[Asia Economy Reporter Changhwan Lee] Following Samsung Life Insurance, Samsung Fire & Marine Insurance has also extended the maximum maturity period for mortgage loans to 40 years.
According to the insurance industry on the 28th, Samsung Fire & Marine Insurance extended the maximum maturity period for mortgage loans from 35 years to 40 years starting from the 26th.
Samsung Fire & Marine Insurance is the second company in the secondary financial sector to offer a 40-year maturity mortgage loan product, following Samsung Life Insurance, which launched a related product on the 10th.
Earlier, the five major commercial banks recently extended the maximum maturity period for mortgage loans from the existing 33 to 35 years to 40 years.
As Samsung Life Insurance and Samsung Fire & Marine Insurance, the top companies in the life insurance and non-life insurance industries respectively, have each introduced 40-year maturity loan products, other insurance companies are expected to launch similar maturity products.
When the mortgage loan maturity period is extended, borrowers effectively benefit from an increased loan limit.
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