Woori Bank will resume household loans that it had suspended starting next year. The banking sector, which has raised thresholds to curb the increase in household loans, is significantly relaxing restrictions on loans.
Woori Bank noted on the 24th that it will lift restrictions on the Mortgage Insurance (MCI·MCG) for home mortgage loans starting January 2nd next year. MCI·MCG is insurance that is taken out simultaneously with a home mortgage loan, and without this insurance, only the amount excluding small rental deposits is available for loan, effectively reducing the loan limit.
Additionally, it plans to resume re-financing loans from other banks that had been restricted. For livelihood stability loans, the maximum limit will be expanded from 100 million won to 200 million won. However, for the purpose of returning jeonse deposits or re-financing with other banks, amounts exceeding 200 million won can be handled. For jeonse loans, the restrictions on handling properties located in the metropolitan area for homeowners and on re-financing with other banks will also be lifted.
Woori Bank has already lifted its suspension of non-face-to-face household loan sales since the previous day.
Recently, banks have been announcing one after another that they will ease existing loan restrictions starting from the new year, when new annual household loan targets will be applied.
Earlier, Shinhan Bank decided to expand the limits on home mortgage loans and resume handling deposit loans for newly built dwellings starting in January next year. Hana Bank also resumed handling non-face-to-face home mortgage loans and jeonse loans from the 12th of this month.