President Moon Jae-in on Thursday ordered financial authorities to make sure housing loans are provided smoothly to citizens who need to borrow money.

According to the presidential office, Moon instructed the Financial Services Commission(FSC) to ease loan regulations for people in need of "jeonse" loans, or lump sum home rental payments. 

In response, FSC Chairman Koh Seung-beom promised a more flexible management of "jeonse" loans in the fourth quarter even if the country's loan growth rate exceeds the government's target goal of six-percent. 

President Moon also called for measures to protect minors from inheriting large amounts of debt.