Industrial Bank of Korea

IBK, your financial partner
for a better future.

IBK Mortgage Loan

Product Overview
Product Features
  • It is an "IBK Representative Mortgage Loan" product that allows the customer to freely choose the lending rate, the loan period, the repayment method, and the repayment cycle according to the customer's financial plan or life cycle.
  • Early repayment charge reduction is possible for early repayment within 10% of the remaining amount at the end of the previous year (initial loan amount for the loan receiving year) each year ( Jan. 1 - Dec. 31)
Contract Period
  • Bullet repayment loan: Within 5 years
  • Principal (and interest) equal-installment repayment: Within maximum 35 years
Interest Calculation Method
Choice of fixed rate, variable rate (KORIBOR, COFIX), or mixed rate
(As of September 23rd, 2020, based on annual units, loan period 35 years, loan amount 200 million won, amortization, housing purchase amount0
Mixed interest rate (5-year fixed rate / afterward variable rate)
Minimum annual 2.91% ~ Maximum annual 3.31%
[Base interest rate (1.46% based on 5-year AAA market valuation standard rate of return) + additional interest rate (1.85%)-Reduction rate (0%~0.4%)]
Variable rate
Minimum annual 2.81% ~ Maximum annual 3.01%
[Base interest rate (1.04% based on new balance of COFIX June) + Additional interest rate (1.97%)-Reduction interest rate (0~0.2%)]
One year is deemed 365 days (a leap year is 366 days) and calculated in daily increments
  • Your credit score and IBK screening criteria will determine loan possibility and limit.
  • If the payment of the loan principal is delayed for a certain period of time or the expiration date has elapsed, you can be listed as subject to credit management subject with interest accrued.
Product Benefits and Additional Service
The early repayment charge can be reduced for early repayment within 10% of the initial loan amount each year.
Loan Information
Loan Limit
Up to 40% to 70% of the value of the mortgage (regional differences)
Loan Subject
Individuals who want to provide a full mortgage for the house (including neighborhood homes) or purchase (including auction funds)

Mortgage Offer Method: Establishment of the right to mortgage security

Repayment Method
Bullet repayment method / Principal (and interest) equal installment repayment / Partial equal-installment repayment
Early Repayment Charge
  • Fixed interest rate loan: repayment amount x 1.2% x [(3 years - number of loan duration days) / 3 years], full exemption after 3 years of initiating loan
  • Variable interest rate loan: repayment amount x 0.9% x [(3 years - number of loan duration days / 3 years], full exemption after 3 years of initiating loan
Additional Costs
  • The following are the costs borne by the customer when handling new loans.
    • ① Stamp Duty: According to the "Stamp Act", as tax paid at loan agreement, tax will be applied differently according to the amount of the loan, and the bank and the customer will pay 50% each.
    • ② When establishing the right to mortgage security: The customer will be responsible for the discounted cost related to the purchase of the national housing bond. (However, the exact cost will be confirmed on the date of initiation of the loan)
    • ③ The premium is paid by the bank (when using Seoul Guarantee Insurance (MCI)).
  • The following are the costs borne by the customer while using the loan.
    • The customer is responsible for the reduction cost of the maximum bond amount of mortgage security.
  • The following are the costs borne by the customer when repaying the loan.
    • The customer is responsible for the cancellation cost of mortgage security.
Required Documents
  • Mortgage offer real estate certified copy of the registry
  • Sale contract or registration certificate
  • Seal certificate and seal stamp
  • Documentation of employment and income
  • Identification card, resident registration copy, etc.
  • Other required documents: Building management register, land use plan confirmation, land register, etc.
Additional Information Items
Loan repayment is possible on holidays (Starting January 1, 2019)
*However, letters of guarantee (MCI, MCG, etc.) loan repayment is not possible on holidays.
Overdue Interest
An overdue interest of 3% per annum is added and applied to the loan interest rate, but the maximum delay compensation rate is 11%.
  • Your credit score and IBK screening criteria will determine loan possibility and limit.
  • Loans may be restricted for customers who are subject to credit information management by financial institutions and those who are not qualified for loans from IBK.
  • For more details, please contact the IBK Customer Center at 1588-2588 or the nearest IBK branch.
  • Depending on the amount and type of the product, additional costs may arise.
  • The above information is subject to change without prior notice, and in accordance with the IBK credit regulations and related laws, loan may be refused to those who are specified as subject to credit management of a financial institution or delinquent. Overdue interest will be added if the loan principal payment is delayed or the principal is not repaid by the due date.
  • For more information on individual products, please contact a bank branch or the IBK Customer Center (1588-2566).
  • In the event of any disputes relating to banking transactions, you can request resolution at the dispute settlement organization of IBK or apply for dispute mediation through the Financial Disputes Mediation Committee, etc.
    (Financial Supervisory Service: 1332 without area code, IBK: 080-800-0119)
  • IBK does not accept money, valuables or entertainment. Please report any violation of ethical management or improvement that is needed.

    Phone: 02-729-7490

Law-abiding monitor review passed:
Expiration Date:
2020.11.05 - 2021.11.04
2020.11.05 Current Standard