From September 2021, the negative bankbooks of major banks and the limit of credit loans for employees, which were tied to the limit of 50 million won, will be raised at the same time.
Last year, major banks in the market drastically reduced negative loans due to pressure from financial authorities to regulate loans. However, banks, which are regulating loans, are releasing credit loans such as negative bankbooks after lending to Jeonse funds.
Scroll down to learn about your bank’s negative account limits and increments.
<Table of Contents>
1. What is a negative bank account?
2. Increase the limit for each bank with a negative passbook
3. Non-face-to-face application for new loan
4. Increase in the limit of jeonse loan
5. Deregulation of various loan regulations
1. What is a negative bank account?
A negative passbook is a passbook with a minus function added to a commonly used savings passbook.
For example, assuming that the negative account limit is 10 million won and the current negative account balance is 1 million won, a total of 11 million won can be used.
negative passbook
negative passbook
negative passbook
2. Increase the limit for each bank with a negative passbook
Our bank
▶ Woori Bank website (👉Go to link) 마이너스통장 한도 증액
From April 4th (Mon), the limit on bankbook loans for credit loan products from 50 million won will be increased to 80 million won to 300 million won. It is the first year and two months since January, when the limit of all negative bankbooks was lowered to 50 million won in January 2021. 좋은뉴스
In addition, Woori Bank plans to increase the limit of ‘loan for office workers who want to work’, a representative credit loan product, from the current 100 million won to 200 million won from April 4 (Mon).
Kookmin bank
▶Kookmin Bank website (👉Go to link)
We plan to raise the negative account limit for products for general office workers to 100 million won and to raise the negative account limit for professional products to 150 million won.
From March 7 (Mon), KB Kookmin Bank will increase the limit of credit loan (minus passbook) products with a limit transaction method up to 150 million won for professional workers (KB Doctor Loan, KB Loan Loan, Ace Professional Unguaranteed Loan, etc.) The maximum limit for employee reassurance credit loans, KB salary transfer credit loans, and group credit loans approved by the headquarters) has been increased to 100 million won.
Hana Bank
▶ Hana Bank website (👉Go to link)
At the end of January of this year, the loan limit for ‘Hana OneQ Credit Loan Account’ was raised from 50 million won to 150 million won. The negative account limit for the eight major credit loan products has been adjusted to the level before August last year.
Shinhan Bank
▶ Shinhan Bank website (👉Go to)
We plan to restore the negative account and general credit limit at the end of March or early April at the earliest.
Currently, Shinhan Bank’s negative account limit is 50 million won, and regardless of credit rating, ordinary office workers cannot receive more than 150 million won in credit loans.
Nonghyup Bank
▶ Nonghyup Bank website (👉Go to link)
In January and February, the credit limit was raised to a maximum of KRW 250 million.
negative passbook
negative passbook
negative passbook
3. Non-face-to-face application for new loan
Restrictions on non-face-to-face applications such as mortgage loans, high-value credit loans, and loans for single-family homeowners will also disappear.
Kookmin Bank announced that from March 28 (Mon), non-face-to-face applications will be allowed only for conditional loans that can be converted into Kookmin Bank loan products from other banks’ home mortgage loans.
Woori Bank is also said to be lifting the ‘100 million won combined credit loan limit for party and other banks’ applied to new non-face-to-face loans such as apps from April 4 (Mon).
negative passbook
negative passbook
negative passbook
4. Increase in the limit of jeonse loan
Recently, the five major commercial banks have increased the loan limit for Jeonse funds, which was only provided by the increase in the Jeonse price, to ‘80% of the rental deposit’ when renewing the Jeonse contract, and extended the loan application period.
Banks are expected to lower their lending thresholds for the time being. When LTV and DSR regulations are relaxed, loan demand is expected to rise again.
negative passbook
negative passbook
negative passbook
5. Deregulation of various loan regulations
In 2021, various lending regulations of commercial banks, which were implemented with the strengthening of household debt management by the financial authorities, have begun to be loosened in earnest.
Most of the regulations, such as limiting the negative account limit to KRW 50 million and limiting credit loans within the range of annual income, were returned to before the measures to strengthen household debt management were implemented.
However, although household loans are on the decline, some are pointing out that household debt could surge again if the new government’s easing of loan regulations and banks’ lending thresholds are lowered.