(1) Single parents, grandchildren, multicultural families, registered disabled people, North Korean defectors, basic livelihood recipients, and social care recipients from the next upper class who meet the Sunshine Loan. loan qualifications can receive an annual 1% reduction.
(2) Low-income young people aged 34 or younger with less than 35 million won can receive a 0.5% reduction.
(3) Work subsidy recipients and self-sufficient workers can be reduced by 1%.
(4) Those who have completed financial education can receive a 0.1% reduction and must have completed it within one year prior to the date of application.
6. Sunshine Theory Documents
Documents to prepare for Sunshine Loan are a copy of resident registration, a certificate of employment, and the original salary bankbook, and self-employed people need a business registration certificate and a certificate of income. Local agricultural cooperatives, savings banks, Saemaul Geumgo, credit cooperatives, fisheries cooperatives, and industrial cooperatives are handling it. Since each bank may have different loan limits and interest rates, it is a good idea to compare 2 or 3 banks. There are places where you can apply online, but there are places where you have to visit and apply, so please check and apply.
Tip: As a result of several places, the interest rate is slightly cheaper online than offline. If you meet the qualifications for a sunshine loan, we recommend online!
A mortgage loan is a loan product in which you borrow money by pledging your apartment or villa as collateral. Even just a year ago, the interest rate of the main bank was often a little over or less than 2% per year, but now most of the products exceed 7% per year, and now products with an annual rate of over 8% are expected to come out. .
The impact of US tightening and interest rate hikes is the greatest, and the interest rate on 5-year financial bonds, which is used as the base rate for the main bank, has soared to the highest level in 10 years. It is a general forecast in the financial world that it will exceed 8% sooner or later.
stepping stone loan
stepping stone loan
If you have previously taken out a fixed-rate product with a low interest rate, you may be in luck now. In my case, compared to now, I can take out a loan at half the interest rate, so I can endure it, but if you are currently in need of a loan, you will be in a lot of trouble. House prices are getting very cheap, but on the other hand, interest rates will continue to rise.
Today, we will learn about the interest rate, limit, interest and required documents of one of the representative Judamdae products.
stepping stone loan for home
Offshore products are handled by the Housing and Urban Fund, and are products that provide low-interest housing purchase loans to non-homeowners. Basically, if you are a non-homeowner with a combined annual income of less than KRW 60 million and a net asset value of less than KRW 458 million, you can apply.
Married couple’s combined annual income of 60 million won or less (70 million won for newly married households with two or more children for the first time in their lives)
Non-homeowners with a net asset value of KRW 458 million or less
Please note that the homelessness criteria are verified as follows.
The loan interest rate is 2.15% to 3.00% as of September 26, 2022, and is applied as a fixed rate or a variable rate for 5 years. The interest rate itself is determined by the level of combined annual income of the couple and is less than 20 million won, the lowest at 2.15% for a 10-year maturity, and the highest at 3.00% for an income of 70 million won + 30 years maturity.
쉬운남자
If certain criteria are met, preferential interest rates are applied. A total of two cases apply.
Interest rate preferential type 1 (duplicate application not allowed)
Single-parent households with an annual income of 60 million won or less – 0.5% preferential treatment
People with disabilities, multicultural families, newlywed households, first-time households – 0.2% preferential treatment for households
Interest rate preferential type 2 (duplicate application possible)
Subscription savings subscribers (more than 1 year, more than 12 times) – 0.1% per year
Subscription savings subscribers (more than 3 years, more than 36 times) – 0.2% per year
Electronic contract signing – 0.1%
Households with multiple children – 0.7% (2 children 0.5%, 1 child 0.3%)
In case of new pre-sale housing – 0.1% preferential treatment
The point to note is that if the final interest rate applied with all preferential rates is lower than 1.5%, 1.5% is applied. In other words, even if you receive 0.5% if your annual income is less than 60 million won, 0.7% if you have three children, and 0.2% if you are a member of subscription savings, even if you receive 1.4% preferential treatment, even if the final calculated interest rate is 0.9%, 1.5% is the final result. It looks like it applies.
