The outstanding balance of household loans across all financial sectors fell KRW3.6 trillion at the end of March 2022, continuing to show a steady decline as the pace of slowdown has picked up compared to the previous month (down KRW0.3 trillion). The balance of household loans in March grew 4.7 percent from a year ago, steadily declining from the second half of the previous year.

By type, mortgage-backed loans in March increased KRW3.0 trillion, growing at a slightly faster rate compared to the previous month (up KRW2.6 trillion) but continuing to maintain the pace of a slowdown since the second half of the previous year. Other types of loans including unsecured loans fell KRW6.6 trillion led by the banking and mutual finance sectors, showing an accelerated pace of slowdown from the end of the previous year.

By sector, the balance of household loans dropped KRW1.0 trillion in the banking sector as mortgage-backed loans went up KRW2.1 trillion but other types of loans including credit-based loans fell KRW3.1 trillion. The nonbank sector saw a drop of KRW2.6 trillion, showing an accelerated rate of slowdown compared to the previous month (down KRW0.1 trillion) led by the mutual finance sectors.

* Please refer to the attached PDF for details.