iM Bank Temporarily Waives Prepayment Penalty Fees for Mortgage Loans

From December 1 to December 31

iM Bank announced that from the 1st to December 31st, it will temporarily waive the full prepayment penalty on major mortgage loan products for two months.

Among face-to-face products, this applies to the ‘HYBRID Mojigi Loan (3-year fixed or 5-year fixed)’, ‘Long-term Mortgage Loan (6-month variable or 5-year variable)’, and for non-face-to-face products, the ‘iM Mortgage Loan (5-year fixed or 6-month variable)’ is eligible.

The prepayment penalty is a fee incurred when an existing loan is repaid early before the maturity date, with rates ranging from 1.3% to 1.5% depending on the mortgage product.

This temporary waiver will be automatically applied when repayment is made by visiting a branch in person or through the iM Bank application (app). Loans such as the Housing and Urban Fund’s Didimdol, Buteemok loans, and Korea Housing Finance Corporation products are excluded from the prepayment penalty waiver.

An iM Bank representative stated, “We have decided to temporarily waive the prepayment penalty on mortgage loans until the end of the year to reduce customers’ financial burdens. Following the transition to a commercial bank, we will further consider customer convenience and fulfill our social responsibilities as a financial institution.”

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