Seoul: Household loans by major banks fell again in March amid continued strict regulations, industry data showed on Wednesday. Outstanding household loans from the country's five major banks -- KB Kookmin, Woori, Hana, Shinhan and NH Nonghyup -- stood at 765.73 trillion won (US$501 billion) as of end-March, down 136 billion won from the previous month, according to the data.

According to Yonhap News Agency, the household loans had seen a slight increase in February after experiencing declines in January and December. Specifically, mortgage loans by banks saw a decrease of 387 billion won last month, totaling 610.33 trillion won, which followed a rise of 597 billion won in the previous month.

The government has been active in implementing measures aimed at cooling the overheated housing market and controlling household debt. A comprehensive policy package announced in October included designating 21 additional districts in Seoul as speculative zones, thus bringing all 25 districts in the capital under stricter regulations. Additionally, lending rules were tightened, with the cap on mortgage loans reduced to as little as 200 million won, down from a previous limit of 600 million won set in June.