Recently, banks have been strengthening a variety of measures to curb the growth of household loans.
This is part of a plan to maintain a strict loan management policy until the end of the year, considering the possibility that the previously controlled growth in household loans may overheat again.
According to the financial sector on the 31st, KB Kookmin Bank decided to extend the operation of the "Leaseholder Ownership Transfer Conditional Leasehold Loan" regulation until the end of the year.
This measure, introduced in September, aims to prevent gap investing (the practice of purchasing homes with existing tenants and using lease deposits for payment) and to encourage loans based on real demand.
This measure is part of managing the total household loan balance, and it has been deemed premature to ease it at this time.
NH Nonghyup Bank plans to reduce the maturity period of mortgage loans from 40 years to 30 years starting next month to curb the speed of loan growth.
However, policy-supported loans, such as Didimdol Loans and balance loans, are excluded from this measure.
A representative of Nonghyup Bank explained, "This is an essential measure to ensure stable household debt management until the end of the year."
In addition, Shinhan Bank and Woori Bank are waiving all early repayment fees until the end of November to encourage loan repayment.
Woori Bank has also suspended the sale of credit loans through non-face-to-face channels until the end of the year and lowered the preferential interest rate on credit loan refinancing products by 1.0-1.9 percentage points.
Hana Bank has set limits on new loans by each loan recruiter to prevent recruiters from securing loans above a certain volume.
This strong loan control policy in the banking sector is expected to continue into the fourth quarter.
According to the Bank of Korea’s recent survey on lending practices, domestic banks plan to continue restricting mortgage loans and credit loans in the fourth quarter.
Kim Byeong-hwan, Chairman of the Financial Services Commission, expressed continued vigilance at a press conference the previous day, stating, "The balance of household loans is expected to increase more significantly than in September."
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Banking Sector Tightens Loan Regulations Until Year-End to Curb Household Debt
Recently, banks have been strengthening a variety of measures to curb the growth of household loans.This is part of a plan to maintain a strict loan management
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