Woori Bank Resumes Non-Face-to-Face Mortgage Loans

All Four Major Banks Except Hana Resume Normal Operations
Woori Introduces New Preferential Category for 'Grade 1' Credit Loans

On July 23, Woori Bank resumed sales of non-face-to-face home mortgage loans. With this, all four major banks except Hana Bank have now resumed their non-face-to-face mortgage loan operations.

A Woori Bank official stated on July 23, "We have normalized operations as the IT work required by regulations has been completed."

With Woori Bank resuming applications for non-face-to-face home mortgage loans on this day, major banks such as KB Kookmin Bank (July 11), Shinhan Bank (July 16), and NH Nonghyup Bank (July 18) have all normalized their operations.

The banks have announced that they will make every effort to prevent the so-called "balloon effect," where demand for loans shifts to credit loans or loans for individual business owners, in response to the government's strengthened management policy for home mortgage loans.

In fact, Woori Bank recently introduced a new preferential interest rate category for its major credit loan products, offering a 0.3 percentage point preferential rate exclusively to customers with the highest credit rating (grade 1). Although the maximum preferential rate remains the same as before, since it is now limited to only those with a grade 1 credit rating, this move is seen as encouraging not only soundness but also a reduction in credit loans through an effective interest rate increase.

Woori Bank reduced the preferential rates for other categories, such as credit card issuance and salary transfers, while adding the new category. In particular, for PPL (institutional agreement loans) such as credit loans for employees of high-quality companies and public officials, a uniform interest rate was previously applied to grades 1 to 3; however, now only those with the highest credit rating will receive the preferential rate.