Korea Housing Finance Corporation Expands Support for Special Jeonse Guarantee for Young People Without Homes

Age limit for special guarantee raised from 34 to 39

Income requirements for newlywed households eased; applies to new applications from the 19th

The Korea Housing Finance Corporation will expand the eligible age range and guarantee limit to ease the burden on young people without homes who are trying to secure funds for a jeonse deposit. It will also ease the income requirement for newlywed households.

The Korea Housing Finance Corporation said on October 8 that it would expand eligibility for its special jeonse guarantee for young people without homes to those up to age 39 and raise the guarantee limit for newlywed households and households raising children to 300 million won.

The changes will expand the eligible age range for the special jeonse guarantee for young people without homes and increase the guarantee limit for newlywed households and households raising children, helping ease their housing costs.

Newlywed households are defined as households that apply for a loan within seven years of registering their marriage. Households planning to marry within three months of applying for a loan are also eligible. Households raising children are those with at least one minor child under the Civil Act, including an unborn child.

The income requirement for newlywed households will also be eased. Even if a couple's combined income exceeds the limit, they will be able to use the special jeonse guarantee for young people if one spouse has an annual income of 70 million won or less.

The changes were prepared to strengthen support for young people and other real-demand groups, in line with the government's Comprehensive Financial Measures to Stabilize the Real Estate Market, announced on August 13. They will apply to new guarantee applications submitted from October 19.

Kim Kyung-hwan, president of the Korea Housing Finance Corporation, said, "We hope these changes will ease the housing cost burden on young people without homes, newlywed households, and households raising children." He added, "We will strengthen financial support for young people and other real-demand groups and continue to improve our guarantee products in response to changing housing conditions."

Korea Housing Finance Corporation

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