K-Bank Lowers Fixed Interest Rate on Apartment Mortgage Loans by 0.5 Percentage Points

[Asia Economy Reporter Buaeri] K Bank announced on the 14th that it will lower the interest rates of its fixed-rate apartment mortgage loan products by 0.50 percentage points for all customers. The reduced rates will be applied first up to a total limit of 100 billion KRW.

This move aims to ease the financial burden for existing borrowers feeling the pressure of rising interest rates by meeting the demand for 'switching to fixed rates.'

Accordingly, the minimum interest rate for K Bank's fixed-rate products has dropped from 4.00% per annum to 3.50% per annum. The company explained that with this rate cut, the fixed-rate apartment mortgage loan product now offers one of the lowest rates in the financial sector.

Considering that the minimum fixed interest rates for mortgage loans at major commercial banks last month, according to the Bank Federation's disclosure standards, were above 3.7~4%, K Bank's fixed-rate apartment mortgage loan is approximately 0.2~0.5 percentage points lower.

A K Bank official said, "We expanded the interest rate benefits of fixed-rate apartment mortgage loans to alleviate customers' anxiety amid rising interest rates," adding, "We will continue to introduce differentiated non-face-to-face financial products that can reduce customer burdens."

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