South Korea will loosen loan regulations for homeowners having difficulty repaying “jeonse” deposits to tenants, for a year starting on Thursday, the financial regulator said. | Reuters
Yoo Ha-jin, 27, looks at a building where she lives in Seoul, South Korea, Feb 21, 2023. REUTERS/Kim Hong-Ji/File photo
SEOUL – South Korea will loosen loan regulations for homeowners having difficulty repaying “jeonse” deposits to tenants, for a year starting on Thursday, the financial regulator said. Jeonse refers to South Korea’s unique house renting scheme in which tenants put up a deposit typically worth as much as 70% of the home’s value, then live without paying rent for two years until the landlord returns the full amount.
The temporary measure comes as a sharp downturn in South Korean home prices over the year has led to a rise in troubled homeowners failing to pay tenants their deposits, creating financial market concerns and worries about the social impact.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
North Korea fires 2 short-range ballistic missiles after US submarine arrives in South KoreaNorth Korea fired two short-range ballistic missiles into its eastern sea, South Korea’s military said, adding to a recent streak in weapons testing that is apparently in protest of the U.S. sending major naval assets to South Korea in a show of force.
Read more »
North Korea fires 2 missiles after US submarine arrives in SouthJapan's defense ministry also reports the launch of what it says are two ballistic missiles by North Korea, both of which fell outside its exclusive economic zone.
Read more »
Anger in South Korea as court rejects removing minister over Halloween crush'This disastrous incident was not caused and exacerbated by a single cause or person,' says Lee Jong-seok, a justice at the court.
Read more »
South Korea ready to help develop PH energy, mining sectorsA high-ranking official of South Korea in the Philippines expressed his country’s willingness to help the Philippines develop its mining and manufacturing industries by advancing its energy generation capacity, the Office of the Vice President (OVP) said on Tuesday, July 25.
Read more »
First all-Filipino K-pop group HORI7ON officially debuts in South Korea - Latest ChikaHORI7ON, the first all-Filipino boy band in K-pop, kicked off its promotions for their debut album in South Korea, officially starting their “journey” as an international pop group. The seven-member group composed of Vinci, Kim, Kyler, Reyster, Winston, Jeromy, and Marcus debuted under the K-pop agency MLD Entertainment, the same label as the viral K-pop […]
Read more »