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More first-time home buyers eligible for preferential housing loans from July Updated: 2021-06-21 16:41:25 KST


From July, more people applying for a mortgage to buy their first home will be able to get preferential benefits, including being able to borrow more money at a better rate of interest.
Previously, married couples had to have a combined income below 70-thousand U.S. dollars to qualify for the benefits, but this limit has been raised to about 79-thousand dollars.
One of the benefits is that the loan-to-value ratio is 10 to 20 percentage points higher, meaning that people can borrow a larger slice of their property's value.
But housing loans are still limited to around 350-thousand dollars.
The government has also revised lending rules for under-34s and newly-weds who are borrowing money for "jeonse", or paying a large deposit to lease a house.
The first 61-thousand dollars of loans for "jeonse" used to have a maximum interest rate of roughly two percent, but now the first 88-thousand dollars will get this preferential rate.
Additionally, the government commission fee will shrink from zero.zero-five percent to zero.zero-two percent.
These changes are expected to help about five thousand more young people find a place to live.
Jang Tae-hyun, Arirang News.
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