Finance

Mortgage loan curbs push borrowers into credit loans, tightening financing for end users

As mortgage loan regulations expand, financing conditions for end users are tightening. Banks are increasingly turning borrowers away at the consultation stage, prompting some to cover shortfalls with credit loans. Demand has shifted to mutual finance lenders, but they are also restricting lending, while savings banks face tougher volume caps. Authorities have capped some savings banks’ household loan growth at 0 percent, raising concerns that borrowing is shifting from mortgages to higher-rate credit loans.

Finance

KB Kookmin Bank expands non-face-to-face interest rate cut requests for sole proprietors

KB Kookmin Bank said on Thursday it has expanded eligibility for non-face-to-face applications for the right to request an interest rate cut for sole proprietors, aiming to ease financing costs and increase use of the system. Previously limited to unsecured credit loans, the service now covers guaranteed loans and secured loans. Customers can apply and check results through KB Business Star Banking and internet banking, without visiting a branch.