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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...

Financial Supervisory Service (FSS) Chairman's Comments Lead to Sudden Mortgage Loan Regulations by Banks, Disrupting Homebuyers' Plans Financial Supervisory Service (FSS) Chairman's Comments Lead to Sudden Mortgage Loan Regulations by Banks, Disrupting Homebuyers' Plans Choi, a worker set to marry next year, rushed to buy a home in early August due to skyrocketing real estate prices in Seoul. After seeing the prices rise daily, he moved quickly to secure a housing mortgage loan (home loan) of up to 500 million won from the bank for a 900 million won apartment. Concerned that the skyrocketing prices might jeopardize his purchase, he paid the deposit and interim payments of 200 million won ahead of schedule. However, the situation changed dramatically when financial authorities, led by Financial Supervisory Service (FSS) Chairman Lee Bok-hyeon, criticized the recent interest rate hikes by banks. Following the criticism, banks began tightening loan conditions significantl...