Hana Bank, Seoul City Newlywed Couple Lease Deposit Loan... Limit 200 Million KRW, Interest Rate as Low as 1% per Year
[Asia Economy Reporter Kim Min-young] KEB Hana Bank announced on the 3rd that it will launch the 'Seoul City Newlywed Couple Lease Deposit Loan' in collaboration with Seoul City and the Korea Housing Finance Corporation to provide financial support for housing stability for newlywed couples.
The loan limit for this product is up to 200 million KRW within 90% of the lease deposit, and the loan period can be used with a lump-sum repayment method at maturity within 1 to 2 years during the lease period. When the lease is extended, the loan can be extended up to a maximum of 10 years.
This newly launched product offers increased benefits such as support interest rates and periods compared to the existing newlywed couple lease deposit loan, while relaxing eligibility criteria such as income standards and newlywed couple requirements.
According to standards such as income and number of children set by the city, interest support of up to 3.6 percentage points per year is provided for up to 10 years, allowing loans at a minimum annual rate of 1.0% (as of the launch date). For a 100 million KRW loan, there is an annual interest saving effect of 3.6 million KRW.
The support targets are newlywed couples within 7 years of marriage with a combined income of 97 million KRW or less, and those planning to marry within 6 months. Eligible properties are houses and residential officetels located in Seoul with lease deposits of 500 million KRW or less.
To apply for interest support, after signing a lease contract (jeonse or monthly rent), applicants must apply for loan recommendation on the Seoul Housing Portal, and after approval of the city loan recommendation issuance, proceed with the loan application.
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A representative from Hana Bank's Future Finance Business Department said, “This loan is expected to alleviate the housing cost burden of newlywed couples through the practical benefit of interest support and serve as a stepping stone for home ownership. Hana Bank will continue to lead inclusive finance to lower the financial entry barriers for youth and newlywed couples who urgently need financial support.”
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