Hana and Shinhan Banks Resume Loan Broker Applications Starting September 1
Hana Bank Resumes Loan Applications for November Executions
Shinhan Bank to Accept Applications Starting Mid-October
Hana Bank and Shinhan Bank have resumed accepting applications for new loans following the financial authorities' decision to ease total household debt volume regulations.
According to the financial sector on September 1, Hana Bank began accepting applications from loan brokers for housing mortgage loans and jeonse (lump-sum lease) loans scheduled for execution in November of this year. This comes just ten days after the bank suspended such applications on August 21 to control the total volume of household loans, and now the restrictions have been lifted.
Shinhan Bank also suspended broker applications for loan executions last month as part of its total volume control measures, but as of today, it has started accepting applications again for loans scheduled to be executed from the middle of next month onwards.
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This change appears to reflect the financial authorities’ decision to partially ease related regulations by raising the target for the household debt growth rate. The authorities previously announced that this year's household debt growth target would be increased to 3%, double the previous 1.5%. The combined household loan increase target for the five major banks this year is reportedly set to rise by about KRW 2.64 trillion.
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