Amid rising inflationary pressure and the recent market interest rate rise, an analysis found that even if the lending rate jumped just 1 percentage point, the interest burden on the whole household would increase by 12 trillion won. Self-employed loans also reached 777 trillion won, and it was estimated that if interest rates at banks and others rise 1 percentage point, the interest burden would increase by 5 trillion won.
According to the data submitted by the Bank of Korea to Congressman Doo-Hyun Yoon on the 14th, loan interest rates (housing mortgage loans, credit loans, etc.) are based on the total household loan balance (1,630 trillion 200 billion won) in statistics of’household credit’ at the end of last year. With a 1 percentage point increase, household loan interest increased by 11 trillion won. When the BOK classified only the interest burden of the low-income and middle-class in the 1st to 4th quartiles, excluding the 5th quintile with the highest income, an increase of 6.6 trillion won. The BOK calculated variable-rate loans, which increase interest burden due to rising interest rates, as about 72% of all household loans.
In addition, as a result of multiplying the sample of self-employed persons secured through its own database by a certain’expansion factor’, the total loans of Korean self-employed persons as of the third quarter of last year were estimated at 777 trillion and 400 billion won. The calculation includes the fact that self-employed people can receive not only business loans, but also household loans in their own name.
When the BOK multiplies the proportion of banks’ self-employed variable rate loans (in the early 60% range) and non-bank loans’ variable interest rate estimates (in the early 70% range), if the interest rate rises by 1 percentage point, the total interest increase for self-employed people is 5 trillion 2,000 It was analyzed that it reached billion won. Regarding the recent rise in loan interest rates, the BOK explained, “The rise in long-term market interest rates is mainly due to the increase in the index interest rate, which is the basis for calculating the loan interest rate, and the increase in the additional interest rate.”
/ Reporter Son Chul [email protected]
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