Kakao Bank Launches Jeonse Deposit Loans for Youth... Maximum Limit of 70 Million KRW
Existing Jeonse and Monthly Rent Deposit Loan Eligible Wage Earners → Expanded to Wage and Business Income Earners
[Asia Economy Reporter Minyoung Kim] KakaoBank has launched a rental deposit loan product for young adults.
On the 12th, according to KakaoBank, the youth rental deposit loan is the first in the banking sector to offer a fully non-face-to-face process from loan inquiry to execution. The youth rental deposit loan is a product jointly launched by the government and banks to ensure housing stability for young adults without home ownership.
Eligibility for the loan requires applicants to be under 34 years old, without home ownership, and either single or have a combined household income of 70 million KRW or less. Employees, self-employed individuals, and unemployed persons can all apply. The loan limit is 90% of the deposit, up to a maximum of 70 million KRW.
KakaoBank has also expanded the scope of its existing rental deposit loan from employees to include self-employed individuals. To qualify for the self-employed rental deposit loan, applicants must currently operate a personal business and be able to verify income with a National Tax Service income certificate. Other conditions are the same as those for employees. The loan targets housing with rental deposits of 500 million KRW or less in the metropolitan area (300 million KRW or less outside the metropolitan area), with a loan limit of 80% of the deposit, up to a maximum of 222 million KRW.
This bank’s rental deposit loan products have no prepayment penalties.
The KakaoBank rental deposit loan for employees, launched in January 2018, has surpassed a cumulative loan amount of 3 trillion KRW.
Hot Picks Today
There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- [Breaking] Trump: "I Don't Think There Is a Conflict in Taiwan... Made No Promises"
- Cerebras Soars 70% on IPO Debut: Is Nvidia's Reign Ending as a New AI Semiconductor Power Emerges?
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
A KakaoBank official said, “With the expansion of the target scope and the launch of the youth rental deposit loan, a wider range of customers can now use KakaoBank’s rental deposit loans,” adding, “We will provide customers with more convenience and greater benefits through competitive interest rates and 100% non-face-to-face service.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
