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Mortgage Loan to Hit $272 Billion in Korea

Summary: South Korea s mortgage loan balance is forecast to top 340 trillion won $272 billion with mortgage loans posting an increase of 4 trillion won in August 2009 In terms of the January August period the loan is expected to post the biggest increase of 28 trillion won Under the circumstance the annual interest rate on mortgage loans has already begun to exceed 6 percent which is posing a heavy burden on ordinary citizens Mortgage loans from banks have surged 2 2 trillion won as of August 24 compared to the end of the previous month and added Given the prospect of rising group loans at the month end the monthly net increase is projected to hover above 3 trillion won said the Financial Supervisory Commission FSC on August 30 Net increase of mortgage loans from banks stood at 3 7 trillion won in July Coming into this month month to month personal loans have dipped but group loans continue to grow posting a net increase of more than 1 trillion won as of August 24 explained the FSC Meanwhile mortgage loans from the non banking sector are forecast to post an increase of some 800 billion won as they have shown a similar trend from the previous month Accordingly the net increase of mortgage loans from the banking and non banking sector stood at 4 trillion won in August with the FSC projected a drop from July s 4 5 trillion won To this end the balance of mortgage loans in the financial sector will soar to 341 trillion won in August end from 337 2 trillion won in July end Accordingly a net increase of mortgage loans until August 2009 is forecast to set a new record of 28 trillion won The size of monthly net increase of mortgage loans in the financial sector including the non banking sector rose 1 5 trillion won in January 3 1 trillion won in February 3 4 trillion won in March and April 3 5 trillion won in May 4 5 trillion won in June and July Yen mi Hong JYJ ⓒ Maeil Business Newspaper mk co kr All rights reserved South Korea s mortgage loan balance is forecast to top 340 trillion won $272 billion with mortgage loans posting an increase of 4 trillion won in August 2009 In terms of the January August period the loan is expected to post the biggest increase of 28 trillion won Under the circumstance the annual interest rate on mortgage loans has already begun to exceed 6 percent which is posing a heavy burden on ordinary citizens Mortgage loans from banks have surged 2 2 trillion won as of August 24 compared to the end of the previous month and added Given the prospect of rising group loans at the month end the monthly net increase is projected to hover above 3 trillion won said the Financial Supervisory Commission FSC on August 30 Net increase of mortgage loans from banks stood at 3 7 trillion won in July Coming into this month month to month personal loans have dipped but group loans continue to grow posting a net increase of more than 1 trillion won as of August 24 explained the FSC Meanwhile mortgage loans from the non banking sector are forecast to post an increase of some 800 billion won as they have shown a similar trend from the previous month Accordingly the net increase of mortgage loans from the banking and non banking sector stood at 4 trillion won in August with the FSC projected a drop from July s 4 5 trillion won To this end the balance of mortgage loans in the financial sector will soar to 341 trillion won in August end from 337 2 trillion won in July end Accordingly a net increase of mortgage loans until August 2009 is forecast to set a new record of 28 trillion won The size of monthly net increase of mortgage loans in the financial sector including the non banking sector rose 1 5 trillion won in January 3 1 trillion won in February 3 4 trillion won in March and April 3 5 trillion won in May 4 5 trillion won in June and July Yen mi Hong JYJ ⓒ Maeil Business Newspaper mk co kr All rights reserved

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