SH Corporation: "Nanum-type Exclusive Housing Loan Should Also Apply to 'Half-Price Apartments'"

Seoul Housing and Communities Corporation (SH Corporation) announced on the 24th that it has officially requested the Ministry of Land, Infrastructure and Transport to provide shared-type exclusive housing mortgage loans for land leasehold sale housing (building sale Baeknyeon Housing).

SH Corporation's building sale Baeknyeon Housing is classified as a shared type under the government public housing brand ‘New:Home,’ but the shared-type exclusive mortgage benefits are not applied. This is because the land is owned by the public, while the building is owned by individuals. The corporation explained that buyers may face difficulties in securing funds as they have to use private financial loans with higher interest rates.

SH Corporation stated that it requested the expansion of application because building sale Baeknyeon Housing aligns with the purpose of the shared-type exclusive mortgage. Building sale Baeknyeon Housing lowers the burden of purchasing a home by selling only the building without the land cost, serving as a housing ladder for low-income and asset-poor groups.

The corporation plans to continuously request the Ministry of Land, Infrastructure and Transport and the National Assembly to support shared-type exclusive loans for building sale Baeknyeon Housing.

Kim Heon-dong, President of SH Corporation, said, “Building sale Baeknyeon Housing is a type of housing that can contribute to solving social issues such as low birth rates by stabilizing the housing of newlyweds and young people who relatively lack capital,” adding, “The burden of housing acquisition for them should be reduced through low-interest loans from the Housing and Urban Fund.”

Meanwhile, the government announced in 2022 that it would support shared-type housing exclusive mortgages. Shared-type housing can receive loans up to 500 million KRW (maximum LTV 80%, DSR not applied) with a 40-year maturity and low fixed interest rates (1.9?3.0%).

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