Banks have recently competed to lower loan additional charges, causing the additional charge for collective loans on newly built apartments, which was in the mid-1% range two months ago, to drop to the 0% level. As interest rates have rapidly decreased in a short period, complaints are growing due to a difference of more than 1 percentage point even among similar complexes.
According to the financial sector on the 25th, local agricultural cooperatives established a new loan amount based on the COFIX rate of 3.22% with an additional charge of 0.78 percentage points applied, resulting in an annual rate of 4.0% for mid-loan financing at the collection of unsold units at 'Osan Lotte Castle Winners Fore.' The additional charge for collective loans, which was in the mid-1% range two months ago, has now decreased to the 0% level.
Recently, SH Suhyup Bank also applied an additional charge of 0.88 percentage points to the mid-loan financing for 'Hillstate Lake Songdo 5th' in the Songdo area of Incheon, setting the interest rate at 4.1%. The application period for loans for this complex was also in mid-February.
About a month ago in January, the additional charge for the collective loan of Hana Bank's 'Han River Sujain Obcent' in Gimpo was 1.09 percentage points. The additional charge for the collective loan of NongHyup for the 'Trius Gwangmyeong' in Gwangmyeong, Gyeonggi Province, which received the final payment documents at the end of December last year, was 1.4 percentage points, which is over 0.6 percentage points higher compared to Osan Lotte Castle Winners Fore.
Recently, banks appear to have begun reducing additional charges as a way to join the competition to lower loan interest rates, which has also led to a decrease in the additional charge for collective loans. For banks that have a large household loan limit at the beginning of the year, collective loans such as mid-loan financing that do not reflect the total debt repayment ratio (DSR) provide an opportunity to increase lending performance.
However, the rapid change in additional charges within just 1 to 2 months has resulted in significant differences in mid-loan rates even within the same neighborhood, leading to conflicts. The Han River Sujain Obcent set the mid-loan rate at 4.4% to 4.6% by adding an additional charge of 1.09 percentage points due to its mid-loan rate being set at the time the additional charges increased last December.
In contrast, 'Gimpo Bukbyeon Umi Lin Park Rive' next door had a mid-loan rate of 3.47% last October. Gimpo Bukbyeon Umi Lin Park Rive has about half the number of households compared to Han River Sujain Obcent. Despite this, there was still a difference of over 1 percentage point, as they proceeded with mid-loan financing through SH Suhyup Bank, a first-tier financial institution.
The reason for this was due to the timing of the bidding for mid-loan financing institutions. Gimpo Bukbyeon Umi Lin Park Rive received bids for mid-loan financing in September last year, just before the government suppressed household loans. Although only three months prior, it was then possible to secure a loan interest rate in the 3% range due to the additional charge of 0.35 percentage points.
With the significant fluctuations in mid-loan rates over time, there has been dissatisfaction among consumers. In another case, 'D.H. Bangbae' in Seocho-dong had a loan rate of 4.37% with an additional charge of 1 percentage point; however, similar developments like 'Raemian Leventus' and 'Jamsil Raemian I-Park' had mid-loan rates in the mid-3% range. The bidding for mid-loan financing for Raemian Leventus and Jamsil Raemian I-Park took place in August and September last year, whereas D.H. Bangbae received bids later.
For the time being, the additional charges for bank loans, including collective loans, are expected to continue on a downward trend. The financial authorities decided to directly examine the status of preferential rates and the history of additional charge fluctuations in the process of calculating loan interest rates in the banking sector.