Launching Judamdae with 40-year maturity, busy attracting loan customers
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Insurance companies have extended the maturities of home mortgage loans and started to catch up with demand. Insurance companies also extended the maturity of loans to 40 years in preparation for a surge in demand for loans to banks. In particular, insurance companies are easing the maximum limit on credit loans and are starting to attract loan customers in earnest.
According to the insurance industry, some insurance companies, including Samsung Life Insurance, Samsung Fire & Marine Insurance, and KB Insurance, introduced 40-year-term insurance products last month, and other insurance companies are also planning to launch related products.
Last month, five major banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup Bank, increased the maturity of their main loans from the maximum of 33 to 35 years to 40 years, which is interpreted as a measure by insurance companies to bring back demand for loans.
In addition, the reason that insurance companies are starting to catch up with major loan customers is that DSR (Total Debt Principal Repayment Ratio) regulations will be strengthened from the 1st of next month. From July 1st, borrowers whose total loan amount exceeds 100 million won will be subject to the 3rd level of DSR. In the past, if the total loan amount exceeded 200 million won, the annual principal and interest repayment could not exceed 40% of the annual income.
However, insurance companies have more room in the DSR regulation rate than banks (40%). Currently, the average interest rate for insurance companies is in the 5-7% range, which is not much different from that of banks. However, in the competition for loan limit, insurance companies may have an advantage over banks. It is interpreted that insurance companies are competitively launching 40-year loan maturities to catch loan customers.
Meanwhile, from July 1, major banks and some insurance companies will abolish the rules that limit the maximum credit loan limit to the borrower’s ‘within the annual salary’.
From next month, KB Kookmin Bank will provide credit loans up to twice the maximum annual salary after comprehensively judging credit rating and income, and NH Nonghyup Bank will change the personal credit loan limit from 10-100% to 30-270%. do.
Shinhan, Woori, and Hana Bank are also preparing to ease regulations on annual income related to credit loans. In line with the lifting of regulations from the financial authorities next month, insurance companies are also returning their credit loan limits to the level they were in 2019, before household loans actually deepened.
By Kim Jeong-hoon, staff reporter [email protected]