SEOUL, August 5 (Korea Bizwire) – South Korea’s major banks are ramping up restrictions on home-backed loans and jeonse (long-term rental deposit) financing, signaling a coordinated move to cool the property market and manage household debt more tightly. On August 5, Hana Bank announced it would halt new applications for mortgage and jeonse loans scheduled for [...]
SEOUL, Aug. 6 (Korea Bizwire) – In a stark reversal of fortune for South Korea’s once-booming real estate market, the number of properties entering foreclosure has skyrocketed, reaching levels not seen in over a decade. According to government data released on August 4, July saw 13,631 applications for the commencement of voluntary auction registration for real [...]
SEOUL, Mar. 4 (Korea Bizwire) – As predictions of declining real estate values gain momentum, the scale of reverse mortgage guarantees in South Korea is set to hit an all-time high this year, signaling an increased adoption among homeowners. Reverse mortgages, available to individuals over 55, allow homeowners to secure a loan against their property to [...]
SEOUL, Dec. 12 (Korea Bizwire) – In a concerning trend, mortgage delinquency rates among homeowners in their 20s and below are surging, far outpacing other age groups. Young adults who have recently entered the workforce are finding themselves trapped in high-interest mortgages, leaving them struggling to make the monthly payments. According to data obtained by National [...]
SEOUL, Dec. 27 (Korea Bizwire) — An increasing number of people are struggling to pay back loans with as interest rates continue to rise, a central bank report said Monday. The Bank of Korea (BOK) reported that the average debt service ratio (DSR) of mortgage borrowers in the third quarter of this year reached 60.6 [...]
SEOUL, Nov. 30 (Korea Bizwire) — Households may have to cope with higher mortgage rates as the Bank of Korea (BOK) raised its key interest rate for the first time in a year, market watchers said Friday. In a widely anticipated move to cool property prices, the BOK lifted its key rate by 25 basis [...]
SEOUL, Jan. 4 (Korea Bizwire) – The growth of mortgage loans in South Korea markedly slowed last month amid indications of interest rate hikes and a downturn in the real estate market, data showed Wednesday. Outstanding home-backed loans extended by six major banks here – KB Koomin, Shinhan, Woori, KEB Hana, NH and the Industrial [...]
SEOUL, Dec. 22 (Korea Bizwire) – South Korean mortgage rates gained considerably in November from the previous month due to rising market interest ahead of a U.S. rate hike, data showed Thursday. Annual mortgage rates charged by South Korea’s top five lenders — KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank and NH [...]
SEJONG, July 26 (Korea Bizwire) – The number of South Koreans changing their residences dropped nearly 13 percent on-year in June as the housing market showed signs of slowing, the state statistics agency said Tuesday. A total of 567,000 South Koreans changed their residences in June, down 83,000, or 12.8 percent, from a year earlier, [...]
SEOUL, Nov. 19 (Korea Bizwire) – South Korean banks will likely impose tougher rules for screening mortgages in non-capital areas starting next year, joining government-led efforts to rein in the country’s runaway household debt, industry sources said Thursday. The financial authorities have asked local banks to use the debt-to-income (DTI) ratio when they screen mortgage [...]