New Sae Himang Holssi Loan Interest Rate Reduced by 1%p
Age 20-39 'First-Time Home Buyers' Receive 0.3%p MyShinhan Point Reward
[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 1st that it will additionally implement financial support policies, including lowering loan product interest rates, to alleviate the financial burden on vulnerable borrowers struggling with the triple crisis of high interest rates, high inflation, and high exchange rates.
This financial support consists of ▲ lowering interest rates on unsecured loans ▲ support for mortgage loan interest rates. First, to reduce the financial burden on low-credit and low-income vulnerable borrowers, Shinhan Bank will lower the new interest rate on the policy-based low-income financial product Saehee Hope Holssi Loan by 1 percentage point starting today. Since November last year, Shinhan Bank has been supporting vulnerable borrowers by providing a group insurance product free of charge that repays the loan in case customers who received the Saehee Hope Holssi Loan face unexpected difficulties in repayment during the loan period.
Shinhan Bank will also provide a 0.3 percentage point rebate in My Shinhan Points on the loan amount to young customers who have executed their first-ever home purchase loan to ensure a practical interest rate reduction effect. The My Shinhan Points payment target is borrowers aged 20 to 39 who have newly executed a mortgage loan while purchasing a home for the first time in their life and have maintained the loan account for more than one year. Shinhan Bank plans to support a total limit of 7.5 trillion KRW over five years, with 1.5 trillion KRW annually based on the loan amount handled. Points will also be retroactively paid to customers who already took out loans in January.
A Shinhan Bank official said, "During last year's interest rate hike period, we proactively implemented vulnerable borrower support policies amounting to about 2.8 trillion KRW for approximately 96,000 customers, helping many vulnerable borrowers alleviate their financial burdens," and added, "This year, we will continue to actively seek and implement various measures to minimize the financial burden for even more customers."
Meanwhile, the outstanding balance of applications for the 'Mortgage Loan Interest Deferral Service' implemented by Shinhan Bank in December last year has exceeded 180 billion KRW. The Mortgage Loan Interest Deferral Service is a service that defers interest for up to one year by the amount of the base interest rate increase, up to a maximum of 2.0 percentage points, to ease the interest burden on mortgage loan holders amid continuous interest rate hikes. Deferred interest can be paid in installments over 36 months after the deferral period (up to one year), and no separate interest is charged on the deferred interest.
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