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Stricter debt service ratio to be applied from January to address household debt Updated: 2021-10-26 19:58:21 KST

The South Korean government has introduced stricter measures to address runaway household debt.
The Financial Services Commission said on Tuesday that the government would focus on toughening regulations on mortgage loans through the debt service ratio.
It currently applies to loans of more than 600 million won, around 515-thousand U.S. dollars.
But from January, it will be applied to loans of more than 200 million won which is about 170-thousand dollars.
The change was originally meant to take place in July, but the schedule has been brought forward to January.
The rules will be tightened further in July next year, when they will be applied to loans more than around 85-thousand dollars.
This change had been planned for 2023 but was brought forward a year.
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