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South Korean Household, Mortgage Loans Increase in Q1

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Newly issued household loans per borrower in South Korea were up by 990,000 won to hit 35.42 million won in the first quarter from the previous quarter, while average mortgage loans increased by 16.53 million won to 229.39 million won, the Bank of Korea said in a Friday release.

Loan growth was particularly notable among borrowers in their 30s, residents of the Seoul metropolitan area, borrowers taking loans from non-bank financial institutions, and mortgage loan holders, the release said.

As of March-end, the average household loan balance per borrower was 97.40 million won, while average mortgage balances rose by 1.79 million won to 160.06 million won in Q1 from the same period last year.

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