KB Financial Group's (KRX:105560) KB Kookmin Bank will suspend new household loans for home purchases for the remainder of this year as authorities work to ease the overheated property market and rein in household debt, Yonhap News reported Friday.
Applications for new mortgage loans will be halted from Saturday, Nov. 22, for online and mobile channels and from Monday, Nov. 24, for in-person visits, the report said.
The bank will also stop refinancing of mortgages, jeonse, and unsecured loans from other banks, as well as non-face-to-face unsecured loan products. However, mortgages for essential living needs and jeonse loans already scheduled for execution this year will be available, it said.
Shares of KB Financial Group fell nearly 1% in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)