Beotimmok Jeonse Loan: Eligibility Requirements and How to Extend It
3 min read Β· Β· Korean original
Contents 7
About the Beotimmok Jeonse Loan π
The Beotimmok Jeonse Loan is a government-backed jeonse deposit loan that offers housing-stability benefits and low interest rates. In this post, we'll take a detailed look at the eligibility requirements for the Beotimmok Jeonse Loan and how to extend it.
4 Eligibility Requirements for the Beotimmok Jeonse Loan π
- Income: combined annual income of the couple of KRW 50 million or less
- Assets: net assets of KRW 292 million or less
- Home ownership: homeless head of household
- Eligible housing: jeonse deposit of KRW 300 million or less (KRW 200 million or less outside the capital area), exclusive-use area of 85 or less
Beotimmok Jeonse Loan Interest Rates π°
| Rental deposit | Annual income of KRW 20 million or less | Annual income of KRW 20 million to KRW 40 million | Annual income of KRW 40 million to KRW 60 million |
|---|---|---|---|
| KRW 50 million or less | 1.8% | 2.0% | 2.2% |
| Over KRW 50 million up to KRW 100 million | 1.9% | 2.1% | 2.3% |
| Over KRW 100 million | 2.0% | 2.2% | 2.4% |
Beotimmok Jeonse Loan Limits π²
| Household type | Seoul metropolitan area | Outside the Seoul metropolitan area |
|---|---|---|
| General households | Up to KRW 120 million | Up to KRW 80 million |
| Newlywed households | Up to KRW 200 million | Up to KRW 160 million |
| Multi-child and two-child households | Up to KRW 220 million | Up to KRW 180 million |
Beotimmok Jeonse Loan Term β°
The Beotimmok Jeonse Loan can be used for a minimum of 2 years up to a maximum of 10 years, and it can be extended. When you extend, you either repay 10% of the principal or an additional interest rate of 0.1%p applies.
How to Apply for the Beotimmok Jeonse Loan π
- Check the loan conditions: consult a bank, or check the loan information online on the Housing and Urban Fund e-site
- Apply for the loan: visit a bank or apply online
- Asset review (HUG): your asset information is reviewed
- Asset review results sent (HUG): the results are sent to you by SMS
- Document submission and additional review (bank / Korea Housing Finance Corporation): submit the required documents, after which the review proceeds
- Loan approval and disbursement: once your eligibility for the loan is determined, the loan is disbursed
3 Steps to Extend the Beotimmok Jeonse Loan π
- Apply for a loan extension: before the loan matures, visit or contact your bank to apply
- Submit documents: submit the required documents, after which an additional review proceeds
- Extension complete: after the extension, the loan is executed and you choose a repayment method
That wraps up our detailed look at the eligibility requirements for the Beotimmok Jeonse Loan and how to extend it. The Beotimmok Jeonse Loan is one of the good options for housing stability. However, when applying, it's best to carefully check the eligibility requirements and review each bank's conditions before taking out the loan.
