Household debt in Korea jumped by nearly five trillion won in October, more than four times the rise seen in September, according to data from the Bank of Korea and the Financial Services Commission.

Bank loans to households rose by three-point-five trillion won to one-thousand-173 trillion won, driven by a two-point-one-trillion-won increase in home-backed mortgages and a one-point-four-trillion-won surge in other loans such as credit lending.

Financial regulators said the overall household debt balance across all financial institutions climbed by four-point-eight trillion won, with secondary lenders reversing their previous month’s decline.

Officials attributed the increase to brisk housing transactions before new property loan restrictions took effect on October 15th, as well as stronger demand for stock-related credit loans during the holiday period.

The central bank warned that mortgage growth could continue into November given lingering property purchases, though it cautioned that some uncertainty remains for investment-related loans.

Corporate borrowing also expanded by five-point-nine trillion won in October, while deposits fell by 22-point-nine trillion won as firms withdrew funds for value-added tax payments and balance sheet adjustments.