2024-07-14 06:41:52
The five major banks’ stocks increased by 1.8738 trillion won this month alone
Impact of falling loan interest rates and recovery in the real estate market
The pace of increase in household loans is accelerating, centering on housing mortgage loans (housing mortgage loans). The housing mortgage loans of major commercial banks have increased by over 1.8 trillion won in just ten days. As interest rates have fallen and the introduction of the second stage of the stressed debt service ratio (DSR) has been postponed, the threshold for loans has been lowered, and the recovery of the real estate market is stimulating loan demand.
According to the financial sector on the 13th, the household loan balance of KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup Banks was tallied at 710.1224 trillion won as of the 11th.
This is an increase of KRW 1.5501 trillion from KRW 708.5723 trillion at the end of last month. Previously, the household loan balance of the five major banks surged by KRW 5.3415 trillion last month, recording the largest increase in 2 years and 11 months since July 2021 (KRW 6.2009 trillion).
In particular, the growth rate of housing mortgage loans was found to be steep. The balance of housing mortgage loans of the five major banks was 554.264 trillion won, a sharp increase of 1.8738 trillion won from the end of last month (552.1526 trillion won) in about ten days.
Considering that the previous month’s increase was 5.8467 trillion won, this is an amount equivalent to about 32% of the previous month’s increase, which increased in just 9 trading days. The increase in the main loan is gradually increasing, following 4.3433 trillion won in April and 5.3157 trillion won in May.
As interest rates fall and the real estate market improves, the atmosphere is encouraging an increase in home mortgage loans.
The lower limit of the major banks’ mortgage rates is in the 2% range. As of the previous day, the fixed (mixed and periodic) mortgage rates of the five major banks were 2.87-5.67% per annum, and the floating rates were 3.80-6.62%.
As the interest rate on 5-year financial bonds, which is used as a benchmark for fixed-rate mortgages, fell due to expectations of a rate cut, the interest rate on mortgages also fell. According to the Korea Financial Investment Association, the interest rate on 5-year financial bonds fell to 3.356% on the 12th. It is the lowest level this year.
The financial authorities have postponed the implementation of the second stage of the Stress DSR by two months from this month to September. This is interpreted as a rush of demand to catch the ‘last train’ before the loan limit is reduced.
The real estate market is also coming back to life. According to the weekly apartment price trend for the second week of July (as of the 8th) announced by the Korea Real Estate Board, the sale price of apartments in Seoul rose 0.24% compared to the previous week. This is the 16th consecutive week of increase.
The credit loan balance was 102.5452 trillion won, down 232.9 billion won from the end of last month. The credit loan balance had swelled to 103.866 trillion won as of the 4th due to the impact of public offering subscriptions at the beginning of this month, but has since turned to a decrease.
A bank official said, “The recent increase in loans is due to the increased demand for loans to purchase homes before the limit is reduced further as the real estate market heats up again.” He added, “In the case of credit loans, overdraft accounts for subscription to public offerings increased early this month, but have since been repaid. Most of the household loans are mortgage loans.”
As household loans surged, banks began to adjust the surcharge rate, focusing on mortgage loans, to raise lending rates and control the pace. However, some believe that the effect of raising the surcharge rate will not be significant due to the decline in market interest rates.
Shinhan Bank will raise the interest rate on its 5-year variable-cycle housing loan products by 0.05% points from the 15th. Hana Bank raised the interest rate by adjusting the discount rate range for household housing loans by up to 0.20% points from the 1st.
Kookmin Bank raised the interest rates of its face-to-face and non-face-to-face jeonse loan products by up to 0.2% points starting on the 11th. On the 3rd, it also raised the mixed (fixed) and floating interest rates of its main mortgage loans by 0.13% points.
Woori Bank raised the interest rates of its 5-year variable-cycle apartment mortgage loans and 2-year fixed-cycle jeonse loan products by 0.1 percentage points starting on the 12th.
[서울=뉴시스]
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2024-07-14 06:41:52