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[Apha Biz=(Chicago) Reporter Paul Lee] The banking sector has stopped handling 50-year mortgage loans, which have been cited as the main culprit behind the surge in household debt.
According to the financial sector on the 7th, Hana Bank will shorten the maximum maturity of its mortgage products from 50 years to 40 years. Specifically, all mortgage loans except Bogeumjari Loan will be eligible from 6 p.m. on the 14th.
On the previous day, IBK Industrial Bank also decided to stop selling the 50-year mortgage about a month after its launch. Prior to this, some banks, including NH Nonghyup Bank, and insurance companies such as Hanwha Life Insurance Co., Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. also stopped selling 50-year mortgage loans.
A 50-year mortgage is a loan product that can repay principal and interest over 50 years. Since Suhyup Bank was introduced in January, the five major banks have also been released one after another since July.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
