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SEOUL: South Korea said on Sunday, Aug 29 it would ease some mortgage borrowing restrictions for low income earners buying homes for their own dwelling as part of steps aimed at boosting the languid property market.
The land ministry and three other government agencies said in a joint statement the measures were aimed at spurring home transactions and helping low income-earners buy homes more easily while keeping the overall housing prices stable.
The government will also extend by two years the exemption from punitive sales taxes for multiple home owners beyond the original deadline set at the end of this year.
The measures fell far short of what the markets had expected because the government maintained strict mortgage borrowing ceilings linked to the borrower's annual income or the market value of the home. — Reuters
The land ministry and three other government agencies said in a joint statement the measures were aimed at spurring home transactions and helping low income-earners buy homes more easily while keeping the overall housing prices stable.
The government will also extend by two years the exemption from punitive sales taxes for multiple home owners beyond the original deadline set at the end of this year.
The measures fell far short of what the markets had expected because the government maintained strict mortgage borrowing ceilings linked to the borrower's annual income or the market value of the home. — Reuters
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