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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam S. Korea strives to curb home rent prices ANN - Sunday, February 13 Send IM Story Print Seoul (The Korea Herald/ANN) - Policymakers plan to expand financial benefits for tenants and further ease regulations to control surging housing rent prices in the country, the Ministry of Land, Transportation and Maritime Affairs said Friday. The latest set of measures is particularly targeted at reducing the deposits for "jeonse," a Korean rent system under which tenants pay a lump-sum deposit to rent a house for a certain term. Such a type of residence is common among mid- and lower-income households. It is a more developed version of the set of measures the government unveiled on January 13, the ministry said. "The plan mostly concerns offering further tax cuts, interest rate cuts on loans and monetary subsidies for tenants to reduce their burden," Land Minister Chung Jong-hwan said in a news briefing. "We are also pushing for an early supply of public housing and easing regulations." Under the latest price-stabilization measures, the government said it will lower interest rates on housing loans offered to low- and medium income people. A household with an annual income of 30 million won (US$26,800) or less and no record of home ownership can receive up to 80 million won in jeonse loans up from the current 60 million won. Interest rate on the home loans will also be reduced from 4.5 per cent to 4 per cent, the ministry said. The government said it also plans to provide tax benefits and financial support for home rental businesses to expand supply of homes to meet the high jeonse demand. The ministry is considering supplying about 127,000 small-sized housing units within the year, it said. To this end, it will lower acquisition and transfer taxes for builders that purchase unsold apartments and lend them for jeonse residence. Investment on rental home business will also be eligible for tax benefits. Experts say that the government was forced to come up with a more developed plan as its previous plan did not turn out to be as effective in reducing rental prices as expected. Yet they still remain skeptical of the measures as most of them require modifying bills which later have to be approved by the National Assembly. While the plan is likely to help boost home supplies, market watchers also expressed concern that the measures are not enough to stabilize the home market, saying that it has potential to lead to higher rent prices in the future. Regarding the extension of the debt-to-income ratio suspension which expires in March, ministry officials said they would decide on the matter after a thorough review of the local property market. Jeonse prices have been rising sharply over past a year, aggravating financial burden on the mid- and low-income brackets. Jeonse for apartments rose sharply at 8.8 per cent in 2010, up from 4.5 per cent in 2009 and 0.8 per cent in 2008. Mid- and small-sized apartments were the most popular with their jeonse rising 7.3 per cent and 8.1 per cent, respectively, compared to a 5.4 per cent rise for large-sized apartments. Region-wise, Gangnam, or southern Seoul, area was the most popular among tenants as the region is known for offering a favorable environment with many private institutions for students. 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