SC Jeil Bank Suspends New Applications for Some Mortgage Loans "For Household Loan Management"

[Asia Economy Reporter Song Seung-seop] SC First Bank has decided to suspend new applications for some mortgage loan products, as confirmed on the 1st.

According to the financial sector, SC First Bank will temporarily halt the sale of variable interest rate products under its main collateral loan product, 'First Home Loan,' which applies the 1-year and 3-year financial bond rates as the base rate, starting from the 7th. The bank explained that this measure is to manage household loan risks and control the bank's household loan growth target.

So far, SC First Bank has temporarily suspended sales of mortgage and credit loan products or reduced preferential interest rates. In August, it also stopped accepting new applications for some interest rate types of the First Jeonse Guarantee Loan and qualified loans. Additionally, last month, it reduced the credit loan limit to within 'annual income.'

However, after the 7th, the 5-year fixed interest rate First Home Loan and T-Bogeumjari Loan will continue to be sold. For qualified loans, the bank plans to supply them by receiving additional quotas allocated by the Korea Housing Finance Corporation.

Currently, major banks have either stopped new household loan issuance or reduced household loan limits. NH Nonghyup Bank has temporarily suspended new issuance, including real estate collateral loans, since August. KB Kookmin Bank has decided to recognize loan limits within the range of increased jeonse prices. Shinhan Bank has raised the additional interest rates on some products.

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