KakaoBank announced on the 9th that it will extend the exemption period for the prepayment penalty on dwelling mortgage loans by 6 months. The prepayment penalty will be fully exempt for dwelling mortgage loans applied for by January 1 next year.
The prepayment penalty refers to the expense incurred when a customer repays a loan before its due date. KakaoBank has provided approximately 49 billion won in prepayment penalty exemptions to around 43,000 customers over nearly three years since launching its mortgage product in February 2022, resulting in an average fee burden of 1.14 million won per customer.
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