2024-08-05 09:40:33
The five major commercial banks have increased their mortgage loans by 30 trillion won this year to 560 trillion won
As house prices continue to rise, lending ‘frenzy’… Monthly increase gradually expanding
As housing prices are rising rapidly, especially in Seoul and the metropolitan area, demand for loans is rapidly increasing at bank branches. It seems that there is a growing movement to get loans before housing prices rise further and the limit is reduced due to the strengthening of the debt service ratio (DSR) regulation.
According to the financial sector on the 4th, the balance of housing mortgage loans from the five major commercial banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, was tallied at 559.7501 trillion won as of the end of last month. This is a sharp increase of 29.8579 trillion won from 529.8922 trillion won at the end of last year to the beginning of this year.
The monthly increase was 4.3433 trillion won in April, 5.3157 trillion won in May, 5.8467 trillion won in June, and 7.5975 trillion won in July. This is the highest figure since 2014, when banks began compiling monthly loan balances.
This trend of mortgage loans is driving the increase in household loans. The balance of household loans from commercial banks was tallied at 715.7383 trillion won as of the end of last month. This is an increase of 23.3289 trillion won from 692.4094 trillion won at the end of last year.
The monthly increase was KRW 4.4346 trillion in April, KRW 5.2278 trillion in May, KRW 5.3415 trillion in June, and KRW 7.166 trillion in July. This is the largest increase in 39 months since April 2021 (KRW 9.2266 trillion).
The financial authorities ordered banks to manage the speed of household loans. In response, banks are raising their lending rates one after another, but the demand for housing loans is not slowing down and is expanding further. The analysis is that the ‘last-minute demand’ is rushing in to get loans before the limit is reduced as the second stage of the stress DSR is postponed in a situation where housing prices are not being controlled and are overheating.
According to the Korea Real Estate Board, the sale price of apartments in Seoul has been rising for 19 consecutive weeks. The rental price of apartments in Seoul has also been rising for 63 consecutive weeks.
In this situation, the financial authorities postponed the second stage of the stress DSR from July to September for the purpose of protecting vulnerable borrowers. As a result, as demand for loans surged, they ordered banks to adjust their speed, leading to successive interest rate hikes.
The government is calculating that it will raise interest rates to tighten lending in a situation where housing prices are rising and failing to catch up. As the US base rate cut is approaching, market interest rates that reflect this are falling, but this is a countermeasure. As a result, the interest burden on borrowers with real loan demand is increasing, and bank profits are increasing.
In the first half of this year, the top five financial groups renewed their record-breaking net income of over 11.1 trillion won, surpassing the previous record set last year. Even after reflecting the large losses related to the Hong Kong H Index-based equity-linked securities (ELS) as affiliated banks earned high interest income, they rewrote their best performance ever.
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2024-08-05 09:40:33