Toss Bank has launched a mortgage product that expands its offerings to include not only apartments but also multi-family and multi-unit homes. The loans are available for various financial needs, including home purchases, refinancing, living stability funds, and security deposit returns. The bank plans to gradually introduce policy loan products to further support actual users.
On October 27, Toss Bank announced the launch of its mortgage product.
This product broadens the loan eligibility to include apartments nationwide as well as multi-family and multi-unit homes. Notably, a 'purchase loan with repayment conditions' allows borrowers to take out new funds for home purchases under the condition of repaying existing jeonse loans or mortgages, available through a non-face-to-face process. This targets first-time homebuyers transitioning from jeonse to ownership and those preparing to move.
As of today, the loan interest rate starts at 4.44% per year. The maximum loan limit is set at 1 billion won, in accordance with household loan regulations, while in the metropolitan area and regulated regions, the maximum for home purchase funds is limited to 600 million won and living stability funds to 100 million won. The loan term can extend up to 40 years, with options for equal principal and interest or equal principal repayment methods.
To prevent delays in loan processing and maintain a stable lending environment, Toss Bank plans to manage the daily loan application volume based on the reception status.
Alongside the mortgage launch, Toss Bank has introduced a feature that allows users to track their loan progress in real-time. Applicants can monitor the status from application to approval, contract, and execution on the app. Documents from public institutions can be automatically retrieved with consent, and sales contracts can be submitted via photographs. The bank also provides a checklist for the execution date and an automatic assignment service for legal professionals.
An AI-powered chatbot dedicated to mortgage inquiries has also been introduced. This chatbot provides guidance on loan conditions, financial terminology, and document preparation procedures. It offers real-time consultations 24/7, making it accessible after work hours and on weekends.
A Toss Bank representative stated, "With the launch of this general mortgage product, we plan to gradually expand our offerings to include policy mortgages for the public, such as the Bogumjari Loan, to support low-income individuals and actual users in reducing their financial burdens and pursuing home ownership."
* This article has been translated by AI.
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