Household loans extended by local banks went up 10.8 percent in December from a year earlier, central bank data showed on Jan. 12.
Outstanding household loans from local lenders came to 708 trillion won (US$599 billion) as of end-December, compared with 639.1 trillion won from a year earlier, according to the data from the Bank of Korea.
Compared with November, the amount rose by 3.5 trillion won.
Mortgages climbed 3.6 trillion won month-over-month to 533 trillion won in December, though the pace of growth slowed down due to increased mortgages in November, decreased home sales and higher lending rates. In November, mortgages rose 6.1 trillion won from a month earlier, the BOK said.
In December, local lenders’ outstanding corporate loans came to 744.9 trillion won, down 15 trillion won from the previous month.