Seoul: President Lee Jae Myung announced on Friday that he has directed the Cabinet and his office to evaluate regulations concerning the extension and refinancing of loans for existing multi-home owners. Lee's statement was delivered via the social media platform X, following his recent concerns regarding the fairness of extending loan maturities for multi-home owners amidst strict lending rules for new home purchases in the Seoul metropolitan area.

According to Yonhap News Agency, Lee emphasized the need for clear regulatory measures on loan extensions and refinancing for existing multi-home owners, stating, "A republic of unearned real estate income must be dismantled for a happier Republic of Korea." He questioned the fairness of treating loan extensions or refinancing differently from new loans and suggested that regulations for existing multi-home owners should mirror those for new property acquisitions.

Lee proposed a phased implementation of these regulations to mitigate potential shocks from an abrupt cessation of loans. His comments highlight the advantageous conditions currently enjoyed by existing multi-home owners and the necessity for reform.

Currently, the government enforces stringent mortgage limits on property purchases in the greater Seoul area to address the overheated real estate market. This policy has faced criticism for its perceived inequity, as multi-home owners can extend loans through refinancing, an option unavailable to new homebuyers under the tightened regulations.