South Korea's household debts extended by depository corporations grew at a faster pace in August due to rising demand for home-backed loans and credit loans, data by the central bank showed Tuesday.

Debts owed by households to depository corporations, including banks and non-bank depository institutions, reached 649.8 trillion won ($584.88 billion) as of the end of August, up 2.3 trillion won from a month before, according to the Bank of Korea ( BOK).

The August growth was faster than an expansion of 1.7 trillion won in July as households increased mortgage loans and credit loans that increased 1 trillion won and 1.3 trillion won each in August.

Despite the faster on-month growth, household debts continued to rise at a slower pace for 12 straight months in August on an on-year basis, the BOK said.

Household loans extended by banks advanced 1.5 trillion won on-month to 460.1 trillion won in August. Housing-related loans, including mortgage loans, grew 0.7 trillion won in August, larger than a 0.3 trillion won expansion in July. Credit loan growth accelerated from 0.4 trillion won in July to 0.8 trillion won in August.

Household debts extended by non-bank institutions, including mutual savings banks, credit unions, mutual credit institutions, community credit cooperatives, rose 0.8 trillion won to 189.7 trillion won in August. Mortgage loans grew 0.3 trillion won in August, with credit loans increasing 0.5 trillion won.