Growth in Mortgage Loans Slows at Top 5 Banks... Credit Loans Remain Strong
As lending regulations have tightened, making it more difficult to obtain mortgage loans, there has been a noticeable shift in demand toward unsecured credit loans.
According to the financial sector on December 1, the outstanding household loans at the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) stood at 768.1344 trillion won as of the end of last month, an increase of 1.5125 trillion won compared to October. Of this, the outstanding balance of mortgage loans was 611.2857 trillion won, up 639.6 billion won from the previous month. This increase is smaller than the rises recorded in September (1.3134 trillion won) and October (1.6613 trillion won), marking a slowdown in growth. It is also the smallest increase since March of last year, when the balance actually decreased by 449.4 billion won.
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In contrast, the outstanding balance of unsecured credit loans at the five major banks reached 105.5646 trillion won, an increase of 831.6 billion won from the previous month. Following the substantial rise of 925.1 billion won in October, this strong upward trend continued last month as well.
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