Woori Bank Suspends Household Loan Sales Applying 'New Balance COFIX' Until November

[Asia Economy Reporter Kim Jin-ho] Woori Bank will temporarily suspend the sale of household real estate loans and some credit loan products, which are priced at relatively low interest rates, until November 30.

On the 13th, Woori Bank announced through the notice titled 'Guidelines for Changes in the Operation of Standard Interest Rates for Household Real Estate Financial Products' that the application of 'New Balance COFIX,' one of the standard interest rates, will be restricted for all household real estate financial products, including non-face-to-face products, from the 15th until November 30.

Since the 'New Balance COFIX' offers lower interest rates compared to COFIX based on new transaction amounts or outstanding balances, loan demand surged for products applying this standard interest rate, leading to the decision to limit their handling.

The targeted products include ▲ Woori Apartment Loan ▲ Woori Real Estate Loan ▲ Woori WON Housing Loan ▲ My Style Mortgage Loan ▲ i-Touch Jeonse Loan ▲ Woori Smart Jeonse Loan ▲ Woori WON Jeonse Loan ▲ Seoul City Low-rise Residential Area Improvement Fund Loan, and the restriction applies when applying for new or increased approval.

However, when using fixed-mixed interest rates, the New Balance COFIX can be selected after the fixed interest rate period.

For credit loans, from the 15th to November 30, the use of 'New Balance COFIX' as the standard interest rate will also be restricted for some products such as ▲ Woori New Hope Holssi Loan ▲ Woori Dream Car Loan.

A Woori Bank official explained, "Since demand concentrated on specific interest rate products, we have decided to implement temporary restrictions."

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