The outstanding balance of household loans in all financial sectors rose KRW9.1 trillion (up 5.6% year-on-year) at the end of March 2020.

By types, mortgage loans increased KRW5.2 trillion in March (up 5.5% year-on-year). Regular mortgage loans, jeonse loans and group lending expanded KRW6.3 trillion in the banking sector, while non-banks saw a drop of KRW1 trillion due to the availability of refinancing products with lower interest mortgage loans. Other types of loans rose KRW3.9 trillion (up 5.6% year-on-year) due to a rise in credit lending.

The government will closely monitor trends in household loans as the outstanding balance of household loans by financial institutions is expected to increase in April due to a rising demand for loans amid the COVID-19 pandemic.

* Please refer to the attached PDF for details.