World Economy

S. Korea Mortgage Lending Soars

S. Korea Mortgage Lending SoarsS. Korea Mortgage Lending Soars

South Korean banks saw their mortgage lending jump by more than 9 trillion won ($8.01 billion) in June from the previous month, data showed Sunday, due to sharply increased housing transactions, NewsNow reported. As of end-June, the nation’s seven major banks, including Kookmin, Shinhan, Woori and Hana, held 321.04 trillion won in outstanding mortgage loans, down from 330.9 trillion won a month earlier, according to the data by the lenders. The actual amount, however, jumped by 9.3 trillion won last month, given the 19.2 trillion won worth of loans that were transferred to the state housing agency under a government-led loan program aimed at easing household debt risk. In May, bank mortgage lending rose by 6.4 trillion won from the previous month.  It marks the first time since 2010 that mortgage loans have increased by more than 6 trillion won for three straight months. The on-month gain is also much bigger than that of the previous two years when the amount was usually less than 3 trillion won.