Home-backed loans extended by South Korea's five major lenders increased at a slower pace in November compared with the previous month, industry data showed Tuesday, as the government applies stricter lending rules.
The outstanding home-backed loans extended by KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank and NH Bank stood at 436.07 trillion won (US$368 billion) as of November, up 2.78 trillion won from a month earlier, according to the data.
The increase compares with a 3.08 trillion-won gain in October, the data showed.
The banks appear to be slowing down home-backed lending to meet the target of 5 percent household loan growth set by the government.
As of end-October, four of the five banks had their household lending growing at over 5 percent, with household loans extended by NH Nonghyup jumping 9.5 percent on-year over the cited period.
In November, NH Nonghyup had its outstanding home-backed loans reduced by 356.6 billion won, following a 163.7 billion-won reduction the month before.
Woori Bank also had its overall home-backed loans reduced by 114.5 billion won in the month. Its household lending had gained 6.5 percent on-year as of end-October.
KB Kookmin, on the other hand, more than doubled its fresh home-backed loans from a month earlier to 1.44 trillion won in November as its overall household loans had gained 2.1 percent on-year as of end-October.
Home-backed loans account for more than 70 percent of household loans in South Korea. (Yonhap)
Sung Jung-wook email@example.com
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