Mortgage loans from insurance companies that are cheaper than banks... The lowest interest rate is 2.03%.
According to the October loan announcement of the Life Insurance Association on the 22nd, the lowest interest rate (fixed or variable) of each life insurance company's amortization-type apartment-secured loan products was in the range of 2.43 to 3.08 percent.
The interest rates on apartment mortgage loans announced by each life insurance company are ▲ Samsung Life 2.43~5.01% ▲ Shinhan Life 2.56~3.76% ▲ Kyobo Life 2.60~3.63% ▲ Fubon Hyundai Life 2.59~5.38% ▲ Hanwha Life 2.70~3.80%.
The lowest interest rate (fixed and variable) for apartment-secured loans in the non-life insurance industry was found to be 2.03 to 2.91%.
Each non-life insurance company disclosed interest rates as ▲ Samsung Fire & Marine Insurance 2.03~4.79% ▲ KB Insurance 2.5~4.93% ▲ Hyundai Marine & Marine Insurance 2.59~4.39% ▲ Nonghyup Non-Life Insurance 2.91~4.12%.
In general, there is a perception that the interest rate of insurance companies is higher than that of commercial banks, but this year, the interest rates on home equity loans from insurance companies have continued to decrease, and the lowest interest rate has fallen to a level similar to that of banks.
If you meet preferential conditions, such as maintaining an insurance contract, you can get a mortgage loan at a lower level than a bank.
Samsung F&M's lowest interest rate for variable rate products is 2.03%, and the fixed rate has also been lowered to 2.37%.
The lowest interest rate for new home mortgage loans from the five major commercial banks since the 16th of this month is 2.31 to 2.73%, and the lowest interest rate until the 15th of this month was 2.23 to 2.64%.
In some cases, insurance companies belonging to the same financial holding company offer lower interest rates than banks.
Shinhan Life Insurance's lowest interest rate (floating interest rate) for this month's apartment mortgage loan is 2.56%, but Shinhan Bank's new lowest interest rate (variable rate) since the 16th of this month is 2.72%.
Last month, some Shinhan Life Insurance customers received loans at a rate of 2.38%. In the same month, Shinhan Bank's lowest interest rate was 2.64%.
As such, the interest rate competitiveness of insurance companies' housing mortgage loans has been highlighted, and the balance of bonds has increased significantly.
As of the end of June this year, the balance of home equity loans from insurance companies stood at 44.8 trillion won, an increase of 700 billion won in the first quarter. Even with the same insurance company's loan products, the balance of contract loans, which lacked competitiveness in interest rates, decreased by 1.9 trillion won in the second quarter.
In addition, insurance companies' mortgage loans are subject to a total debt-to-income ratio (DSR) of 60%, which is 20 percentage points higher than that of banks.
You can get a mortgage loan from an insurance company even if you don't have insurance, but if you have insurance, a preferential interest rate is applied.
An insurance industry official said, "The insurance industry is dealing with a variety of products to make profits in an ultra-low interest rate environment, and mortgage loans are one of them."