Toss Bank will become the first internet-only bank to receive online access to household move-in data from the Ministry of the Interior and Safety. The change will allow banks to verify required information in real time during reviews for rental deposit loans without customers submitting separate documents.

The Ministry of the Interior and Safety said on Tuesday it will provide Toss Bank with household move-in data online from Sept. 17. It is the first time the information has been linked online for an internet-only bank.

When Toss Bank customers apply for rental deposit loans, the bank's loan system will connect to the ministry's resident registration information system, allowing it to immediately check the household move-in data needed for the review.

A household move-in confirmation document shows the names of the head of household and cohabitants registered at the building or facility, along with the move-in date. It is used to verify rights relationships between owners and tenants in mortgage lending and auction and public sale procedures.

The ministry signed a business agreement with five major commercial banks on July 2024 - KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup Bank - and has expanded online link-ups for household move-in data since October that year. This time, it expanded the program to include internet-only banks.

According to the ministry, the online link is expected to shorten loan review times by more than 1 day, from 5 days to 4 days. Banks will also be able to check in real time who moved into an address and when, improving review efficiency and helping prevent real estate loan fraud.

The ministry plans to expand the online link-up for household move-in data to the first and second financial sectors, including regional banks.

Jin Myung-ki (진명기), director general for local autonomy innovation at the ministry, said it will expand the online link-up service to the first and second financial sectors, including regional banks, to support safe loan reviews by financial institutions.