"Oppa, Let's Register Our Marriage Now"... Eligible for the Bogeumjari Loan Even If Newlyweds' Combined Income Exceeds KRW 90 Million

[Financial News] Newlyweds will be eligible for the Bogeumjari Loan even if their combined income exceeds the threshold, as long as one spouse earns KRW 70 million or less annually.
Korea Housing Finance Corporation (HF) announced on the 28th that it would revise the income eligibility criteria for the Bogeumjari Loan for newlywed households. The new criteria will apply to applications for new loans submitted from October 19.
The Bogeumjari Loan is a long-term, fixed-rate mortgage with amortizing payments provided by HF. Households are classified as newlywed households if the loan application is filed within seven years of marriage registration or if they are due to marry within three months of the application date.
Currently, couples with combined annual income of KRW 70 million or less can apply for the Bogeumjari Loan when purchasing a home priced at KRW 600 million or less. Newlywed households are eligible if their combined income is KRW 85 million or less for households with no children, KRW 90 million or less for households with one child, and KRW 100 million or less for households with two or more children.
Going forward, couples will still be eligible for the Bogeumjari Loan even if they exceed these income thresholds, provided one spouse has annual income of KRW 70 million or less. In such cases, the lower-earning spouse must apply for the loan directly and become the borrower. Repayment capacity will be assessed based on that borrower's income and debt rather than the couple's combined income.
However, HF will review the spouse's income and debt during the underwriting process to verify eligibility for preferential interest rates and genuine homebuyer requirements. The number of homes owned will also be assessed on a combined basis for both spouses.
Kim, Kyung-Hwan, president of the Korea Housing Finance Corporation, said, "We will continue to review and improve our policy loan support to ensure that it fully meets the needs of young people seeking stable housing."
[email protected] Ahn Ga-eul Reporter