You Can't Get Loans in Korea if you Have Lots of Debt or Little Income!

I feel it my duty to help those of you new to Korea out by giving helpful hints on living in Korea. The latest one is that you can't get a mortgage if you have lots of debt or a low income. Damn those banks! Damn the Financial Superrvisory Service (금융감독원). The article is from Korea's most trusted news source, Naver of course (second only to OhMyNews), so it is in Korean, but here is the first paragraph for anyone who can't read Korean:

In the future, it will be difficult to get loans if you have lots of debt or a low income.

The Financial Supervisory Service announced on Dec. 19 that it would begin a program to monitor banks to ensure they extended mortgage credit based on the ability to repay it.

To do this, the FSS will ask banks to submit documentation showing they evaluate and base interest and loan amounts for loan applicants on the applicant’s ability to repay loans, including such things as income, outstanding debt, and DTI (Debt-to-Income Ratio).

So all you foreigners who are used to lax loan standards had better watch out. You will be evaluated on your ability to repay a loan before you get one. Good thing I got that loan based on my height the other day. They gave me a good limit since I am tall...