K Bank Launches New Apartment Purchase Loan

[Asia Economy Reporter Eunju Lee] It is now possible to easily obtain loans at the industry's lowest interest rates when purchasing a new apartment through K-Bank.

K-Bank announced on the 11th that it has launched a new apartment mortgage loan for purchase funds. K-Bank explained that it has set a groundbreaking interest rate for the new apartment purchase loan. An interest rate of 3.41~4.38% per annum (variable rate, including credit guarantee fees, as of the 11th) is applied up to a maximum limit of 1 billion KRW.

The loan target includes all apartments nationwide whose market prices are calculated by the Korea Real Estate Board. Within regulatory limits, the customer's loan limit is determined based on the apartment's price and location, loan period, number of owned houses, loan purpose, credit score, repayment ability, and existing debt status.

Unlike mortgage loans from other banks, K-Bank's new apartment purchase loan allows loan application and document submission 24/7 through the K-Bank app. Without visiting the bank, users can check the market price, loan amount, and interest rate of the apartment they wish to purchase in just 2 minutes. By simply photographing and submitting the sales contract through the app, the remaining documents are automatically submitted. From the loan application date, document review, approval, and execution can be completed within a minimum of 3 business days, shortening the loan execution period.

Although the entire process is conducted through the app, on the payment day (business day), a contracted traveling legal officer from K-Bank visits the payment site to confirm the final contract progress and deposits the loan amount into the seller's account. K-Bank's new apartment purchase loan is also available to multi-homeowners within existing regulatory limits. With the launch of the apartment purchase loan, K-Bank has completed its apartment mortgage loan product lineup consisting of ▲new purchase funds ▲loan refinancing (debt consolidation) ▲living stabilization funds.

Kim Ki-deok, Head of Marketing at K-Bank, said, “The apartment mortgage loan is a product that combines the industry's lowest interest rates, generous limits, overwhelming convenience, and speed. In particular, the newly launched purchase fund is an innovative product that K-Bank has prepared for a long time, and we hope various customers will experience it.”

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