“The loan rate increases after sleeping” From the debt repayment of the loan

While asset growth has recently declined, loan interest rates have risen sharply, leading to increased anxiety among the Young-Kul (grabbing the soul) and debt (investing in debt).

The problem is that household loans continue to increase despite the rising loan interest rate. In February, deposit banks’ household loans excluding non-banking sectors exceeded 1,000 trillion won for the first time in history. Credit loans declined as stock transactions slowed compared to January, but home mortgage loans surged, mainly from cheonsei loans. Financial experts warn that there may be a big frustration in getting loans blindly now due to the impact of rising US Treasury yields.

According to the Bank of Korea on the 15th, last month’s household loans in banking sectors, including mortgage loans and other loans, increased 6.700 billion won to 103.1 trillion won. This is the first case that the monthly household loan of banknotes exceeded 1,000 trillion won.

Specifically, mortgage loans increased by 6.4 trillion won to 732.3 trillion won, of which cheonsei loans increased significantly. The February increase in mortgage loans also recorded the second record after last year’s February (7.8 trillion won). Among household loans, general credit loans, negative bankbook loans, and other loans (268.900 billion won), including commercial real estate mortgage loans, slightly decreased compared to January, but increased by 300 billion won.

Household loan rates are also on the rise due to rising government bond rates. According to the Bank of Korea, the interest rate for household loans based on the amount of new payments by deposit banks in January rose by 0.04 percentage points from the previous month to 2.83% per year, rising for five consecutive months. The interest rate for mortgage loans, which accounts for the largest share of household loans, also rose by 0.04 percentage points to 2.63% per year, the highest since November 2019 (0.09%).

The proportion of variable-rate home mortgage loans is 69.7% (tentative) as of the end of January, and interest burden is expected to increase in the future. This is because, as the real tax rate jumps, such as the government bond rate rising, commercial banks are raising the lending rate one after another.

According to the Federation of Banks of Korea on the 15th, the average monthly repayment amount is 96,2380 won for KB Kookmin Bank assuming that a person with a credit rating of 3rd grade receives a loan period of 10 years at a variable interest rate and a mortgage loan of 100 million won under the condition of partial repayment of principal and interest. The average interest rate handled by 2.93% per year), Shinhan Bank 94,4519 won (2.54% per year), Woori Bank 9,58699 won (2.85%), and Hana Bank 95,0527 won (2.77% per year). The average monthly repayment amount is based on the condition that the average interest rate handled by the previous month remains constant during the loan period.

Moreover, the lending rate of savings banks mainly used by the common people is also rising.

According to the Federation of Savings Banks, the average household credit interest rate of the five major savings banks (SBI, OK, Pepper, Korea Investment, and Welcome) in January this year rose 0.26 percentage points from the previous month to 17.2%.

An official from the financial sector said, “If the interest burden of the common people increases in a situation where the economic recession continues, it can act as a primer for household loans. If the ratio of the repayment of principal and interest to income exceeds 30%, you can think of it as excessive loans.” Assuming that the loan interest rate rises to around 2 percentage points, you should first look at whether you can tolerate it and then set the direction for mid- to long-term asset management.”

Other officials in the financial sector said, “If your life is hard due to debt, you should first consider repaying the loan principal. However, even during the period of interest rate hikes, you will not be blindly shifting to a fixed interest rate, but you will be able to pay monthly principal and interest when converting a fixed rate loan. You have to check it first.”

Meanwhile, the financial supervisory authority is planning to come up with a plan to manage household debt in March. There is a shift toward strengthening household loan regulations by applying the total debt principal repayment ratio (DSR) for each individual.

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