NH NongHyup Bank Temporarily Restricts Mortgage Insurance Subscriptions
Starting June 25, NH NongHyup Bank will temporarily restrict both in-person and online subscriptions to mortgage insurance (MCI·MCG).
MCI·MCG are insurance products that are taken out simultaneously with a home mortgage loan. Without this insurance, borrowers can only receive a loan amount excluding the small lease deposit, effectively reducing the maximum loan limit.
A representative from NH NongHyup Bank stated, "This measure is intended to manage the total volume of household loans and to focus lending on genuine end-users."
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Since June 24, NH NongHyup Bank has also temporarily restricted both in-person and online refinancing of home mortgage loans from other banks. Since June 2, the bank has temporarily limited in-person refinancing of jeonse loans from other banks. Additionally, since June 9, it has temporarily restricted home purchase loans for homeowners residing in the Seoul metropolitan area.
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