Shinhan Bank Extends Existing Mortgage Loan Maturity to 'Up to 40 Years'
[Asia Economy Reporter Buaeri] Shinhan Bank is extending the maximum maturity of already executed mortgage loans to up to 40 years.
On the 31st, Shinhan Bank announced that customers currently using mortgage loans can extend their loan period by 5 years while maintaining the existing interest rate conditions, allowing usage for up to 40 years. Shinhan Bank had previously extended the maximum loan period for new mortgage loans from 35 years to 40 years on the 6th.
Customers using Shinhan Housing Loan, Shinhan Housing Loan (Apartment), and Plus Mortgage Loan can visit the nearest Shinhan Bank branch to extend their loan period. The process for extending the mortgage loan period will also be newly established in the Shinhan SOL application within next month.
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A Shinhan Bank official said, "This measure was implemented to reduce customers' monthly principal and interest repayment burden amid the continuous rise in the base interest rate," adding, "We plan to expand inclusive financial support that aligns with policies for housing stability for the common people."
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