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Stricter debt service ratio to be applied from next January to address household debt Updated: 2021-10-26 12:11:37 KST

Authorities have announced stern measures to rein in household debt.
According to Finance Minister Hong Nam-ki on Tuesday regulations governing mortgage loans will be toughened through broader application of the debt service ratio.
Now the debt service ratio LIMITS the amount of money people can borrow based on their income.
At present the ratio applies to loans of OVER 600-MILLION WON or some 5-hundred-15-thousand U.S. dollars.
But starting January it will be applied to loans of OVER 200-MILLION WON about 1-hundred-70-thousand U.S. dollars.
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