Learn more about 후순위담보대출 조건 how to apply for conditional interest rates
If you’re interested in an apartment mortgage, you’ve probably heard the term ‘subordinated mortgage.’
A ‘subordinated secured loan’ refers to a case in which an additional loan is taken out while already secured by a secured loan.
It is also called ‘additional secured loan’ or ‘secondary secured loan’ by other names.
Definition of 후순위담보대출 순위
Mortgage loans use the word ‘priority,’ such as seniority and subordinatedness, which is related to the rights of the lending institution when it collects the loan.
If the borrower cannot repay the loan, the lender will sell the collateral to a third party in an auction or sale to recover the loan.
In this case, the financial institution that issued the loan with the seniority has the right to collect the loan first.
The subordinate can manage the loan after the seniority.
Therefore, 후순위담보대출 generally have higher interest rates and more stringent conditions than available fast loans, as financial institutions give out money at the risk of being unable to recover the loan.
When do you need a subordinated secured loan?
Even if the LTV and DTI are applied to the maximum amount of home mortgage loans, you can get more loans through subordinated mortgage loans if it is insufficient.
Some products can borrow up to 95% of LTV compared to available mortgage products, so it can be a helpful loan product in some cases.
Subordinated collateral loan conditions, interest rates, and how to apply?
Subordinated secured loans are available at interest rates of 3-4% per annum at all commercial banks, insurance companies, mutual banks, and safe deposit boxes.
It is not a particular case such as a delinquent person or a person with bad credit, and if there is nothing wrong with the property to be secured, you can apply without difficulty.
The maximum loan limit is 95% in most cases, but there may be some differences between banks.
Risk Management Standards for Mortgage Loans
1. (Definition of terms) The terms used in this standard are as follows.
A. “Housing mortgage loan” refers to household loans (including asset-backed loans) that are treated as collateral by mutual savings banks.
A loan falling under any of the following shall be deemed a mortgage loan unless otherwise stipulated otherwise:
(1) Interim payment loan and balance loan for pre-sale housing
(2) Loans for moving expenses for reconstructed and redeveloped housing, interim payment loans for additional contributions, and balance loans
B. “Housing” refers to a house stipulated in Article 2, Item 1 of the 「Housing Act」.
“New loan” refers to a new loan and includes an increase in an existing loan, a renegotiation, repayment, and debt underwriting.
However, the extension of the loan term, renegotiation, or compensation where only the interest rate or maturity condition is changed, and the case where the existing interim loan is converted into a balanced loan without an increase, etc.
shall not be regarded as a new loan.
C. “Loan-To-Value ratio” (LTV, Loan-To-Value ratio) refers to the percentage of the loan-capable amount to the collateral value when dealing with a mortgage.
D. “Total debt service ratio” (DTI, Debt-To-Income ratio) refers to the balance of the annual loan principal repayment amount to the borrower’s yearly income.
E. “Speculation area” means an area designated by the Minister of Strategy and Finance by Article 104-2 of the Income Tax Act.
F. “Speculation overheated district” refers to an area designated by the Minister of Land, Transport and Maritime Affairs or the Mayor/Do Governor by Article 41 of the Housing Act.
G. “Seoul Metropolitan Area” refers to Seoul Metropolitan City, Incheon Metropolitan City, and Gyeonggi-do.
2. (Applicable subject and standard) Mutual savings banks must handle any of the following cases when dealing with a new mortgage loan within the range where the borrower’s total debt repayment ratio does not exceed 40%.
A. A mortgage in a speculative area to a borrower whose spouse has had one or more mortgages.
However, the application of the total debt repayment ratio may be excluded if the loan debt is inevitably acquired through inheritance or participation in an auction to preserve claims.
B. Loans in speculative areas to unmarried borrowers under the age of 30. However, the application of the total debt repayment ratio may be excluded if the loan debt is inevitably taken over through inheritance or participation in an auction to preserve claims.
C. A household loan to acquire a new apartment in which the market price exceeds KRW 600 million in a speculative area or an overheated speculation district in the metropolitan area is treated as collateral.
However, the application of the total debt repayment ratio may be excluded in any of the following cases:
(1) Loans secured by an apartment in which three months have elapsed from the date of ownership transfer registration (based on the date of receipt at the registry office) as of the loan handling date.
However, cases where it is judged to avoid the application of the total debt service ratio, are excluded.
(2) Loans secured by shares in reconstruction or redevelopment that have elapsed three months from the date of application for change of the member list or registration date of transfer of shares
(3) In the case of a loan secured by an apartment for which three months have not elapsed from the registration date of transfer of ownership, and it falls under any of the following cases
3. (Restrictions on the handling of 아파트 후순위담보대출 for minors and acquisition of collateral)
A. Mutual savings banks cannot handle new mortgage loans for minors (except married people) as of the loan processing date.
However, this is not the case in the case of a loan within 40% of the total debt repayment ratio for minors without parents, such as the head of a boy or girl, or where a minor inevitably assumes the loan debt due to inheritance, etc.
B. Mutual Savings Bank may extend the term within one year only once when the maturity of the mortgage loan (including the case of provision of third party collateral) 후순위담보대출 금리비교 https://zionloan.com for minors is reached.
However, for children who do not have parents, such as the head of a boy or girl, the extension of maturity may be granted.
C. If you were a minor when handling the loan but become a non-minor at the time of maturity (including at the end of the one-year grace period), you can repay the loan and handle a new loan.