Woori Bank Reduces Branch Mortgage Loan Cap to 1 Billion Won...Limits Mortgage Insurance
Monthly Branch Lending Limit Previously Set at 3 Billion Won
New Subscriptions for MCI and MCG Also Suspended
Woori Bank will limit the monthly lending cap for mortgage-related loans at each branch to 1 billion won and temporarily suspend subscriptions for Mortgage Credit Insurance (MCI) and Mortgage Credit Guarantee (MCG).
According to the financial sector on July 14, Woori Bank will reduce the monthly handling limit for mortgage-related loans (including mortgage loans and jeonse deposit loans) at each branch from 3 billion won to 1 billion won, starting July 16.
Woori Bank had initially set the branch-level cap on mortgage-related loans at 1 billion won in November last year, but increased it to 3 billion won in January this year. Now, about six months later, the bank has decided to reduce the lending limit again.
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The bank will also suspend new subscriptions for Mortgage Credit Insurance (MCI) and Mortgage Credit Guarantee (MCG) for certain mortgage products, including Apartment Loan, Real Estate Loan, and My Style Mortgage Loan. MCI and MCG are types of insurance that customers enroll in when taking out a mortgage. Without these, customers can only borrow an amount excluding the minor deposit, effectively reducing the maximum loan limit available to them.
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