가계부채 관리를 위한 주택담보대출 부분조기상환의 특성에 관한 연구

Abstract

This study empirically analyzes the characteristics and determinants of partial prepayment. Using data from the KHF, this study divides the prepayment of fixed-rate mortgage loans into partial and full payments. The analysis results are summarized as follows. First, the partial payment scale indicated 25.4% of the full payment, as determined by the specific amount. Second, partial prepayment did not affect maturity. Third, in the case of partial prepayment, the distinction lies in whether there was an application, rather than the level of the application rate. Fourth, partial prepayment exhibited lower susceptibility to market fluctuations. Fifth, making a partial prepayment affected the credit rating, borrower’s age, loan-to-value ratio (LTV), and a dummy variable representing the month. Moreover, estimating partial prepayment is easy owing to the considerable impact of the variables influencing origination and the small influence of market variables. The analysis reveals that partial prepayment has a relatively small LTV and a small DTI, increases with high credit ratings, and has minimal impact on changes in the housing market or the elapsed period. To effectively control household debt, the characteristics of partial prepayment can be utilized, such as charging early repayment fees, determining the repayment mechanism following partial prepayment, and providing policy support. This study focused on the partial prepayment of mortgage loans, an area that had not been previously researched. The findings of the full prepayment analysis were consistent with those of earlier studies; however, the analysis revealed contrasting results for partial prepayment.