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Household debt (loans) in Ulsan increased to the maximum in 41 months. Households suffering from living hardships, including self-employed people whose income has declined due to the re-proliferation of the novel coronavirus infection (Corona 19), need immediate livelihoods to increase their credit loans. This is due to the significant increase in mortgage loans along with credit loans through the company.
According to data on the trend of loans to financial institutions in Ulsan in October, compiled by the Ulsan Headquarters of the Bank of Korea on the 27th, the balance of household loans in Ulsan was 21.84 trillion won, an increase of 1732 billion won from the previous month. This increase in household loans in Ulsan is the largest in 41 months since May 2017 (273.1 billion won).
In particular, by type of collateral, home mortgage loans increased by 73.9 billion won, and other loans, which are a type of livelihood, including credit and negative bank loans, increased by 99.3 billion won. Both mortgage loans and other loans have grown to the largest scale since December 2018 (95 billion won) and November 2017 (111.1 billion won).
As consumption fell sharply due to the prolonged coronavirus outbreak, the self-employed and workers such as the food industry and wholesale market hit a direct hit, and as the asset market such as real estate and stocks boomed recently, investors aiming for cheap interest made loans to the financial sector. It is analyzed to have increased significantly.
In the case of deposit banks, household loans surged by KRW 150.6 billion from a month ago, including KRW 77.5 billion in mortgage loans. Deposit bank loans to SMEs also increased by 154.9 billion won from the previous month.
Non-deposit banks’ household loans increased by only 22.6 billion won from the previous month, including mortgage loans (2 billion won).
As a result, household loans in Ulsan (from the same period of the previous year) declined from 6.7% in 2017 to 0.4% in 2018 and -0.7% in 2019, and then changed to 0.9% as of the end of October this year.
In fact, as a result of a survey by the Ministry of Land, Infrastructure and Transport in Ulsan in October, the volume of housing sales in Ulsan was 2345, up 22.1% from the same month last year (2020). Housing transactions in November (4819 cases) are expected to increase by 105% from October, leading to a significant increase in household loans. ▶Related articles page 6
As the demand for loans surged due to overheating in the real estate market, the government is embarking on a’loan crime’ to manage the total amount of household loans in banknotes at the end of the year. The financial sector is raising the bank threshold by suspending credit loans exceeding 100 million won by the end of the year.
A local real estate industry official said, “The regulation of commercial banks has made it very difficult to obtain household loans. The rise in household loans can be suppressed, but the general public and self-employed people who need urgent funds are worried about the ballooning effect of increasing household debt due to the rush of loan demand to the second financial sector.”
On the other hand, as of the end of October, the total receipt balance of financial institutions in Ulsan was 45.8 trillion won, 8.6 billion won from the previous month, and the total loan balance was 45 trillion won, an increase of 4618 billion won from the previous month. Reporter Kim Chang-sik [email protected]
Gyeongsang Ilbo, KSILBO