NH Nonghyup Bank Introduces 'NH Inclusive Finance Special Preferential Rate'... "Lower Interest Burden"

Up to 0.3 Percentage Point Preferential Rate
on Mortgage and Jeonse Loans
Immediately After Cost Adjustment

NH Nonghyup Bank is introducing a preferential interest rate of up to 0.3 percentage points to help ease the burden of housing costs for the public.

Starting January 22, the bank will implement the "NH Inclusive Finance Special Preferential Rate" for all mortgage loans and jeonse loans funded by the bank. NH Nonghyup Bank also plans to apply a preferential rate of up to 0.2 percentage points to major loan products for individual business owners.

Prior to this, beginning January 17, the bank will raise the cost components of its lending rates, taking into account increased expenses such as funding, operations, and credit risk. Each year, banks adjust these cost components to reflect various expenses, and typically, raising them leads to higher interest rates. However, the bank explained that by introducing the special preferential rate immediately after the cost adjustment, customer benefits will actually increase.

A representative from NH Nonghyup Bank stated, "The preferential rate for inclusive finance is higher than the increase in interest rates resulting from the cost adjustment," adding, "The bank will absorb more than the increased costs, so the financial burden on customers will be further reduced."