Date of public announcement : 16 August, 2024
Fixed rates
|
Income Level ( Of borrowers and spouses) | Interest rate(%) by maturity | |||
|---|---|---|---|---|
| 10 years | 15 years | 20 years | 30 years | |
| Less than KRW 20 M | 2.65 | 2.75 | 2.85 | 2.90 |
| KRW 20 M to 40 M | 3.00 | 3.10 | 3.20 | 3.25 |
| KRW40 M to 70 M | 3.35 | 3.45 | 3.55 | 3.60 |
| KRW70 M to 85 M | 3.70 | 3.80 | 3.90 | 3.95 |
- Preferential rate: 0.7% discount for households with three or more children, 0.5% discount for households with two children or a single-parent family (Earning less than KRW60 M), 0.3% discount for households with a child, 0.2% discount to multi-cultural families, families with the disabled, newlyweds, or first-time homebuyers
- Only one type of discount can be applied. Dual applications are not permitted. (Except for children discounts)
- If the borrower becomes eligible for the preferential rate over the course of the loan period, the preferential rate is applied.
- For the first-time newlywed homebuyers, rates are applied as below:
|
Income Level ( Of borrowers and spouses) |
Interest rate(%) by maturity | |||
|---|---|---|---|---|
| 10 years | 15 years | 20 years | 30 years | |
| Less than KRW 20 M | 2.35 | 2.45 | 2.55 | 2.60 |
| KRW 20 M to 40 M | 2.70 | 2.80 | 2.90 | 2.95 |
| KRW 40 M to 70 M | 3.05 | 3.15 | 3.25 | 3.30 |
| KRW70 M to 85 M | 3.40 | 3.50 | 3.60 | 3.65 |
- When the final rate for first-time homebuyers or newlyweds is less than 1.2%, a 1.2% rate is applied.
- Only one type of discount can be applied for Preferential rate, except preferential rates for subscription deposits, electronic real-estate contracts, and households with multiple children.
- Penalty on late payment (Overdue interest rate payment) Variable as follows, depending on time elapsed from the date of delinquency to the date of late payment:
(% per annum)
| Type | Penalty for late payment | |
|---|---|---|
| Before applying the acceleration clause | Overdue up to 3 months | Apply interest rate + 4% the overdue principal and interest payment |
| Overdue more than 3 months | Apply interest rate +5% the overdue principal and interest payment | |
| After applying the acceleration clause | Up to 3 months from acceleration | Apply interest rate + 4% to total outstanding balance |
| More than 3 months from acceleration | Apply interest rate + 5% to total outstanding balance | |
- 10% cap is applied on the penalty on late payment(overdue interest rate payment).