Credit Line of Home Mortgages to be Extended to 300 Million Won

The credit line of home mortgages, which is currently available up to 200 million won, will be extended to 300 million won.

The government held a cabinet meeting, presided over by Prime Minister Lee Hae-chan, on April 12 and decided on a revision of an enforcement decree of the Korea Housing Finance Corporation Act, which includes a provision increasing the credit line of home mortgages in order to stabilize common people’s residences and to revitalize the sluggish housing market.

Accordingly, when those who have no house or one house buy a house for below 600 million won, they will be able to borrow up to 300 million won from financial institutions for over 10 years at low interest.

With this, the government also decided upon a revision of an enforcement decree on the Labor Standards Act by which civil workers will start weekly working hours of 40 hours starting July, and another revision of an enforcement decree on the Tourism Promotion Act, which stipulates the details of it, including a requirement with the area to be designated as a Special District for Tourism.

taewon_ha@donga.com