Commercial banks will raise early repayment fee rates starting next year. Woori Bank said on the 31st that it will raise early repayment fee rates for household loans and corporate loans starting on the 1st of next month. Among household loans, variable-rate products for real estate and movable property collateral loans will rise from 0.73% to 0.95%, and fixed-rate products for other collateral loans will rise from 0.5% to 0.76%.
For KB Kookmin Bank's real estate collateral loan fixed-rate products, the early repayment fee rate will rise from 0.58% to 0.75%. For fixed-rate unsecured loan products, it will rise from 0.02% to 0.18%, and for fixed-rate products for guarantee-backed and other collateral loans, it will be raised from 0.77% to 0.96%.
Shinhan Bank's household real estate collateral loan early repayment fee rate will rise by 0.1 percentage point (p), from 0.59% to 0.69%. Unsecured loans will also be raised from 0.03% to 0.13%. For corporate loans, the early repayment fee rate for variable-rate real estate collateral loans will rise from 0.40% to 0.52%, and for unsecured loans from 0.04% to 0.06%, respectively.
In addition, several other banks are said to be considering raising early repayment fee rates. Details of the banking sector's early repayment fee rate increases will be posted on their websites in accordance with the Financial Consumer Protection Act.