Waiver Period Extended by Six Months, Announced on June 29
214.6 Billion Won in Early Repayment Penalties Waived to Date
“More Benefits and Advantages for Customers”
The early repayment penalty for KakaoBank’s mortgage loans will be fully waived until the end of this year.
On June 29, KakaoBank announced that it will extend the waiver period for early repayment penalties on mortgage loans by an additional six months.
An early repayment penalty is a fee charged when a customer repays a loan before its maturity date. Since launching its mortgage loan product in 2022, KakaoBank has waived all early repayment fees for all early settlements. Since its establishment in 2017, the company has waived a total of 214.6 billion won in early repayment penalties as of the first quarter of this year.
In addition, KakaoBank has been fully waiving fees for using convenience store and bank ATMs nationwide. Through this, the company reduced customers’ cumulative financial costs by about 456.2 billion won as of the first quarter of this year.
In 2019, KakaoBank introduced a non-face-to-face interest rate reduction request service, allowing customers to apply, submit documents, and check results all within the application. As of the first quarter of this year, customers have saved a total of 57.1 billion won in interest expenses through this service.
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A KakaoBank representative stated, “We aimed to reduce customers’ financial burdens by offering fee waivers and interest rate reductions,” adding, “We will continue to offer more benefits and advantages to our customers and put inclusive finance into practice.”
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