|
Adding to the financial burden of many homeowners, the fixed interest rate on home equity loans has risen to 9.1 percent, the highest in six months, and interest on adjustable rate home equity loans, which is updated every three months, to 7.8 percent, the highest in five months.
Shinhan BankĄ¯s three-year fixed interest rate for home equity loans rose to 7.73-9.13 percent as of Sunday, up 0.07 percentage points. Hana BankĄ¯s home equity loan interest rate rose to between 8.36 and 9.06 percent, up 0.01 percentage points.
Adjustable rate equity loans, which take up over 90 percent of total loans on homes, are also rising sharply. Kookmin BankĄ¯s new adjustable rate, which goes into effect from Monday, is between 6.2 and 7.7 percent, up 0.06 percentage points from last week. Shinhan BankĄ¯s adjustable rate increased to 7.8 percent.
The rise is believed to stem from a rapid increase in certificate of deposit and financial bonds rates as there is speculation that the Bank of Korea will raise interest rates with consumer prices continuing unstable.
(englishnews@chosun.com )
|
