Eligibility Requirements

• Combined annual income of loan applicants and spouses less than KRW60M. (For newlyweds, households with multiple children, or first-time home buyers, the income limit of KRW 70 M is applied.)
• Korean nationals as of the loan application date.
• Recognized as an adult and the head of a household* under the civil law All members of the household, including the head of the household should be non-homeowners. The head of a single person household is also eligible but must be at least 30 years old.
  
  *Head of a household can refer to a spouse, lineal ascendant(s) (lineal ascendant(s) of spouse) lineal descendants as stated in the resident registry OR any of the followings.
  • The spouse of the head of a household with homeownership.
  • A person who is registered as a member of a household in the resident registry but will become the head of a household by marriage within three months from the date of the loan application.
  • The head of a one-person household under 30 years of age who forms a single household with at least one sibling who is a minor under the civil law.
  • The head of a household whose marital status is single, under 30 years of age, and forms a single household with at least one lineal ascendant. The resident registry must indicate that the head of the household lived together with the lineal ascendant for at least six months as of the date of the loan application.

Application period

• Within three months from the date of the ownership transfer registration

Interest rate (%p.a)

• Variable depending on loan maturity and borrower's income level.
• Fixed until maturity or adjustable every five years.
• Preferential rate offered to; households with three or more children, multi-cultural families, families with the disabled, and first-time home buyers (0.5% discount) and for newlyweds (0.2% discount)
  (Only one discount category can be applied. Dual applications are not permitted.)

Eligible houses

• Houses registered on the official registry (real estate registry certificate) with value of KRW 500M and houses less than 85㎡ size. (houses larger than 100㎡ in Seoul and Metropolitan areas)

Loan limit

• Up to 70% of the collateral house value with a cap of KRW 250 M

Loan Maturity

• 10 years, 15 years, 20 years, or 30 years

Repayment Methods

• Repayment methods consist of equal monthly installments of principal and interest and equal installments of principal (Decremental repayment on the interest)
  Up to one-year grace period (On interest payment only)
  Prepayment Fees: Applied within the 3-year period from the loan origination date. Up to 1.2% of prepayment fees are applied, calculated on a sliding method (The fees decreases as per remaining maturity, prorated at a daily rate, n/365)