For Multi-family and Other Non-Apartment Sales, Up to 75 Million KRW Loan Support Per Unit

Applications Available at Woori Bank Branches Nationwide Starting from the 18th

The government is expanding loan support from the Housing and Urban Fund for non-apartment housing. As concerns over housing supply shortages persist due to the downturn in the construction market, the aim is to assist with financing so that non-apartment housing can be quickly supplied in urban areas, university districts, and other locations. From the 18th, applications for the Housing and Urban Fund can be made at Woori Bank branches nationwide.

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The Ministry of Land, Infrastructure and Transport announced on the 17th that, as a follow-up measure to the 'Plan to Revitalize Housing Supply for National Residential Stability,' it will expand loan support from the Housing and Urban Fund for non-apartment housing such as row houses, multi-family houses, multi-unit houses, urban lifestyle housing, and officetels.

Accordingly, when private developers sell non-apartment housing, loans of up to 75 million KRW per unit will be provided, with interest rates supported between 3.5% and 4.7%. Specifically, the rates are △ multi-family/multi-unit/urban lifestyle housing at 3.5%, △ row houses at 4.3%, and △ officetels at 4.7%, respectively.

For private rental housing construction funds, support will increase from a maximum of 120 million KRW per unit to 140 million KRW, with interest rates of 2.0% to 3.0% for publicly supported private rentals and 2.0% to 2.8% for long-term general rental housing.

Additionally, full permission will be granted to refinance (redeem) high-interest land-secured loans with fund loans, supporting faster housing supply in projects where land has already been secured. Developers who have obtained building permits or housing construction business approvals can apply for loans.

Furthermore, a dedicated consultation center will be operated to provide detailed advice to developers, and loan applications will be accepted at Woori Bank branches nationwide for the convenience of developers.

Kim Hyo-jung, Director of Housing Policy at the Ministry of Land, Infrastructure and Transport, said, "The business conditions of small-scale non-apartment housing developers facing difficulties in financing are expected to improve significantly," adding, "It is anticipated that rapid supply in areas with housing shortages will contribute to stabilizing the housing market."

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