April 20, 2024
Economy
Household loans up 9% in Oct.
[THE INVESTOR] Korea’s household loans extended by banks rose 8.6 percent in October from a year, central bank data showed on Nov. 8.
Outstanding household loans from lenders came to 756 trillion won (US$678 billion) as of the end of last month, up from 695.7 trillion won from a year earlier, according to the data by the Bank of Korea.
Compared with September, the amount rose by 6.8 trillion won.
Mortgages climbed 3.3 trillion won on-month to 564.3 trillion won in October due to a steady rise in demand for collective loans, according to the BOK. Collective loans are often associated with reconstruction projects involving old apartments.
The BOK said other bank loans, including lending through an overdraft line of credit, jumped 3.5 trillion won on-month to 190.8 trillion won due to a rise in demand for loans from two internet-only banks.
By Alex Lee and newswires (alexlee@heraldcorp.com)
