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| © News1 Reporter Lee Jae-myeong |
As market interest rates rose, commercial banks’ household loan interest rates also rose. The burden on consumers who receive loans for purposes such as’spirituality’ (gathering even the soul) and’debt investment’ (investment by debt) is expected to increase.
According to the financial sector on the 28th, as of the 25th, KB Kookmin, Shinhan, Hana, and Woori’s four major commercial banks’ credit loan interest rates (first grade, one-year basis) were 2.59-3.65% per year. Compared to the 1.99% lower credit loan interest rate in July of last year, it rose by 0.6 percentage points (points) in seven months.
The average interest rate for general credit loans also rose. According to the Federation of Banks, the average interest rate for general credit loans for the four major commercial banks in January was 2.90~3.59% per year. The lower end rose 0.56%p from 2.34~2.78% in July last year.
The rise in credit loan rates is because the financial authorities ordered banks to raise the threshold for credit loans as the balance of credit loans surged last year due to “younger” and “debt investment”. As a result, banks lowered their loan limits or reduced preferential interest rates.
The interest rate on 1-year bank bonds, which is the basis for calculating the credit rate, is also on the rise. The interest rate for 1-year bank bonds (AAA, no guarantee) rose 0.095%p in half a year from 0.761% at the end of July last year to 0.856% on the 26th.
Not only the interest rate on credit loans but also the interest rate on mortgage loans is rising. According to the Bank of Korea, the interest rate for mortgage loans in January was 2.63% per year, up 0.18%p from 2.45% at the end of July last year.
When the household loan interest rate rises, it is a burden not only on new borrowers but also on borrowers who have already received loans.
Meanwhile, it was found that the credit loan balances of the five major banks decreased by over 60 billion won in February. Commercial banks’ credit lending suppression and stock market adjustments seem to have had an impact on debt investment.
According to the banking sector, as of the 25th, the credit balance of the five major banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, was totaled at 135.17 trillion won. Compared to the end of January (135.23 trillion won), it decreased by 64.3 billion won in about one month (17 business days).