NongHyup Bank to Lower Home Mortgage Rates by Up to 0.45%p Starting on the 16th
Fixed and Variable Mortgage Rates Lowered by 0.2%p (Minimum) and 0.45%p (Maximum)
Unsecured Loan Maximum Rate Also Down by 0.2%p
NongHyup Bank will lower its home mortgage loan interest rates by up to 0.45 percentage points starting on September 16.
On September 11, NongHyup Bank announced that it will reduce the minimum rate on face-to-face home mortgage loans sold at its branches by 0.2 percentage points and the maximum rate by 0.45 percentage points from September 16.
If applied to the current rate, the 5-year fixed-rate home mortgage loan, which now stands at an annual rate of 5.32–7.22%, will be lowered to 5.12–6.77% from September 16. The 6-month variable-rate mortgage will also be adjusted down from 4.69–6.69% to 4.49–6.24%.
The maximum rate for unsecured loans will also be lowered by 0.2 percentage points. NongHyup Bank's current one-year unsecured loan is offered at 5.13–6.33%; after the cut, the annual rate will be reduced to 5.13–6.13%.
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A NongHyup Bank official stated, "We decided to adjust the rates in order to ease the financial burden on genuine borrowers within the scope of household loan management."
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