Judamdae Loan Limit
The borrowing limit for the main bank is up to KRW 250 million by applying a maximum LTV of 70%.
Apply within 60% of DTI
Applied within 70% of LTV
The LTV ratio itself can vary depending on the DTI, the structure of the loan, and the estimated income. Loans are made within the sale price or sale price, and the total amount of the loan (stepping stone loan + National Housing Construction Fund + Intermediate Payment Loan + Fund Loan) cannot exceed the sale price. Even if you have a lot of loan balance left, it is impossible to receive more than the sale price, so keep this in mind.
The limit is determined by subtracting the amount of the seniority bond from the appraisal of the mortgaged house, and subtracting the rental deposit and the first-priority reimbursement small-amount rental bonus. If you use MCG, you can get more money because you don’t do so-called room subtraction.
Loan repayment method
The period of use of the Judam University ranges from a minimum of 10 years to a maximum of 30 years, and the grace period can be designated as 1 year. Equal principal and interest installments, equal principal installments, or incremental repayment are available.
Mortgage loan prepayment fees are charged according to the number of remaining days at a maximum rate of 1.2% for up to 3 years. Can you think of it as being calculated?
stepping stone loan
stepping stone loan
Since it is a time when interest rates are rising, if you received a fixed rate, it is recommended that you repay additionally as soon as you have money. Of course, when it is time to actively invest, it would be better to stop this and purchase other investment products, right? If there is a product that is expected to have a better return than paying the mortgage prepayment fee.
Home Mortgage Loan Interest Calculation
Let’s calculate the interest in various cases. Usually, it is advantageous to set the loan period to the maximum, so let’s consider a case where you borrowed 200 million won with a maturity of 30 years and your married couple’s combined income is about 50 million won. In this case, an annual loan interest rate of 3.0% is applied, but if a household with two children received a preferential rate of 0.5% for multi-child households, a final interest rate of 2.5% is applied.
stepping stone loan
Find an interest calculator on Naver. Enter below to calculate.
If you apply a loan of 200 million won, an income of 50 million won, a 2.5% interest rate, and equal installment repayment of principal and interest, you will have to pay a total of 790,000 won in principal + interest every month, and a total of 84.48 million won in interest for 30 years. As the principal increases, the interest decreases.
stepping stone loan
If you choose to repay the principal in equal installments, the total repayment amount will increase. It increases from 790,000 won to 970,000 won per month, but the total amount to be paid is reduced to 75.2 million won. This is because the interest you have to pay decreases when you split it evenly. The first episode is 970,000 won, but the last episode, the 360th, costs 550,000 won.
You may think this is good because the total interest is relatively reduced, but at the beginning of the repayment, it is burdensome because you have to repay 200,000 won more than the equal installment of principal and interest. After roughly 150 months, or 12 years, you start paying less than you would pay with the equal installment method. Benefits may vary from person to person, so you should look carefully.
stepping stone loan
How to apply
You can apply for a loan through the online Fund eDunden website or the Korea Housing Finance Corporation website. Alternatively, you can apply offline at the counters of Kookmin Bank, Industrial Bank of Korea, Nonghyup Bank, Shinhan Bank, and Woori Bank, which are fund trustee banks.
stepping stone loan
In order to apply on the official website, information consent for the spouse is required. For this reason, you need a joint certificate from your spouse, but if you do not have one, it is the cleanest way to just go to the window of the 5 major banks and apply.
stepping stone loan
stepping stone loan
How to prove your income
As the most important criterion is income, you must submit documents to prove your income. Please note that there are 4 cases depending on the type of income, and each proof income document is different.
stepping stone loan
Above, we learned about the stepping stone loan interest rate, the main mortgage interest rate, the loan limit, and the required documents. I wonder if there is anyone who has recently received a judamdae because the interest rate has risen too much, but it seems that there are people who need it, so please refer to it.
Alda is also a platform for loan comparison. It has the advantage of being able to easily compare loan products from about 70 financial institutions. You may use that service.