'Loan Period Up to 40 Years' BNK Busan Bank Launches Ultra-Long-Term Mortgage Loan
Limited-Time Special Offer on Housing-Related Loans with a 600 Billion Won Cap
[Asia Economy Reporter Yu Je-hoon] BNK Busan Bank announced on the 23rd that it will launch a 'super long-term mortgage loan' that allows customers to choose a loan period of up to 40 years.
According to BNK Busan Bank, the maximum loan period for mortgage loans has been extended from the existing 35 years to 40 years, slightly reducing the principal and interest repayment amount that customers need to pay monthly. For example, in the case of a total loan amount of 500 million KRW, an interest rate of 3.8%, and installment repayment method with a 40-year maturity, the monthly principal and interest payment decreases by 126,000 KRW compared to a 35-year maturity.
The super long-term mortgage loan is available through the Happy Sketch Mortgage Loan (variable interest rate) and the 357 Interest Rate Safe Mortgage Loan (hybrid fixed interest rate) products.
Additionally, BNK Busan Bank will temporarily implement the '2022 Special Housing-Related Loan' with a total limit of 600 billion KRW starting today. For mortgage loans with a debt service ratio (DSR) of 40% or less and jeonse deposit loans for tenants of newly selected residential projects by Busan Bank, an additional preferential interest rate of 0.30 percentage points will be provided on top of the existing product interest rates. In this case, as of the 14th, the minimum variable interest rate mortgage loan is 3.66% per annum, and the premium jeonse deposit loan is 3.55% per annum.
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Son Dae-jin, Head of Credit Sales Division at Busan Bank, said, "In a situation where the market benchmark interest rate continues to rise, we launched the special preferential interest rate and super long-term mortgage loan to reduce the principal and interest repayment burden for customers using housing-related loans." He added, "We will continue to explore ways to minimize the principal and interest repayment burden for customers using Busan Bank loan products."
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