Agricultural and Livestock Cooperatives to Suspend Jeonse Loans and Mortgage Loans for Non- and Associate Members Starting from the 27th

[Asia Economy Reporter Jin-ho Kim] Nonghyup and livestock cooperatives will suspend the handling of jeonse deposit loans and mortgage loans for non-members and quasi-members starting from the 27th.

According to the financial sector on the 24th, Nonghyup Central Association prepared household loan management measures including this content through a meeting held the day before. However, credit loans will be excluded from the suspension target.

The household loan management measures will continue until November or the end of the year. This is a speed control measure related to the household loan growth rate significantly exceeding the target.

Earlier, on the 20th, Nonghyup reported to the Financial Services Commission that it would completely suspend new group loans for members, non-members, and quasi-members, and voluntarily lower the borrower’s total debt service ratio (DSR), which is applied at 60% in the secondary financial sector.

However, the Financial Services Commission requested additional measures, and Nonghyup decided to also suspend handling of jeonse deposit loans and mortgage loans.

Meanwhile, NH Nonghyup Bank has also completely suspended new household jeonse loans, non-face-to-face secured loans, and group loans until November. It also decided not to increase or renew existing loans.

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