“Eligibility age raised from 34 to 39” ... Korea Housing Finance Corporation expands support for special jeonse guarantees for young people without homeownership

[Financial News] The Korea Housing Finance Corporation will expand eligibility for its special jeonse guarantee for young people without homeownership to include those up to age 39.
According to the Korea Housing Finance Corporation on the 8th, it is raising the upper age limit for eligibility for its special jeonse guarantee for young people without homeownership from 34 to 39. It has also raised the guarantee limit for newlywed and child-rearing households to 300 million won. A newlywed household is one whose loan application is made within seven years of the date of marriage registration, including households planning to marry within three months of applying for the loan. A child-rearing household is one with at least one minor child under the Civil Act, including an unborn child.
The corporation is also changing the rules to allow newlywed households to use the special youth jeonse guarantee even if their combined income exceeds the threshold, as long as one spouse has an annual income of 70 million won or less.
The changes follow the government’s “Comprehensive Financial Measures to Stabilize the Real Estate Market,” announced on Aug. 13. The measures support people with genuine housing needs, including young people, and reduce the so-called “marriage penalty.” They will apply to new guarantee applications submitted from Oct. 19.
Korea Housing Finance Corporation President Kim Kyung-hwan said, “I hope these changes will ease the housing cost burden on young people without homeownership and newlywed and child-rearing households,” adding, “We will continue to strengthen financial support for people with genuine housing needs, including young people, and keep improving our guarantee products to reflect changing housing conditions.”
[email protected] Park Mun-su Reporter