Woori Bank and Shinhan Bank will extend the repayment period for housing mortgage loans in non-capital areas to a maximum of 40 years.
According to the financial sector on the 6th, Woori Bank will extend the maximum loan period for housing mortgage loans, excluding the Seoul, Gyeonggi, and Incheon areas, from 30 years to 40 years starting on the 10th.
For the case of switching loans received from other banks to Woori Bank's products under the 'Woori WON Housing Loan Switching' program, repayment can be made for up to 40 years regardless of the region. However, this is only possible within the 'initial contract period' of the loan being refinanced.
Shinhan Bank also increased the loan period from 30 years to 40 years for housing mortgage loans outside the capital area starting from the 20th of last month. For refinanced loans, switching can only be done within the 'initial contract period,' just like at Woori Bank.
The banking sector is lowering the barriers to household loans this year by reducing additional charges. Hana Bank will lower the additional charge on face-to-face housing mortgage loan products (hybrid type) by 0.15 percentage points starting on the 10th. NongHyup Bank also reduced the interest rate on non-face-to-face housing mortgage loan products by 0.2 percentage points starting that same day, while Woori Bank lowered the additional charge for five-year variable period housing mortgage loans by 0.25 percentage points since the 28th of last month.