April 26, 2024
Economy
Mortgage growth slows in Dec.
[THE INVESTOR] The growth of mortgage loans in South Korea slowed down last month amid indications of interest rate hikes and a downturn in the real estate market, data showed on Jan. 4.
Outstanding home-backed loans extended by six major banks -- KB Koomin, Shinhan, Woori, KEB Hana, NH and the Industrial Bank of Korea -- totaled 380.8 trillion won (US$314 billion) in December. This represents a 180 billion won increase from the previous month, the lowest growth for December since 2010.
Mortgage loans extended by the six lenders expanded 31.7 trillion won in 2015 from a year earlier, which breaks down to an average 2.64 trillion won rise per month.
The sharp slowdown came amid a downbeat outlook on the local property market, with market borrowing rates on the increase.
(theinvestor@heraldcorp.com)
Outstanding home-backed loans extended by six major banks -- KB Koomin, Shinhan, Woori, KEB Hana, NH and the Industrial Bank of Korea -- totaled 380.8 trillion won (US$314 billion) in December. This represents a 180 billion won increase from the previous month, the lowest growth for December since 2010.
Mortgage loans extended by the six lenders expanded 31.7 trillion won in 2015 from a year earlier, which breaks down to an average 2.64 trillion won rise per month.
The sharp slowdown came amid a downbeat outlook on the local property market, with market borrowing rates on the increase.
(theinvestor@heraldcorp.com)
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