2024.07.16. The Fair Economy — Bankmall, a mortgage loan comparison platform, said on the 16th that its loan comparison service has expanded to non-residential buildings.
According to Bankmall, the expansion allows users to compare loans for non-residential properties such as commercial spaces, land, factories, churches and lodging facilities. This also makes it possible to compare building loans that the platform had not previously handled.
Bankmall has partnered with 225 financial institutions, the most of any loan comparison platform in South Korea, to diversify its product lineup. As part of this effort, it has partnered with the National Federation of Credit Unions since last year to handle housing mortgage loans and jeonse (deposit-based lease) financing products from credit union branches. The company said it has differentiated itself from other platforms by linking non-residential loan products in addition to high-value jeonse financing, which is often difficult for consumers to compare.
Credit unions' non-residential building loans can be applied for at any of the 800 credit union branches nationwide, allowing users to apply at a nearby branch. The company said the loans offer higher limits than bank loans and relatively lower interest rates compared with other financial institutions. For non-residential real estate, loan limits are determined after an appraisal of the collateral's value, and this expansion will make it easier for users to obtain appraisal results. The company also explained that the service now covers special real estate, including loans for churches and lodging facilities.
Bankmall explained that it has built an algorithm for non-residential buildings based on its know-how in developing a precise mortgage algorithm. A company official said they expect users who have no clear place to look for loans to obtain information on various products through this service.
"Bankmall is the first domestic platform to offer loan comparisons for non-residential facilities such as commercial spaces, land, warehouses, factories, churches and lodging facilities," said Choi Seung-il, an executive at Bankmall. "We hope this service takes root well and presents a new vision for the collateralized loan comparison market. We also hope it becomes an opportunity for credit unions nationwide to strengthen their competitiveness in the online market through Bankmall, allowing both parties to develop mutually."
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