Reported about 1 year ago
Land Bank will meet with eight major banks on June 17, 2024, to discuss new mechanisms and strategies to prevent loan fraud in the New Qing'an. Sources reveal that the banks will divide into four groups to identify dummy accounts by investigating land title deeds, borrowers' income history, repayment sources, and whether third parties are involved in transactions. The banks will also assess borrowers' financial capabilities, with a focus on ensuring monthly mortgage payments do not exceed 70% of their income. Additionally, measures are being implemented to prevent subletting, with assistance from government agencies to cross-check rental subsidy applications and addresses for potential fraud detection.
Source: YAHOO