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The interest burden of individuals who have started buying stocks and apartments with’debt investment (investing in debt)’ and’young-cle (attracting souls)’ is increasing. This is because the lending rate is jumping significantly as the market interest rate rises and the government measures to curb the rise in household loans overlap.
According to the banknote on the 28th, the average interest rate for personal credit loans (based on the first grade) of the four major banks such as Kookmin Shinhan Hana Woori is 2.59~3.65% per year. Compared to the end of July last year (1.99 to 3.51% per year), this is a maximum of 0.6 percentage points.
During the same period, interest rates on mortgages also rose slightly. The interest rate for home mortgage loans linked to COPIX on the 25th of the four major banks was 2.34~3.95% per year, up 0.1 percentage points from the last July. The 6-month-maturity bank bond rate (AAA grade), which is mainly used by banks to rate credit loans, rose from 0.619% per annum at the end of July last year to 0.758% on the 26th. In addition, it is an analysis that the interest rate jumped sharply as the banks who had been asked to’contain lending’ from the financial authorities eliminated the preferential interest rate benefits to consumers.
The interest burden on existing loan holders as well as new consumers has increased. This is because the interest rate is readjusted after a predetermined period (3-6 months) for credit loans and variable rate home mortgage loans. An official from the bank said, “The rise in interest rates is not enough for consumers to feel the burden yet,” but said, “As the fear of inflation grows, the loan interest rate will inevitably rise.”
Credit loans decreased by 60 billion last month due to increased interest burden and stagnant’debt investment’
The biggest reason financial consumers feel that lending rates have risen in recent years is that banks are raising the lending threshold drastically according to government policy. Banks are continuing measures to raise the real interest rate and reduce the limit by removing preferential interest rates on credit loans in response to the financial authorities’ pressure on household loans. Experts analyze that the interest rate of bank bonds, which is the basic interest rate for credit loans, is on the rise and the interest rate on loans is rising.
Credit loan interest rate 0.6% point in half a year↑
According to banknotes on the 28th, the interest rates on personal credit loans (credit rating 1st grade per year) of the four major banks, including Kookmin, Shinhan, Hana, and Woori, were 2.59-3.65% per year. After last year’s’Big Cut’ by the Bank of Korea, which lowered the standard interest rate to 0.5% per year after Corona 19, some high-credit and high-income earners received credit loans at 1% per year at commercial banks.
Compared to the 1.99 to 3.51% annual rate at the end of July of last year, the lower portion increased by 0.6 percentage points and the upper portion increased by 0.14 percentage points. If you receive a credit loan at a variable rate from a commercial bank, the interest rate is adjusted in units of 3 months and 6 months as promised in advance. A bank official said, “If the interest rate had been adjusted within six months of receiving the loan, the interest rate would have risen from at least 0.3 percentage points to 0.6 percentage points.”
The mortgage interest rate has also entered an inflection point. Changes based on COFIX (COFIX, financing cost index) as of the 25th of the four major banks The interest rate for mortgage loans is 2.34~3.95% per year, the lowest rate of 0.09% points compared to the end of July last year (2.25~3.95%). Climbed. Like credit loans, variable headcounts are sequentially adjusted in interest rates at the promised time. However, there is a possibility that interest rate hikes will be slow if the company has been consulted based on’balance-based co-fix’. This is because the balance-based co-fix is reflected in the last year’s low-cost procurement by banks than the new co-fix.
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As the interest burden increases, the balance of bank credit loans has recently been decreasing. As of the 25th, the credit loan balance of the five major banks, including Kookmin, Shinhan, Hana, Woori, and Nonghyup, was 135 trillion 1747 billion won, down 64.3 billion won from the end of January (135 trillion 2390 billion won). Bank credit loans increased by KRW 1.5791 trillion in the aftermath of the’stock market rally’ in the past month, but in February, it turned to a decline. The decline in credit loans was mainly due to the reduction of the loan limit and preferential interest rate by banks.
Since last year, the financial authorities have gathered executives in charge of bank loans several times and ordered a thorough management of the rise in household loans. Banks are putting strong pressure on banks with the goal of lowering the rate of increase in household loans from 8% per year last year to 4-5% per year in the next two to three years. Bank officials said, “Last month, as the KOSPI index continued to remain flat at around 3,000 points, the demand for’debt investments’ is also decreasing.” According to the Financial Investment Association, the average daily trading value of the KOSPI decreased by 7,309.7 billion won (27.9%) from 26.477.8 billion won in January to 19.681 billion won last month.
However, there is an analysis that debt investment has not been completely turned off, and household loans can turn upward at any time. At large banks, the balance of household loans increased by hundreds of billions a day due to changes in the KOSPI index or subscription to major public offerings since the end of last year.
In March, the Financial Services Commission plans to announce a’household debt management plan’ aimed at reinforcing regulations on the total debt repayment ratio (DSR) for each individual, so there is a possibility that the’last train demand’ to receive credit loans in advance may be rushing. . A senior executive at the bank said, “As people flock to cryptocurrency (Bitcoin) following real estate and stocks, the equation for household loans is getting more complex.”
Reporter Kim Dae-hoon [email protected]