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Finance

Loan \'open run\' pushes household loan cap to double, expanding banks\' lending room to around 60 trillion won

South Korea has sharply eased its policy of managing the total volume of household loans after six months, doubling this year’s household loan growth target to 3 percent from 1.5 percent. The change is expected to expand the financial sector’s annual room to increase lending to around 60 trillion won from about 30 trillion won. Authorities said the move aims to ease disruptions for real demand borrowers after banks restricted loan applications to meet annual caps.

Finance

Daol Savings Bank overhauls deposit and loan lineup to broaden customer base

Daol Savings Bank is expanding its deposit and lending product lineup to target demand across customer segments ranging from new workers to high-net-worth individuals, retirees and mid-to-low credit borrowers. It is offering parking accounts, a hybrid time deposit and lifecycle savings products. For lending, it introduced a mid-rate stability loan for lower-scoring customers, with rates of 5.9 to 15.27 percent and up to 10 million won in support.

Finance

South Korea raises household loan growth target to 3 percent, expands housing supply finance to 47.8 trillion won plus alpha

South Korea\'s financial authorities will raise this year\'s target for the growth rate of total household loans to around 3 percent from 1.5 percent. They will expand financial support for housing supply to 47.8 trillion won plus alpha from 26.3 trillion won. The authorities will keep the basic framework of real estate lending curbs, including LTV and DSR limits, while tightening some rules on jeonse loans from January.