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'1% annually' common type safe loan, launched next month

2019-08-25T22:56:25.108Z

Long-term mortgage products with a low annual interest rate of 1% will be launched next month. It is a special product designed by the government to allow the common people to change from high interest rate floating rate loans to low interest rate fixed rates.



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Long-term mortgage products with a low annual interest rate of 1% will be launched next month. It is a special product designed by the government to allow the common people to change from high interest rate floating rate loans to low interest rate fixed rates.

Reporter Ahn Seo-hyun reports.

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The next month's fixed rate loans will turn variable rate mortgages into long term fixed rates.

It is subject to the variable rate or quasi-fixed rate loans of all financial sectors, including banks and savings banks.

Interest rates are currently at 1.85% to 2.2% per year.

As it is a product for the common people, there is a limit to the loan.

Only a single household with married income of 85 million won or less can apply, and newly married couples or households with two or more children raise the married couple income requirement up to 100 million won.

Housing prices must be less than KRW 900 million and can be loaned up to 500 million won within the scope of the existing loan.

If you are newly married and meet preferential interest rate requirements, such as multiple children, single parents, or disabled people, the interest rate may drop by 1.2% per year.

The mortgage loan rate LTV 70% and the total debt repayment rate DTI 60% can be applied and up to a 1.2% increase in consideration of the repayment fee.

The loan will be supplied in the amount of 20 trillion won, and after the application for two weeks from the 16th of next month, it will be screened and selected.

Source: sbskr

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