Real-time tracking from application to disbursement

[Toss Bank]
[Toss Bank]

Toss Bank has launched a home mortgage that accepts not only apartments but also row houses and multi-unit residential buildings as collateral, with the entire process handled online. Customers can apply without visiting a branch for home purchases, loan refinancing, lifestyle funding and jeonse deposit returns.

Toss Bank announced Tuesday it was introducing the mortgage, which covers apartments as well as row houses and multi-unit dwellings nationwide.

Eligible loan purposes include home purchases, refinancing of existing loans, lifestyle funding and jeonse deposit returns. A "repayment-conditional purchase loan" — under which a new loan is issued on the condition that an existing jeonse or mortgage loan is repaid — is also available online. The bank said the expanded collateral types and loan purposes are part of a strategy to broaden customer options in an online mortgage market that has largely centered on apartments.

The starting interest rate is 4.44 percent per annum as of Tuesday. The maximum loan amount is 1 billion won ($756,000) under household lending regulations. However, for home purchases in the Greater Seoul area and regulated zones, the cap is 600 million won, while lifestyle funding is limited to 100 million won. Loan terms run up to 40 years, with borrowers able to choose between equal installment or equal principal repayment methods.

Toss Bank also introduced a feature that lets customers track their application status in real time, from submission through review, contract signing and disbursement. A checklist guides borrowers through what is needed on the settlement date, and a legal agent is automatically assigned.

Document submission works by automatically linking data from public institutions with the customer's consent. Required documents such as sales contracts can be submitted by photographing them with a smartphone.

The bank is also launching a dedicated AI chatbot for mortgage inquiries. The bot provides conversational guidance on loan terms, financial terminology and document preparation, and is available around the clock.

Toss Bank plans to follow the standard mortgage rollout with a phased introduction of policy mortgage products, including the Bogeumjari loan. To prevent review delays and maintain a stable lending environment, the bank said it will flexibly manage the daily volume of applications based on intake conditions.

"We focused on reimagining the complex loan process as something easy and simple on mobile, while at the same time reaching row house and multi-unit homeowners who have often been left out of online procedures," a Toss Bank official said. "Going forward, we will continue to expand our residential finance product lineup, including policy mortgage loans."


forest@heraldcorp.com