IBK Bank has stopped accepting new applications for variable-rate home mortgage loans at its branches nationwide. This move comes as financial authorities have indicated they will maintain strict household loan restrictions in the second half of the year, prompting proactive management measures.
As of July 21, IBK Bank has ceased new applications and processing for variable-rate home loans across all branches. Additionally, the bank will limit the transfer of loans from other banks. There is no set date for when these services will resume.
To prevent confusion among borrowers, loans submitted or consulted on by July 20 will still be processed until July 30. Borrowers can also switch to other banks through loan transfer services. Fixed-rate home loans with terms of five and ten years will continue to be offered.
An IBK Bank official stated, "We are taking proactive measures to manage limits in compliance with overall household loan regulations."
Recently, banks have been tightening lending practices to avoid exceeding the household loan growth target of 1.5% set by financial authorities. KB Kookmin Bank reduced its mortgage limit from 600 million won to 300 million won on July 10, while Woori Bank cut its monthly mortgage limit per branch from 3 billion won to 1 billion won. Shinhan Bank has also suspended its mortgage credit insurance and mortgage credit guarantee services since July 10.
* This article has been translated by AI.
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