BNK Busan Bank Lowers Interest Rates on Housing-Related Loans by up to 1.30%p

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] BNK Busan Bank is implementing a restructuring of housing-related loan interest rates and the ‘2023 Housing-Related Loan Special Sale’ to alleviate customers' financial burdens following the Bank of Korea’s base rate hike.

First, through the interest rate restructuring, the interest rates on jeonse deposit loan products will be reduced by up to ▲0.80%p for BNK Happiness Sketch Jeonse Deposit Loan ▲0.60%p for BNK Jeonse Safety Loan ▲0.40%p for BNK Premium Jeonse Deposit Loan.

They also plan to implement the ‘2023 Housing-Related Loan Special Sale’ with a total limit of 600 billion KRW. For mixed fixed-rate mortgage loans and jeonse deposit loan products with a DSR of 40% or less, an additional 0.50%p discount will be applied on top of the restructured interest rates.

With the interest rate restructuring and special sale, as of February 6, 2023, the BNK357 Interest Rate Safety Mortgage Loan (3-year mixed fixed rate) can be applied at a minimum annual rate of 4.16%, and the BNK Happiness Sketch Jeonse Deposit Loan at a minimum annual rate of 4.80%.

Busan Bank Headquarters.

In addition, customers who apply for the ‘ONE Apartment Mortgage Loan’ via Busan Bank’s mobile banking will receive an additional 0.2%p interest rate discount.

Lee Soo-chan, Head of Credit Sales at Busan Bank, said, “As the market base interest rate continues to rise, we have significantly lowered housing-related loan interest rates to reduce customers’ principal and interest repayment burdens. We will continue to explore ways to ease customers’ financial burdens.”

Launched in September last year, Busan Bank’s mobile banking ‘ONE Apartment Mortgage Loan’ has expanded its application areas from Seoul and major metropolitan cities to Gyeonggi-do, Incheon, and Sejong.