HUG to Offer Interim Loans for Apartments Priced Under 1.2 Billion KRW Starting from the 21st

Dunchon Jugong 59㎡ Interim Payment Loan Available

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Starting next week, apartments priced at 1.2 billion KRW or less will also be eligible for interim payment loans.

The Housing and Urban Guarantee Corporation (HUG) announced on the 17th that, reflecting the recent trend of rising sale prices, it will expand the support target for housing purchase fund guarantees from the previous sale price of 900 million KRW or less to 1.2 billion KRW or less, effective from the 21st.

This expansion of the support target is part of follow-up measures from the 11th Emergency Economic Livelihood Meeting held on the 27th of last month, aimed at supporting actual buyers who are struggling to purchase homes. Accordingly, from now on, buyers of homes priced at 1.2 billion KRW or less will be able to subscribe to the guarantee. Previously, only buyers of homes priced at 900 million KRW or less could use the guarantee.

In particular, not only new sales contracts but also those who have already signed sales contracts will be able to use the guarantee for interim payment installments after the system is implemented on the 21st, based on the 1.2 billion KRW sale price standard.

Starting from the 5th of next month, some unit types of the Dunchon Jugong Apartments in Gangdong-gu, Seoul, which will begin subscription, are expected to become eligible for interim payment loans. Recently, the general sale price per 3.3㎡ of Dunchon Jugong Apartments was confirmed at 38.29 million KRW, with sale prices expected to be around 900 million to 1 billion KRW for exclusive areas of 59㎡ and 1.2 billion to 1.3 billion KRW for exclusive areas of 84㎡. Accordingly, the 25-pyeong unit (exclusive 59㎡) of Dunchon Jugong, which slightly exceeds the 900 million KRW threshold, will be able to receive group interim payment loans guaranteed by HUG, but the most in-demand 34-pyeong unit (exclusive 84㎡), priced at 1.3 billion KRW, is expected to have difficulty obtaining HUG loans.

Lee Byung-hoon, Acting President of HUG, said, "To support actual buyers in purchasing homes, we have expanded the guarantee targets so that more customers can use guarantee products."

This content was produced with the assistance of AI translation services.