Naver Pay Adds Subordinated Mortgage Loans to Credit Loan Comparison Service
Additional Loans of Up to 300 Million Won for Apartment Owners
Partnership with Hyundai Capital, Expansion to Savings Banks Planned in September
Naver Pay announced on September 5 that it has added subordinated mortgage loan products to its credit loan comparison service. If you own an apartment, you can receive up to an additional 300 million won in loans on top of existing loans.
A subordinated mortgage loan allows users to receive an additional secured loan using their real estate as collateral, regardless of whether there is a prior lien. Through the Naver Pay credit loan comparison service, users can check interest rates and loan limits.
After a financial institution reviews the applicant's real estate holdings, credit status, and existing senior loans or other debt situations, users can receive up to an additional 300 million won in loans.
For users who meet government standards regarding the purpose of funds (such as living expenses), loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, and income, a three-year interest-only period followed by equal principal and interest repayment is supported. Users may also choose to pay only interest for up to three years.
On the Naver Pay credit loan comparison service, if you check "I own a house" on the final "Enter Additional Assets" step, Naver Pay will automatically retrieve real estate registered under your name and provide the results of the financial institution’s review.
Additionally, if you own a car, you can check "I own a car" to separately check the interest rates and loan limits for auto-collateral loans.
Through the Naver Pay credit loan comparison service, users can check the interest rates and loan limits for Hyundai Capital's subordinated mortgage loans. The company also announced plans to form partnerships with several savings banks within this month.
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Meanwhile, Naver Pay has been offering an auto-collateral loan comparison service since June of last year. Currently, users can check the interest rates and loan limits for auto-collateral loans from a total of 16 financial institutions.
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