NH Nonghyup Bank to Lower Loan Rates Starting October 27

NH Nonghyup Bank will reduce interest rates on mortgage loans, jeonse loans, and credit loans.

Starting October 27, the bank announced on the 22nd that it will lower interest rates for face-to-face and non-face-to-face mortgage loans by 0.2 percentage points in non-metropolitan areas and by 0.1 percentage points in metropolitan areas.

The interest rate for face-to-face and non-face-to-face jeonse loans will be reduced by 0.3 percentage points. Additionally, the non-face-to-face credit loan rate will also decrease by 0.1 percentage points.

Previously, on September 16, Nonghyup Bank lowered the upper limit of face-to-face mortgage loan rates by approximately 0.45 percentage points and the lower limit by about 0.2 percentage points. The upper limit of credit loan rates was also reduced by about 0.2 percentage points.

On October 12, the variable interest rates for non-face-to-face mortgage loans were lowered by 0.1 percentage points for both the upper and lower limits.

A bank official stated, "This decision was made to alleviate the burden on borrowers during a period of rising interest rates."