SC First Bank Implements Mortgage Loan Cashback... "Supporting People's Finance"

Support Up to 1 Million KRW Per Person

SC First Bank announced that it has started the 'Mortgage Loan Cashback Program,' one of the voluntary programs for livelihood financial support announced by the banking sector in December last year, from the 1st of this month.

SC First Bank operates the cashback program to practically reduce the interest burden on mortgage loan borrowers. It is expected that about 13,000 customers will receive cashback benefits, with a total scale of 13.4 billion KRW.

From the 1st, the program applies to customers who apply for the 'First Home Loan' product based on the 6-month and 1-, 2-, and 3-year benchmark interest rates of financial bonds. It applies to loans with collateral appraisal values of 900 million KRW or less and loan execution amounts of 500 million KRW or less, including equal principal and interest installment repayment and deferred equal principal and interest installment repayment loans.

Applicants must be non-homeowners (including temporary two-homeowners) as of the loan application date, excluding applications made on that date. Loans with reverse lease special conditions and re-loans of the same SC First Bank are excluded.

The cashback is 0.5% of the loan execution amount per person, with a maximum limit of 1 million KRW, and is supported once next year. Customers do not need to apply separately; the cashback will be automatically paid to the SC First Bank deposit and withdrawal account on the 15th of the month following the month when one year has passed since the loan execution date (if it is a holiday, on the next business day).

However, if the cashback limit is exhausted, the program may end early after prior notice. If the loan is delinquent or under caution at the time of cashback eligibility judgment (December 31 of this year), or if the loan balance is less than 10 million KRW, the customer will be excluded from the payment target.