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Biz News Korea(Eng)
S. Korea’s household debt in unfazed rise despite tougher regulation
- Collected
- 2016.09.09
- Distributed
- 2016.09.12
- Source
- Go Direct
According to the Bank of Korea (BOK) on Thursday, outstanding household loans extended by local lenders came to 682.4 trillion won as of the end of August, up 8.7 trillion won from the previous month. It is the largest-ever increase seen in August since the BOK began compiling related data in 2008 and also the second-largest monthly increase after 9 trillion won in October last year.
The main reason for the whopping increase was a rise in home-backed loans. According to BOK, mortgage-backed loans extended by local banks increased by 6.2 trillion won, up from the previous month’s increase of 5.7 trillion. It marked the largest increase in August.
Demand for home-backed loans jumped last month, which is typically a slow season in the real estate market. Last month, a total of 12,000 apartments were traded in Seoul, a similar level to 14,000 apartments in July.
Other loans including overdrafts also rose by 2.5 trillion won last month, up from the previous month’s 500 billion won increase. So far this year, the amount of overdrafts and other loans extended by local lenders increased 7.6 trillion won, almost reaching last year’s total increase of 8 trillion won.
Amid rising household debt, the BOK left the country’s key interest rate unchanged at 1.25 percent on Friday.
By Boo Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]