Expansion of online loan switching service target
Officetels must verify residential purpose,
A villa is visible in Namsan, Yongsan-gu, Seoul. NewSis,
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, ‘Online loan switching service now available for residential officetels and villa collateral loans that allow real-time price checks.’,
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, “The Financial Services Commission announced on the 29th that the ‘online loan switching service’ has expanded its target to include officetels and villa collateral loans. The target properties include residential officetels and villas such as row houses and multi-unit dwellings where real-time price checks are possible. For officetels, the financial company must have confirmed the residential purpose at the time of the original loan application through address verification and must currently be in use for residential purposes. The collateral loan must be at least 6 months after the original loan was received, and “, loans in arrears, loans in legal dispute, or low-interest rate policy financial products are not eligible for switching.,
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, ‘Officetels and villas have insufficient actual transaction data compared to apartments, so in addition to standard KB price data, various automatic valuation models (AVMs) from real estate startups (proptech companies) are also being utilized.’,
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, ‘The loan switching service proceeds through the same steps as for apartments: ① loan comparison and selection, ② loan application, ③ loan review, and ④ agreement and execution (repayment). However, for officetels, the financial company will conduct on-site inspections to verify residential use. Users can compare conditions of existing loans and potential switch loans through a total of 6 loan comparison platforms and 13 financial companies (12 banks, 1 insurance company) via their own apps.’,
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