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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.

AI & Enterprise

PIPC to launch preemptive checks on personal data protection in finance sector

South Korea\'s Personal Information Protection Commission said on March 31 it will conduct preemptive inspections into how financial companies collect, use and otherwise handle resident registration numbers. The inspections follow sanctions over card companies\' violations of obligations for processing such numbers. Starting in April, the commission will check banks, insurers, card companies, securities firms and savings banks that are allowed to process the data under financial laws.

Finance

Mortgage loan rates rise for fifth month, highest in 2 years and 3 months

South Korea’s weighted-average interest rate on new bank mortgage loans rose in February for a fifth straight month to 4.32 percent, the highest since November 2023, Bank of Korea data showed. In contrast, the overall household loan rate fell 0.05 percentage point to 4.45 percent as credit loan rates edged down and their share declined. Corporate loan rates rose to 4.20 percent, lifting the overall bank loan rate to 4.26 percent.