KakaoBank Extends Mortgage Loan Early Repayment Fee Waiver by Six Months

Benefits Totaling 49 Billion KRW in Fee Waivers

KakaoBank announced on June 9 that it will extend the waiver period for early repayment fees on mortgage loans by an additional six months. For mortgage loans applied for until January 1 of next year, the early repayment fee will be fully waived.

The early repayment fee is a charge imposed when a customer repays a loan before the scheduled repayment date. KakaoBank is the only bank that has waived all early repayment fees for every mortgage loan since the launch of its mortgage loan products.

Since the launch of its mortgage loan in February 2022 and up until March of this year, KakaoBank has provided early repayment fee waivers totaling 49 billion KRW to approximately 43,000 customers over about three years. This has reduced the average fee burden by 1.14 million KRW per customer.

Since its establishment, KakaoBank has fully waived early repayment fees not only for mortgage loans but also for all other loans, including credit loans, jeonse deposit loans, and loans for individual business owners.

A KakaoBank official stated, "We are returning the operational cost savings achieved through innovative IT technology to our customers in the form of benefits and convenience," and added, "We will continue to make efforts to reduce customers' financial burdens in more areas through competitive loan rates and fee waiver policies."

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