The outstanding balance of household loans fell KRW0.7 trillion across all financial sectors at the end of January 2022 (up 6.3% y-o-y), showing a continued slowdown in the growth rate. The household loan balance dropped KRW0.4 trillion in the banking sector and KRW0.3 trillion in the nonbanking sector.

All financial sectors (y-o-y): +9.2% (Sep 2021) → +8.6% (Oct) → +7.7% (Nov) → +7.1% (Dec) → +6.3% (Jan 2022)

By type, mortgage loans rose KRW2.9 trillion in January, rising slightly more than the previous month (up KRW2.6 trillion) but staying at a stable level. Other types of loans including credit loans fell KRW3.6 trillion, showing a steady decline from the previous month (down KRW2.4 trillion), due to seasonal factors and the expanded application of the debt service ratio (DSR) rules on individual borrowers.