Product summary

Product characteristics

Loan products for customers who provide the general real estate excluding housing as collateral.

Contract period

• Within one year of lump sum repayment (including limit transactions) (within three years if long-term funds are needed)
• Within 5 years of installment repayment.

Interest calculation method

• Choose between Fixed or Variable Rate (KORIBOR)
  *(As of Dec 13, 2022, annual unit, loan period of one year, loan amount of 100 million won, maturity date repayment standard)
• Fixed interest rate 5.98% ~ 6.54% per year
  [Standard interest rate (KORIBOR 12 months base 4.61% + additional interest rate (1.57%~1.93%) - reduced interest rate (0~0.2%)]
• Variable interest rate 5.53% ~ 6.10% per year
  [Standard interest rate (KORIBOR 3 months base, 4.02%) + additional interest rate (1.71%~2.08%) - reduced interest rate (0~0.2%)]
• Loan interest rates can partially change depending on market interest rates (KORIBOR, etc.) and loan conditions, period, and amount after the calculation date.
• Add 0.5%p for occasional repayment (minus loan)
• A notation that calculates interest
  (e.g., Calculated on a daily basis with 1 year as 365 days (366 days for leap year).

Precautions

• Loan interest rates can change later depending on market interest rates and loan conditions (period, amount) after the calculation date.
• If the payment of the loan principal and interest is delayed for a certain period of time or the expiration date has elapsed, it may be registered as a credit management target along with the imposition of overdue interest.
• In the case of frequent loans, 0.5% of the applied interest rate is added.

Product benefits and additional services

In case additional benefits are given, conditions and contents are guided.

Loan Information

Loan Limit

Within the scope of (real estate market price X regional security recognition ratio)(MAX 70%)

Loan target

Customers who provide general real estate as collateral.

Security

Method of providing collateral: Establishing the right to collateral security.

Mortgage Offer Feasibility

Repayment method

Expiration lump sum repayment method / principal(interest) equal installment repayment

Early repayment cancellation fee

• Fixed-rate loans: repayment amount × 0.8% × (remaining days ÷ loan days),
• Variable interest rate loans: repayment amount × 0.5% × (remaining days ÷ loan days),
  * If the number of days of loan exceeds 3 years, it is considered 3 years

Additional expenses

• The cost that the customer has to pay for the new loan is as follows.
  • ① Stamp tax: The tax paid at the time of loan agreement pursuant to the "Stamp Tax Act" is applied differently depending on the loan amount, and banks and customers pay 50% each.
    Stamp tax details
  • ② When establishing the right to collateral security: Discount costs related to the purchase of the national housing bonds are borne by the customer. (However, the exact cost is determined on the date of loan execution)
• The cost that the customer has to pay while using the loan is as follows.
  • The cost of reducing the maximum amount of bonds in the right to collateral security is borne by the customer.
• The cost that the customer must pay at the repaying the loan is as follows.
  • The cost of canceling the right to collateral security is borne by the customer.

Necessary documents

• Certificate of all real estate registration matters provided as collateral
• Certificate of right to register
• Security provider’s certificate of seal impression and certificate of principal signature
• Certificates of employment and income
• ID card, etc.

Delayed interest (delay compensation)

The loan interest rate is applied by adding 3% per annum of overdue calculation rate, but the maximum delayed compensation rate is 11% per annum.

Right to request the interest rate cut

Possible

Interest payment (imposition) cycle

Interest is paid every certain cycle (monthly, etc.) by setting the interest payment date.

Precautions

• If the loan is excessive compared to the repayment ability, your personal credit rating may fall.
• A fall in personal credit ratings can lead to disadvantages related to financial transactions.
• If the principal and interest of the loan are overdue for a certain period of time, the obligation to pay all principal and interest may occur.
• Loans may be restricted if the handling of loans is inappropriate (holding arrears, low personal credit ratings, etc.).
• Loan conditions apply differently depending on the collateral and type of collateral, and loans may be restricted if the collateral is inappropriate.
• Please check the product manual and the terms and conditions before signing the contract related to financial products.
• General financial consumers have the right to receive a sufficient explanation from IBK Industrial Bank of Korea pursuant to Article 19 (1) of the Financial Consumer Protection Act. Please understand the explanation before trading.
• IBK Industrial Bank of Korea does not accept money or entertainment. If there are the violation of ethical management or the improvement is necessary, please report it.
  
  Phone: 02-729-7490
  e-Mail: ibkethics@ibk.co.kr