Household loans increased in the third quarter by a bigger margin than the previous three-month period after home-backed mortgages rose by a record amount due to tightened lending criteria and high rates.

According to data from the Bank of Korea(BOK) on Tuesday, household loans amounted to one-thousand-796 trillion won, or around one-point-three trillion U.S. dollars, in the July-to-September period, up 16 trillion won from the second quarter.

The on-quarter expansion, which stood at two-point-five trillion won in the fourth quarter last year, had slowed to 800 billion won in the first quarter this year before surging to 13-point-three trillion won in the April-to-June period.

Home-backed mortgages led the gains, jumping 19-point-four trillion won on-quarter amid increased housing transaction activity in the capital area.

Mortgage loans from savings banks increased by a record high of 22-point-two trillion won during the third quarter.