due to Loan Restrictions"... Complaints Flood Online

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As obtaining loans becomes increasingly difficult, complaints are pouring in from prospective homebuyers, particularly those in the real-estate market for the first time, who say they are struggling to secure their own homes. Related demands are also flooding a government-run website designed to collect public opinion for real estate policy development.

Reporter Lee Seong-hoon has the story.

[Reporter]

A 30-something office worker surnamed Im is preparing to buy their first home as a non-homeowner.

To purchase an apartment in Yeongtong-gu, Suwon, for 790 million won, Im paid a contract deposit of 30 million won and even received permission for the land transaction. However, Im is now facing deep concerns over loan issues.

Amid the government's stance on strengthening household debt management, some banks have restricted new loans or reduced loan limits this month, leaving Im worried about potential setbacks in securing the balance for the purchase.

[Im / Prospective first-time homebuyer: In this situation, I feel very anxious and scared to continue with this (contract). As a genuine buyer and someone trying to purchase a home for the first time, I feel very frustrated.]

Im posted these frustrations directly on the government's real estate policy public opinion website.

Im is not the only one facing similar concerns.

In just one week, over 3,600 opinions were submitted to the website, with financial-related feedback accounting for the largest portion at approximately 1,500 entries.

The majority of these opinions called for regulatory easing, such as "expanding financial support for first-time homebuyers" and "applying differentiated loan regulations between the capital region and provincial areas."

[Kwon Dae-jung / Distinguished Professor, Department of Economics and Real Estate, Hansung University: For those who do not own a home, loan regulations should be sufficiently eased to allow them to purchase their own homes. Another aspect is relocation demand. For genuine buyers, loan regulations should be eased...]

In addition, demands regarding taxes and supply are continuing, such as requests to "grant tax exceptions for non-resident single-home owners" or to ease redevelopment regulations.

Based on the public opinions submitted online, the government plans to hold a national public debate on real estate tomorrow, July 23, with President Lee Jae-myung in attendance.

(Video reporting: Seol Chi-hwan, Video editing: Park Na-young)
※ Please note: This article was translated by AI and may contain errors.