Shinhan Bank Supports 5,900 Mortgage Customers with Interest Deferral and Extension

Total Support Amount 870 Billion Won... "Fruits of Win-Win Finance"

Shinhan Bank has provided financial support such as interest deferral and maturity extension to approximately 5,900 customers holding mortgage loans.

On the 28th, Shinhan Bank announced that as of the 24th, it had provided about 870 billion KRW in financial support to around 5,900 customers through its mortgage loan interest deferral program and maturity extension process.

Shinhan Bank's mortgage loan interest deferral program targets customers with principal installment mortgage loans of 100 million KRW or more whose loan interest rates have increased by 0.5 percentage points or more compared to the end of December 2021. Since its implementation in December last year, about 1,200 customers have applied for interest deferral over approximately four months, with loan amounts reaching about 270 billion KRW.

The mortgage loan maturity extension process, established in May last year, allows customers to extend the mortgage loan period up to a maximum of 40 years while maintaining existing interest rate conditions. As of the 24th, about 4,700 customers have benefited from maturity extensions, with loan amounts totaling approximately 600 billion KRW.

A Shinhan Bank official stated, "We proactively implemented financial support programs to assist customers struggling with interest burdens during the high-interest period, achieving the fruits of win-win finance efforts," and added, "We will continue to sincerely pursue various financial supports to minimize customers' burdens."

Meanwhile, on the 24th, Shinhan Bank announced a comprehensive support package worth 162.3 billion KRW for expanding win-win finance, including interest rate reductions for individual customers and financial support for small business and SME customers.

Accordingly, Shinhan Bank will reduce interest rates for new, refinancing, and deferred household loans as follows: ▲ mortgage loans (new and refinancing) by 0.4 percentage points ▲ jeonse deposit loans (new, refinancing, and deferred) by 0.3 percentage points ▲ general unsecured loans (new, refinancing, and deferred) by 0.4 percentage points ▲ Saehopeum Holssi loans (new) by 1.5 percentage points.

Additionally, for small business and SME customers who used COVID-19 secondary guarantee loans, Shinhan Bank will extend the secondary guarantee period on its own for loans where interest rates are inevitably increasing due to the end of the guarantee period, thereby reducing interest costs.

Furthermore, the bank plans to provide practical financial support by subsidizing insurance premiums for small business and SME customers using the Credit Guarantee Fund’s accounts receivable insurance local government agreement products, helping reduce financial costs for small businesses.