Regulatory Alerts2024-07-10 | 82645Household Loans, June 2024
The Financial Services Commission reported that household loans rose by KRW 4.4 trillion in June 2024, driven by a KRW 6.1 trillion increase in home-backed mortgage loans. While the banking sector saw continued expansion in mortgages due to policy loan demand, the nonbanking sector experienced a sharper decline of KRW 1.6 trillion primarily due to quarterly write-offs of nonperforming loans. Authorities intend to tightly manage loan growth within GDP levels by implementing the second phase of the stressed debt service ratio rule in September to address macroeconomic uncertainties.
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