[Asia Economy Reporter Minwoo Lee] Shinhan Bank is offering a service that extends the loan period by 5 years while keeping the customer's mortgage loan interest rate unchanged in a non-face-to-face manner.
Shinhan Bank announced on the 22nd that it will expand the mortgage loan extension process to non-face-to-face channels. The purpose is to help ease the principal and interest burden on financial consumers during the period of rising interest rates.
Accordingly, customers with mortgage loans can extend their loan period by 5 years at the existing interest rate with a simple input on the Shinhan 'SOL' application (app). For example, a customer with a 15-year mortgage loan period can extend it to 20 years, a 30-year customer to 35 years, and a 35-year customer to 40 years, all with the existing interest rate unchanged and only the period extended by 5 years.
After logging into the Shinhan 'SOL' app, proceed through the bottom right full menu by selecting Manage → Loan → Maturity Extension (Mortgage Loan). However, for group loans or jointly named mortgage loans, applications must be made by visiting a branch.
A Shinhan Bank official said, "Typically, when the loan period is extended, the loan interest rate increases, but we decided to maintain the existing interest rate conditions to reduce the burden on mortgage loan customers," adding, "We will continue to expand inclusive financial support to ensure housing stability and ease financial cost burdens for financial consumers."
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