Starting July 10, KB Kookmin Bank will reduce the maximum limit for mortgage loans in the Seoul metropolitan area and regulated regions from the current 600 million won to 300 million won.

A maximum limit of 300 million won will also be applied to mortgage loans in non-regulated regions, and this measure will remain in effect until further notice.

However, collective loans such as those for relocation, interim payments, and balance payments, as well as government fund loans, Bogeumjari loans, and loans for victims of jeonse fraud to purchase homes or acquire properties through auctions, are excluded from this limit restriction.

Furthermore, KB Kookmin Bank refinancing loans and re-loans without an increase in the loan amount, as well as debt assumption due to inheritance, will also be exceptionally exempt from the limit restrictions.

For mortgage loans on homes exceeding 2.5 billion won in purchase price within the Seoul metropolitan area and regulated regions, a maximum limit of 200 million won will continue to be applied according to existing standards.

(Photo: Yonhap News)