Household Loans Archives | Be Korea-savvy
Planned Start of Stricter Rules on Household Loans to Be Postponed until September

Planned Start of Stricter Rules on Household Loans to Be Postponed until September

SEOUL, Jun. 25 (Korea Bizwire) — The financial regulator said Tuesday that the planned implementation of stricter rules on household loans will be postponed until the start of September amid various risk factors facing the financial market. The country was originally set to implement a second phase formula for floating rate stress debt service ratio [...]

Household Loans from 5 Major Banks Increase by Over 2.1 Trillion Won as of Mid-June

Household Loans from 5 Major Banks Increase by Over 2.1 Trillion Won as of Mid-June

SEOUL, June 16 (Korea Bizwire) – Household loans extended by five major lenders in South Korea have risen more than 2.1 trillion won (US$1.5 billion) so far this month, industry data showed Sunday. Outstanding household loans extended by the five top lenders reached 705.4 trillion won as of June 13, compared with 703.2 trillion won [...]

Household Loans from Five Major Banks Extend Growth Streak for Ninth Consecutive Month in January

Household Loans from Five Major Banks Extend Growth Streak for Ninth Consecutive Month in January

SEOUL, Feb. 1 (Korea Bizwire) – Household loans extended by five major lenders in South Korea rose for the ninth consecutive month in January with the rate of increase also quickening from a month earlier, market sources said Thursday. Household loans extended by the five top lenders here added 2.9 trillion won (US$2.17 billion) from [...]

Household Credit Shrinks at Sharpest Pace in 13 Years in Q4 amid High Borrowing Costs

Household Credit Shrinks at Sharpest Pace in 13 Years in Q4 amid High Borrowing Costs

SEOUL, Feb. 21 (Korea Bizwire) — South Korea’s household credit shrank at the sharpest pace in 13 years in the fourth quarter of 2022 amid high interest rates driven by the central bank’s monetary tightening to bring down inflation, data showed Tuesday. Outstanding household loans reached 1,867.0 trillion won (US$1.44 trillion) at the end of [...]

Banks’ Household Loans Slip for 1st Time in 18 yrs in 2022

Banks’ Household Loans Slip for 1st Time in 18 yrs in 2022

SEOUL, Jan. 12 (Korea Bizwire) — Household loans extended by banks in South Korea declined for the first time in 18 years last year, due mainly to higher borrowing costs, the central bank’s data showed Thursday. Banks’ outstanding household loans decreased by 2.6 trillion won (US$2.09 billion) to 1,058.1 trillion won, according to the data [...]

Banks’ Household Lending Rate Rises to Highest in Over 10 yrs in Nov.

Banks’ Household Lending Rate Rises to Highest in Over 10 yrs in Nov.

SEOUL, Dec. 31 (Korea Bizwire) — Banks’ rates charged on new household loans in November hit the highest level in over a decade, affected by the central bank’s aggressive rate increases to tame inflation, data showed Friday. Banks’ household lending rate applied to new loans last month stood at 5.57 percent per annum on average, [...]

Banks’ Household Loans Increase by Record Amount in August

Banks’ Household Loans Increase by Record Amount in August

SEOUL, Sept. 9 (Korea Bizwire) — South Korean banks’ household loans increased by the largest amount on record in August amid rising home prices and a rally in the stock market, central bank data showed Wednesday. Outstanding bank loans to local households came to 948.2 trillion won (US$796.9 billion) as of end-August, up 11.7 trillion [...]