Household loans issued by five major local banks rose by more than 300 billion won this month.

According to sources in the banking industry on Sunday, the combined outstanding loans extended to households by five major lenders – KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup – came to 678-point-57 trillion won as of July 20, up 324-point-six billion won from the end of June.

The figure marks a rise for the third consecutive month since posting the first on-month increase in May in 17 months.

In particular, housing mortgage loans jumped from 938-point-nine billion won to 512-point-33 trillion won during the period.

Given the rate of growth in the five banks' numbers, it is anticipated that in July, the total amount of household loans provided by all banks and financial institutions will climb for the fourth consecutive month.

According to data from the Bank of Korea, household loans from all deposit banks continued to decrease until March this year but posted an on-month increase for the following three months.