Hana Bank to Resume Non-Face-to-Face Mortgage Lending on November 2

Hana Bank will resume offering non-face-to-face mortgage loans, which it had suspended to manage the overall volume of household loans.

According to the financial industry on October 30, Hana Bank will resume accepting new applications for Apartment Loan 2, mortgage loan refinancing, and residential officetel refinancing among its non-face-to-face mortgage loan products at 5 p.m. on November 2. Hana Bank suspended new applications for non-face-to-face mortgage loans in August.

Commercial banks are raising mortgage rates one after another to slow the growth of household loans. On the 3rd, a notice about loans is posted at a commercial bank branch in Euljiro, Jung-gu, Seoul. Photo by Cho Yongjun (jun21@)

Hana Bank suspended new applications for non-face-to-face mortgage loans in August.

It will also resume offering mortgage credit insurance (MCI) and mortgage credit guarantee (MCG) for loans with mixed interest rates. Enrollment in MCI and MCG for variable-rate loans will remain suspended.

MCI and MCG are insurance products taken out alongside a mortgage loan. Without this insurance, borrowers can only borrow an amount after the small-tenant deposit is deducted, effectively reducing the loan limit.

The resumption of non-face-to-face mortgage lending follows the easing of the government's limits on the overall volume of household loans, which has secured additional lending capacity. The bank said the move is intended to support people seeking loans for actual housing needs.

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