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Starting September 9, Woori Bank will halt mortgage and jeonse (rental deposit) loans for homeowners looking to buy additional properties in the Seoul metropolitan area. Starting September 9, Woori Bank will halt mortgage and jeonse (rental deposit) loans for homeowners looking to buy additional properties in the Seoul metropolitan area. This move represents one of the most stringent regulatory measures seen to date. The bank is also reducing the maximum mortgage term to 30 years. With similar actions anticipated from other major banks, including KB Kookmin, Shinhan, Hana, and NH Nonghyup, as well as online banks, the lending landscape is tightening significantly. Starting September 9, Woori Bank will implement a new policy that denies additional property loans to current homeowners seeking to buy in the Seoul metropolitan area. Homeowners will also be ineligible for jeonse loans. This measure is considered the most severe regulatory action by banks so far. Additionally, the maximum te...

Despite falling market interest rates and the longest streak of unchanged benchmark rates at 3.50%, obtaining loans is becoming increasingly difficult. Despite falling market interest rates and the longest streak of unchanged benchmark rates at 3.50%, obtaining loans is becoming increasingly difficult. Banks have taken strong measures, including raising loan interest rates and suspending jeonse loans. Additionally, financial authorities plan to implement differential regulations starting next month to reduce loan limits in the metropolitan area. This article explores how these changes impact the lending market and what to expect in the future. Obtaining loans has become increasingly challenging, even with a frozen benchmark rate of 3.50% and falling market interest rates. Banks are responding by raising loan interest rates and suspending jeonse loans, while financial authorities are preparing to tighten loan limits starting next month through differential regulations. This has heighten...

Recent hikes in mortgage rates by banks have led to the disappearance of the once-available 2% rates Recent hikes in mortgage rates by banks have led to the disappearance of the once-available 2% rates. As major banks continue to raise their lending rates to curb household debt, the rates for mortgage loans have surged, creating a contrast with the previous low-rate environment. This blog post explores the reasons behind these rate hikes and the impact they have on consumers. Recently, banks have been raising their mortgage rates significantly, with the once-available 2% rates vanishing overnight. As of July 7, the fixed mortgage rates (including periodic and mixed types) from major banks such as KB Kookmin, Shinhan, Woori, Hana, and NH Nonghyup range from 3.108% to 5.63%. This is a marked increase from the previous day, where rates ranged from 2.94% to 5.71%, showing that the lower end of the rate spectrum has disappeared. Specifically, Shinhan Bank’s 5-year fixed-rate mortgage had th...

Despite banks raising home loan interest rates weekly to manage household debt, the actual effect is becoming less significant due to declining bank bond rates Despite banks raising home loan interest rates weekly to manage household debt, the actual effect is becoming less significant due to declining bank bond rates. This has led to the reappearance of 2% interest rates on home loans, despite an overall trend of increasing rates. In recent months, major banks have been actively adjusting home loan interest rates, raising them weekly as part of their strategy to manage household debt. This trend includes significant rate hikes from KB Kookmin Bank and Woori Bank, among others. For instance, Woori Bank plans to increase its home loan rates by 0.1-0.4 percentage points starting August 12, marking its fourth rate hike in the past month. Similarly, KB Kookmin Bank has raised rates multiple times since last month, and Shinhan Bank has implemented four rate hikes in the past 20 days. Despit...