공유형 모기지제도의 특성 및 대출수요 영향요인 분석

Abstract

This study analyzes loan applicants who were selected to participate in the shared mortgage pilot project and tries to identify what effect housing characteristics had on the size of loans. It is hoped that such analysis will have policy implications. Empirical analysis reveals that shared appreciation mortgage applicants with more family members, a higher debt ratio, and longer home savings account subscription periods apply for greater loan amounts. These results suggest that a higher number of family members increase applicants' demand for housing and that greater bank savings or longer savings subscription periods likewise increase housing demand. In the case of shared appreciation-type mortgages, housing purchase prices exert positive effects on housing demand, but the subscription period for housing savings accounts exerts a negative influence. This can be interpreted to mean that houses with limited mortgages that only cover up to 40% of the purchase price appeal to families that already possess substantial capital. The conclusions based on the above analysis of the factors influencing demand for shared mortgages are as follows. First, limits on what percent of housing purchase prices can be paid by mortgage are linked to fluctuations in the housing price index. Second, shared appreciation mortgages feature less stringent eligibility requirements and higher loan amounts. Third, reductions in taxes on interest and capital gains for shared mortgages are expected to be expanded. Finally, further research into shared mortgages and support policies for self-owned property should focus on consumer characteristics and the kinds of housing that are in demand.