While some banks have stopped dealing with new loan products altogether, other banks have also predicted that “if there is a concern about loan concentration, we will use measures such as adjusting interest rates at any time.”
According to the five major domestic banks on the 22nd, KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup Bank, the total balance of household loans by these banks as of the 19th was 69578.4 trillion won. This is an increase of about 3.8% from the balance at the end of last year of 670,153.9 billion won.
At the end of last year, the financial authorities asked commercial banks to manage the annual growth rate of household loans this year so that it does not exceed 5-6%. With about four months left of this year, banks will have to keep their loan growth the same as or reduce it somewhat to meet the annual growth target of 6%.
By bank, Nonghyup Bank’s household loan balance as of the 19th rose 7.3% from the end of last year, exceeding the annual threshold of the financial authorities.
Hana Bank also showed a rather high rate of increase in household loans during this period, at 4.2%. It was followed by Kookmin Bank and Woori Bank with 2.9% each and Shinhan Bank with 2.1%.
With the possibility of a base rate hike increasing one after another, the pace of household debt growth has not caught on. Since the end of May, financial authorities have been receiving monthly reports on the implementation of their loan management plans and transfer plans from banks.
Nonghyup Bank, whose household loan growth rate has already exceeded its target, pulled out the last card on the 19th, ‘Stop handling new household mortgage loans’ as pressure from the authorities intensified.
Woori Bank announced that it would deal with limited deposits until the end of next month as the third-quarter limit on Jeonse loan, which had been dealt with on a quarterly basis, had already been exhausted. SC First Bank also temporarily suspended the handling of new balance Cofix (Funding Cost Index) interest rate linked products among ‘First Home Loans’, one of the collateralized loans. Starting from the 30th, the preferential rate of this loan will also be reduced by 0.2~0.3%p by condition.
Even if it is not a measure to the extent of temporarily suspending new loans, all banks are taking steps to ‘constrain’ by raising interest rates or reducing loan limits. The possibility of stopping the sale of mortgage credit insurance (MCI) and mortgage credit guarantee (MCG) loans is pouring in.
MCI/MCG is insurance that is purchased at the same time as a mortgage loan. Eliminating this insurance-linked loan product has the effect of reducing the loan limit.
Previously, Shinhan Bank, including Nonghyup Bank, stopped selling the loan. Banks are raising interest rates on loans one after another by raising additional interest rates and reducing preferential rates.
The interest rates of major banks’ representative credit loan products were the lowest of 2.19% and the highest of 3.74% in January, but as of the 19th, the lowest interest rate was 2.28% and the highest was 4.01%. The variable interest rate for mortgage loans rose from 2.417 to 4.071% per annum at the end of January to 2.48 to 4.65% per annum on the 19th, with the upper end of the interest rate jumping by 0.6 percentage points.
An official from a commercial bank said, “If a bank has a relatively low interest rate or a loose loan standard, loan concentration is very evident. did.
Reporter Joo Kim kjo@idaegu.co.kr
