Shinhan Bank Cancels Plan to Suspend Jeonse Loans for Houses Other Than Apartments

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank has canceled its plan to suspend jeonse loan services for villas, officetels, and other properties excluding apartments.

According to the financial sector on the 12th, Shinhan Bank has decided to put on hold the revision of the jeonse loan service standards and will provide jeonse loans for all types of housing.

Previously, Shinhan Bank sent an official notice to its branches stating that jeonse loans for non-apartment properties such as multi-family villas, detached and multi-household houses would be suspended starting from the 15th. Although this was interpreted as a risk management measure, criticism grew as the suspension affected jeonse loans for housing primarily occupied by low-income households.

A Shinhan Bank official stated, "Considering that jeonse funds are for actual demand and serve as housing funds for low-income households, we have decided not to suspend the loans."

This content was produced with the assistance of AI translation services.