Kabang Jeonwolse Deposit Special Sale Limit, 50% Used Up in One Month

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KakaoBank's special limited-time jeonse and monthly rent deposit product, launched last month, has seen nearly half of its limit used up within about a month of its release.

As of the 30th of last month, KakaoBank reported that the contracted amount for the special limited-time jeonse and monthly rent deposit product reached 750 billion KRW. Considering the product's total limit was 1.5 trillion KRW, approximately 50% of the entire special limited-time volume was consumed within a month since its launch on the 2nd of last month.

According to KakaoBank, on the day after the product launch, March 3rd, the number of applications for base interest rate and limit inquiries surged 2.5 times compared to the previous period, reflecting strong interest from financial consumers. Consequently, the number of document submissions and contract cases for March's jeonse and monthly rent deposits increased by about 60% compared to before the special limited-time offer was implemented.

Riding on the special offer's effect, the average execution interest rate for KakaoBank's jeonse and monthly rent deposit loan borrowers in March was found to have decreased by up to 0.86 percentage points compared to February, before the special offer was in place.

The average execution interest rate for new borrowers of jeonse and monthly rent deposit loans dropped by 0.86 percentage points compared to February, and for renewals, it was reduced by 0.71 percentage points. The bank explained that this was also influenced by the downward trend in the base interest rate (new six-month COFIX).

A KakaoBank representative stated, "Due to strong interest from actual demanders, subscriptions are flooding in, and early exhaustion of the special offer limit is expected," adding, "We will continue to strive to support customers' housing stability with more competitive interest rates and convenience."

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