BNK Gyeongnam Bank Lowers Annual Cap on Interest Rate Ceiling for Mortgage Loans to 0.50%p

Annual Interest Rate Cap Adjusted from 0.75%p to 0.50%p

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] BNK Gyeongnam Bank has lowered the annual interest rate cap for its ‘Interest Rate Cap Mortgage Loan’ to alleviate the interest burden on financial consumers.

Since the 1st of this month, the annual interest rate cap for the Interest Rate Cap Mortgage Loan has been adjusted from 0.75%p to 0.50%p.

The Interest Rate Cap Mortgage Loan is a financial product that combines the advantages of fixed interest rates, which hedge against risks from short- to mid-term interest rate increases, and variable interest rates, which reduce interest burdens when loan rates decline.

When using the Interest Rate Cap Mortgage Loan, the annual interest rate increase cap is applied for up to 7 years after the loan is issued.

Not only new customers but also existing customers using BNK Gyeongnam Bank’s mortgage loans can utilize the Interest Rate Cap Mortgage Loan.

Jung Yoon-man, Executive Director of the Credit Sales Headquarters, said, “To reduce the interest burden on financial consumers, we have lowered the annual interest rate cap for the Interest Rate Cap Mortgage Loan following the expansion of preferential interest rate reductions for BNK Mobile Credit Loans. Going forward, BNK Gyeongnam Bank will continue to actively strive to provide smooth financial support for financial consumers, small businesses, small merchants, and low-income finance.”

Meanwhile, in June, BNK Gyeongnam Bank expanded the preferential interest rate reduction for its representative financial product, the ‘BNK Mobile Credit Loan,’ up to a maximum of 0.8%p.

As a result, an additional 0.3%p interest rate reduction effect occurred, easing the burden on financial consumers.

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