The application for mortgage loans has sharply dropped since the government strengthened mortgage lending regulations on Monday.

According to the country’s four major commercial banks on Tuesday, banks received 209-point-nine billion won worth of mortgage loan applications on Monday, the first day the strengthened mortgage lending rules were put in place.

That is a whopping 41-point-nine percent less than the average amount of mortgage loan applications on any given business day last month.

The number of applications for mortgage loans has also dropped by 32-point-one percent to one-thousand-915.

On Monday, the government lowered the loan-to-value(LTV) ratio from 70 percent to 60 percent in some highly speculative regions, including Seoul, Sejong, and Busan. The debt-to-income ratio(DTI) in the regions were also lowered to 50 percent from 60 percent.