iM Bank Waives Prepayment Fees on 3 Mortgage Products Until Year-End

iM Bank (President Hwang Byung-woo of iM Bank) will temporarily waive the full prepayment penalty on major mortgage loan products for two months from the 1st to December 31st.

There are three products eligible for the prepayment penalty waiver: for face-to-face products, ‘HYBRID Mortgage Loan (3-year fixed or 5-year fixed)’, ‘Long-term Mortgage Loan (6-month variable or 5-year variable)’, and for non-face-to-face products, ‘iM Mortgage Loan (5-year fixed or 6-month variable)’.

iM Bank Headquarters

The prepayment penalty is a fee incurred when an existing loan is repaid early before the maturity date, with rates ranging from 1.3% to 1.5% depending on the mortgage loan product.

This prepayment penalty waiver will be automatically applied when repayment is made either by visiting a branch in person or through the iM Bank app, but prepayment penalties for loans such as the Housing and Urban Fund’s Didimdol and Beotimok loans, and Korea Housing Finance Corporation products are not waived.

An iM Bank official stated, “We have decided to temporarily waive the prepayment penalty on mortgage loans until the end of the year to ease customers’ financial burdens, and with the transition to commercial banks, we will further consider customer convenience and fulfill the social responsibilities of financial institutions.”