Woori Bank cut mortgage loan rates as part of its inclusive finance initiative.
According to the financial sector on the 19th, Woori Bank raised the preferential rate for the five-year adjustable "Woori Apartment Loan" to 1.10 percentage points starting that day. When the preferential rate increases, it has the effect of lowering the lending rate by the same amount.
Previously, apartments in the greater Seoul area received a preferential rate of 0.3 percentage points, and those outside the area received 0.5 percentage points. It also removed the previous preferential conditions of being without dwellings (purchase funds) or owning one dwelling (household stabilization funds). The application period for loans with the new preferential rate runs through the 30th of next month.
The preferential rate on adjustable mortgage loan rates was also expanded by 0.3 percentage points, from 0.4 percentage points to 0.7 percentage points.
Ahead of Woori Bank, KakaoBank also cut rates by 0.3 percentage points the previous day on its five-year fixed product and six-month adjustable product, respectively. KakaoBank also lowered rates last month on mortgage loans and mortgage refinancing products by 0.2 percentage points and 0.5 percentage points, respectively.