"Available Nationwide"... KakaoBank Expands Mortgage Loan Coverage to Entire Country
Maximum Maturity Extended from 35 to 45 Years
Interest Rate Also Reduced by up to 0.5%P
[Asia Economy Reporter Minwoo Lee] KakaoBank is expanding the target areas for mortgage loans, which were previously limited to the metropolitan area and five major metropolitan cities nationwide, to the entire country. Along with this, the maximum loan term for all mortgage loan products will be extended to 45 years.
KakaoBank announced on the 17th that it will expand the target areas for mortgage loan products nationwide. Previously, after launching its first mortgage loan in February, KakaoBank initially targeted only apartments in the metropolitan area priced under 900 million KRW. In April, the price restriction was lifted, and in June, the scope was expanded to include metropolitan cities, Sejong Special Self-Governing City, and Changwon City. Within this year, the range of eligible housing types will also be expanded to include various types such as villas.
Along with lifting regional restrictions, the mortgage loan term will also be extended. KakaoBank decided to expand the maximum term for mixed and variable rate mortgage loan products to 45 years. Previously, the maximum loan period was 5 years for variable rates and 35 years for mixed rates. Now, customers aged 39 or younger can apply for loans with a maximum term of 45 years, and customers aged 40 or older can apply for loans with a maximum term of 40 years.
Additionally, interest rates will be reduced by up to 0.5 percentage points (P). The additional interest rate for variable rate mortgage loan products will be lowered by 0.2%P for deferred payment types and by 0.5%P for non-deferred payment types.
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A KakaoBank official stated, "To alleviate the repayment burden on customers during the period of rising interest rates, we have extended the maximum loan term and simultaneously lowered the additional interest rates," adding, "We will continue to strive to provide customers with more convenient and beneficial financial services."
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