S Korean Mortgage loans surge to USD278b in August| MENAFN.COM

Monday, 15 August 2022 03:02 GMT

S Korean Mortgage loans surge to USD278b in August


(MENAFN) In attribution to the increase in apartment prices and increased home transactions, South Korean Home-backed loans extended by local banks have fastened for the first time in five years.

Outstanding mortgage loans by the country's six major commercial banks totaled to USD278 billion as of the end of August, rising USD5.4 billion from the previous month, based on released data.

August figures marks a 39.6 percent soar from 2014, when Seoul started to ease ceilings on household lending to support the property market, thus enabling potential homebuyers to borrow up to 70 percent of their property value.

"Property transactions tend to pick up in autumn compared with summer. Since home-backed transactions tend to move in sync with other property deals, it seems that loans will also continue to rise," said a property analyst.


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