NongHyup Bank Allocates 100 Billion Won in Balance Loans for The H Banbae

Following KB Kookmin, Shinhan, and Hana Bank, NH NongHyup Bank has also allocated a ceiling of 100 billion won for balance loans related to The H Banbae apartment complex (3,064 households) in Seocho-gu, Seoul.

On the 13th, NongHyup Bank announced that it had granted a 100 billion won limit for balance loans for The H Banbae at its Banbae Financial Center.

It appears that this decision was influenced by the Financial Services Commission's joint announcement with relevant authorities earlier that day of the "Comprehensive Financial Measures for Real Estate Market Stabilization," which doubled this year's household loan growth target from 1.5% (30 trillion won) to 3%.

With the expansion of this household loan growth target, the nationwide crisis for balance loans for apartments is expected to be resolved.

According to the "Upcoming Supply of Multi-Family Housing" jointly analyzed by Korea Real Estate Board and Real Estate R114, the total number of new apartment units scheduled for move-in across the country from August to December this year, excluding rental housing, amounts to approximately 71,000 households.

An official from the Financial Services Commission said, "With the household loan growth cap adjusted to 3%, a large portion of loans such as relocation funds, balance loans, and interim payments will be resolved."

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