(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] As banks have started raising their own interest rates since last month to manage the increase in household loans, Kookmin Bank and Woori Bank are set to raise their loan rates further.

According to the financial industry on the 5th, Kookmin Bank has decided to increase the interest rates on its 'KB Home Mortgage Loan' (variable and mixed) and 'KB General Real Estate Secured Loan Products' by 0.3 percentage points, effective from the 8th of this month.

Additionally, Woori Bank will raise the interest rates on its face-to-face and non-face-to-face apartment, townhouse, and multi-family housing mortgage loans by 0.1 to 0.4 percentage points starting from the 12th of this month. Moreover, Woori Bank will also raise the interest rates on its 2-year fixed-rate Jeonse (long-term deposit) loans by 0.2 to 0.25 percentage points.

Previously, Kookmin Bank raised mortgage loan rates by 0.13 percentage points on July 3, and further increased them by 0.2 percentage points on the 18th and 29th. Additionally, from the 29th, the bank suspended new mortgage loans for multiple property purchases. Woori Bank had consecutively raised fixed-rate mortgage rates (5-year cycle) on July 12, July 24, and August 2.

Despite the rate hikes by banks, household loans, particularly mortgages, continue to increase sharply. As of the end of July, the balance of household loans stood at 714.7383 trillion won, an increase of 7.166 trillion won from the previous month. This marks the largest monthly increase since April 2021, when it was 9.2266 trillion won.

 

 

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