Financial Services Commission Chairman Lee Eok-won said online posts claiming the government will further reduce mortgage limits based on home prices are groundless, warning of a strong response that could include a request for a criminal investigation.
In a post on X, formerly Twitter, on the 20th, Lee said the claim that mortgage limits would be further reduced according to home prices "is entirely untrue." He added that the commission will "move ahead with necessary steps, including a request for an investigation."
Under current rules, mortgages on homes priced at 1.5 billion won ($1.05 million) or less in the greater Seoul area and other regulated zones are capped at 600 million won.
Posts circulating on X and other social platforms that day claimed the government was preparing additional restrictions on mortgage limits by home price. The posts said lending would be banned outright on homes worth 1.5 billion won or more, capped at 200 million won for homes above 1 billion won and at 400 million won for homes at or below 1 billion won, triggering a stir.
Lee stressed that the commission "has responded firmly to the spread of false information that undermines sound market order," adding that it "plans to respond firmly to any similar cases that arise in the future."