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South Korea's household loans extended by banks rose 9.4 percent in July from a year earlier due to increased mortgages, central bank data showed Wednesday.
Outstanding household loans from lenders came to 737.7 trillion won ($650 billion) as of the end of last month, compared with 673.7 trillion won from a year earlier, according to the data from the Bank of Korea.
Compared with June, the amount rose by 6.7 trillion won.
Outstanding household loans from lenders came to 737.7 trillion won ($650 billion) as of the end of last month, compared with 673.7 trillion won from a year earlier, according to the data from the Bank of Korea.
Compared with June, the amount rose by 6.7 trillion won.
Mortgages climbed 4.8 trillion won on-month to 554.6 trillion won in July due to a steady rise in demand for collective loans and brisk home sales, the BOK said. Collective loans are often associated with the reconstruction projects involving old apartments.
As of end-March, South Korea's overall household debt came to a record high of 1,360 trillion won, up 11.1 percent from 1,224 trillion won a year earlier.
In July, banks' outstanding corporate loans came to 771 trillion won, up 7.1 trillion won from the previous month. (Yonhap)
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