The burden on households owed to banks is increasing as banks continue to raise loan interest rates in accordance with the financial authorities’ policy to reduce household loans. Following Shinhan Bank’s Nonghyup Bank, Woori Bank will lower the preferential interest rate on some jeonse loans from 0.4% points per year to 0.2% points from tomorrow. Other banks are also expected to join the ranks of interest rate hikes. Prior to this, banks responded to the government’s measures to curb demand for real estate, reducing or eliminating preferential interest rates for credit and mortgage loans from the end of last year.
Recently, short-term bank bond interest rates have been on the rise, so the credit loan interest rate determined based on this is a condition to rise. However, the COPIX interest rate, which is the standard for mortgage loans and whole household loans, fell from 0.9% in December last year to 0.83% in February. If left alone, it is difficult for the loan interest rate to rise, but the financial authorities intervened and the banks met, increasing the burden on borrowers.
In fact, the authorities are blatantly exposing the government by calling in charge of bank loans to manage the total amount. He said, “I can’t stop monitoring household loans, and I’ve never been pressured to raise interest rates.” It’s a shameless excuse for the government’s self-initiated’homologous loan’ as a countermeasure for the 25th vain.
Even banks that competingly raise interest rates by making excuses from the financial authorities cannot be free from criticism of “passing the burden on customers.” Due to the Lime-Optimus crisis and the corona, it is difficult for banks to find areas that can make a profit other than household loans. As a result, the loan interest rate was raised, while the deposit interest rate was raised, and the deposit margin increased from 1.78 percent in October last year to 1.85 percent in January this year. Banks that raise their loan interest rates from the time when the authorities put pressure on them are still immersing themselves in the investment margin business in the era of the’techpin revolution’.
In the aftermath of the recent rise in US Treasury yields, market interest rates have risen in Korea, raising concerns about household loan insolvency. There is also an analysis that the total interest burden of households increases by 1.18 trillion won every time the interest rate rises by 1 percentage point. This is an amount close to last year’s first disaster support fund (1.43 trillion won). Nevertheless, the government is eager to catch the house price, so the burden of interest on loans to the common and middle class is not in mind. This isn’t an’implicit collusion’ between the government and the bank.
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