NH Nonghyup Bank Cuts Household Loan Rates... Mortgage Rates Down 0.2 Percentage Points Outside Seoul Metro, 0.1 in Metro Area
Jeonse loan rates cut by 0.3 percentage points
NH Nonghyup Bank will further cut interest rates on household loans, including mortgage loans, jeonse loans and personal loans.
According to financial industry sources on October 22, NH Nonghyup Bank will cut mortgage loan rates for both online and in-person applications starting October 27 by 0.2 percentage points in regions outside the Seoul metropolitan area and by 0.1 percentage points in the Seoul metropolitan area.
The bank will also lower rates on jeonse loans for both online and in-person applications by 0.3 percentage points, and rates on online personal loans by 0.1 percentage points.
On September 16, NH Nonghyup Bank had lowered the upper end of its in-person mortgage loan rate range by 0.45 percentage points and the lower end by 0.20 percentage points. At the time, it also cut the upper end of its personal loan rate range by 0.20 percentage points. On October 12, it lowered both the upper and lower ends of the rate range for variable-rate online mortgage loans by 0.1 percentage points each.
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A bank representative said, "This is intended to ease the burden on borrowers with genuine loan needs during a period of rising interest rates."
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