This photo taken March 9, 2025, shows apartment buildings in Seoul’s Songpa. (Image courtesy of Yonhap)
SEOUL, April 1 (Korea Bizwire) — South Korea’s household loans extended by major banks slowed in March following a sharp increase the previous month, industry data showed Tuesday.
Outstanding household loans extended by five major commercial banks, including KB Kookmin Bank, Shinhan Bank and Hana Bank, stood at 738.55 trillion won(US$502 billion) at the end of last month, up 1.79 trillion won from a month earlier, according to the data.
The March tally marks a slowdown from a 3.09 trillion won on-month rise in February that came after a 476 billion won drop the previous month.
Banks had eased some of their lending regulations at the beginning of the year, while demand for loans went up in the season for moving.
The Seoul municipal government had also lifted part of the so-called land transaction permission zones imposed in some areas of Seoul’s Gangnam, Seocho and Songpa, in February, leading to a marked increase in real estate prices in such areas, which in turn fueled household loans.
The banks’ mortgage loans increased 2.32 trillion won last month, slowing from the previous month’s 3.38 trillion won gain, according to the data.
(Yonhap)
