Loan ⁤Refugees Struggle as Lending Doors Close

As commercial​ banks tighten their⁢ lending reins, the demand‌ is ⁢moving to internet-only banks, local banks, and insurance companies, creating a balloon⁢ effect. Inquiries about housing mortgage loans are skyrocketing at⁤ financial​ institutions that have relatively‌ fewer lending doors, but ⁢these too are locking ⁤their doors ⁤one by one, making it inevitable‌ for ‘loan refugees’ to emerge.

According to ‌the financial sector, Hanwha Life‍ Insurance closed ‍its application for this month’s housing ⁤loan ‍early. This is because the housing loan volume was exhausted in just⁣ four business days until the⁤ 5th. Hanwha Life Insurance is currently accepting applications for housing loan‌ volumes starting from October.

The early ⁤sell-out of insurance company loans is very unusual. It is analyzed that⁣ demand has shifted to ‌insurance companies as major commercial​ banks have ⁤raised their lending thresholds to curb household loans.‍ Currently, the lower end ‌of insurance company housing loan interest rates is⁢ in the mid-3% range, lower than ⁢commercial banks. In particular, Hanwha Life Insurance has the second largest housing loan amount in⁣ the insurance industry after Samsung Life ​Insurance.

Internet banks where the so-called ‘open run’ phenomenon has⁢ occurred‍ are also imposing ‍loan restriction measures. ‌Kakao Bank and K Bank‌ have limited the target of housing purchase loans to ‘non-homeowners’ ‍since the beginning‌ of this ⁢month. However,‌ K‍ Bank​ has ‌made it​ possible to provide loans to actual homebuyers ‌who are switching homes if they ‌promise to sell their existing homes.

Local banks, which are experiencing ⁤a ‌surge in demand⁢ for housing ⁢loans, are also starting to watch⁣ the financial authorities. ⁢BNK​ Busan Bank⁢ and BNK Gyeongnam Bank have raised their housing loan interest rates by 0.4% ​and 0.2%, respectively, since the end of last month. ‍Mr. A, in ⁢his 40s, who ​is ⁢moving next month, ⁢said, ​“I was planning to sell my existing home and ⁢move, but there are many cases where the loans I have looked‍ into are ⁣blocked, ​so actual demanders are suffering.”

Reporter Kim Jun-hee zunii@kmib.co.kr

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