Within this year, a 40-year mortgage loan product will be available and will be introduced first to young people and newlyweds.
In announcing the work plan, the Financial Services Commission announced that it would reduce the burden of repaying the principal and interest paid each month by introducing mortgage loans with maturities of up to 40 years for young people and newlyweds.
The ultra-long-term mortgage products will be introduced to policy mortgages through computer development by Korea Housing Finance Corporation.
The user class is expected to be the same as other policy financial products currently in operation such as Bogeumjari Loan.
Bogeumjari Loan can be obtained when the conditions of income are 70 million won or less per year and house price 600 million won or less.
The Financial Services Commission is also planning to expand support for youth jeon and monthly rental loans.
This is a product that supports deposits of 70 million won or less and monthly rent of 500,000 won or less at an early 2% interest rate for youths aged 34 and under. The interest rate is 2.18%, which is lower than the market average of 2.66%.
Unlike the previous method of paying only the interest on loans during the cheonsei period by activating the amortization repayment out-of-house loans, we plan to receive tax-free and income deduction benefits when paying maturity if the principal is partially paid off.