Even after the the 13th measures were announced, the "loan rush" continued. This is because the revised regulations have not yet been applied at frontline banks. The banking sector maintains that it is difficult to immediately change loan restrictions since individual bank quotas have not been allocated and detailed guidelines have not been issued. As a result, consumer inconvenience is expected to persist for some time. Financial authorities plan to begin consultations with financial institutions next week and set new loan targets aligned with the increased quotas.
According to financial sector sources on the 14th, KakaoBank's mortgage loans opened for applications at 6 a.m. as usual and were immediately closed. KakaoBank's daily mortgage loan supply limit remained unchanged from the previous day. The phenomenon of financial consumers competing in an "open rush" from dawn to receive mortgage loans through internet banks repeated again today.
Previously, financial authorities announced yesterday that they would double this year's household loan total growth rate from 1.5% to 3%. Accordingly, the additional capacity for household loan supply across all financial institutions will increase by approximately 30 trillion won.
However, the banking sector finds it difficult to reflect this immediately on the ground. Not only KakaoBank but also commercial banks are unable to apply the changed policies at the frontline. The banking sector maintains that it is difficult to proactively relax restrictions on group loans directly linked to housing supply—such as balance loans, relocation expense loans, and interim payment loans—until clear guidelines from authorities are issued.
A representative of a commercial bank stated, "It is still premature. Individual banks cannot formulate policies before government authorities issue detailed guidelines. If banks move rashly without various detailed plans being released, they would have to fully bear the risks themselves. It is not easy for banks to immediately change their household credit policies."
The Financial Services Commission convened an expanded household debt review meeting this morning by summoning heads of major banks, the Korea Banks Association, and presidents of five associations including life and non-life insurance companies, savings banks, and consumer finance associations. However, no additional practical detailed plans were conveyed at this meeting either.
A banking sector representative said, "This was a session to build consensus only on the overall direction; no specific details were discussed. Typically, after the Financial Services Commission announces measures, it takes 1–2 weeks for the Financial Supervisory Service to assign detailed limits per bank. Since August has already passed this time, there is also a possibility that they will deliver quickly without complex calculations."
However, confusion is inevitable until individual bank-specific limits are finalized. From the perspective of financial consumers who have become aware of the authorities' announcement, frustration over having to continue participating in "open rushes" is bound to accumulate.
KB Kookmin Bank announced on the 7th that it would allocate a 100 billion won limit for balance loans on DH Bangbae apartments in Seocho-gu, Seoul, but has not yet begun supply as of recently. This is because it has not decided whether to use appraisal values or sales prices as the loan standard price. Although KB Kookmin Bank originally planned to start supplying balance loans from this week, applications began starting from this morning, revealing a time lag between policy announcements and their actual implementation on the ground.
KB Kookmin Bank had reduced its maximum limit for home purchase loans from 0.6 billion won to 0.3 billion won since the 10th last month, while Woori Bank lowered its monthly housing-related loan limits per branch from 3 billion won to 1 billion won starting the 16th. These measures are expected to remain in place for the foreseeable future.
A banking sector representative stated, "Although authorities have provided guidelines on a broad framework, since total quantity regulation itself has not been eliminated, we must proceed cautiously."
in FINANCE
