Busan Bank Also Starts Selling 50-Year Maturity Mortgage Loans

BNK Busan Bank announced on the 11th that it has extended the repayment period of its mortgage loan products, '357 Interest Rate Safe Mortgage Loan (Hybrid Interest Rate)' and 'Happy Sketch Mortgage Loan (Variable Interest Rate),' to a maximum of 50 years.

The 50-year maturity mortgage loan is offered to individual customers aged 39 or younger, or newlyweds within 7 years of their marriage registration date. With the loan period extended from the previous 40 years to up to 50 years, customers will experience a reduced monthly principal and interest repayment burden.

Busan Bank has also expanded customer options by adding a 60-month interest rate adjustment cycle to the existing 3-month, 6-month, and 12-month cycles for the Happy Sketch Mortgage Loan. The 50-year maturity mortgage loan is available not only at all Busan Bank branches but also through the 'ONE Apartment Mortgage Loan' service within the mobile banking application.

Lee Su-chan, Head of the Credit Sales Division, stated, “As the high interest rate trend continues, we have extended the mortgage loan maturity to ease the financial burden on younger generations and newlyweds. Going forward, Busan Bank will continue to provide customer-centered financial services that meet the demands of the times.”