The Period and Reimbursement Method for the Stepping Stone Loan in My House

Hello! What is the biggest concern of the Korean people? I think my goal is probably the biggest part of the reason why I work hard, save money, and I think it’s rare for people to prepare 100% cash when they buy a house. That’s why many people use real estate loans, and today we’re going to learn about the conditions of stepping stone loans that can be useful for these people and find out about the qualifications for applications.

First, let’s look at something. It’s a government-funded national welfare loan, a low-interest loan that integrates the three major purchasing funds of ordinary people into one.


Usually, they use a general stepping stone loan, but if you’re in a special situation like a newlywed couple, you can choose to use it exclusively for the newlywed. Among them, the conditions for stepping stone loans for my house to be identified today are general description of stepping stone loan products.

There are many conditions, and you have to meet all the items listed below.


1. You need to sign a contract to sell a house, but if you acquire a house due to inheritance, gift, or division of property, you cannot apply.


2. Based on the date of loan application, it should be a household 폰테크 owner, and all household members, including household owners, should be homeless. If you include a single household owner and you are a single household owner who is less than 30 years old, you will be excluded from the loan.


3. When adding your spouse’s annual salary, including the applicant, the combined amount should not exceed 60 million won. In addition, the combined annual salary of a couple is allowed up to 70 million won or less for the first time buyers or households with two or more children or newlywed households.


4. A household member, including a household owner, is not included in the loan if he or she has the right to move in or sell.


※ This is a common application, but only if you own an asset with a net asset value of less than 371 million won, you are eligible for application.



A house where you can apply for a stepping stone loan for my house

The size of the houses subject to the loan also varies from region to region, and the appraised amount should not exceed 500 million won, which will be divided into the metropolitan area and non-capital areas.


The metropolitan area here refers to areas such as Seoul, Gyeonggi, and Incheon. In the case of the metropolitan area, the area for exclusive use shall be less than 85 square meters, and the value of the security evaluation shall be less than 500 million won.


Conditions are further eased in the non-capital area of the township/myeon area, which is less than 100 square meters, and the collateral value should not exceed 500 million won like the metropolitan area.


※ Starting January 1, 2017, if you own an existing house, you will not be able to use the built-in stepping stone loan.



If you have found out about the conditions of the treadmill loan in my house, the loan rate varies depending on the sum of the couple’s annual income and the length of the loan. From the lowest annual 2.0% to the maximum annual minimum.



Preferential interest rates on stepping stone loans for my house

There are separate ways to apply preferential interest rates.


1. Subscription savings subscription period

If you make more than 12 payments in one year to subscription savings, 0.1%p is preferred. If you make more than 36 payments for more than 3 years, 0.2%p is preferred annually.


2. Signing an electronic real estate contract

Up to 0.1%p was given preferential treatment when a housing contract was signed using the Ministry of Land, Infrastructure and Transport’s real estate electronic contract system, but it was applied until December 2019, so those who applied now are not eligible.


3. Multi-child household benefits

If you have one child, you will receive a 0.2% p preferential rate, 0.3% p for two children, and 0.5% p preferential rate for multi-child children.


※ After applying the redundant preferential rate, the maximum possible minimum rate is 1.5% per annum.


Limit of stepping stone loans for my house

Up to 200 million won is possible for newlywed households, up to 240 million won for families with two or more children.



The Period and Reimbursement Method for the Stepping Stone Loan in My House

For the duration of the loan, you can choose from 10 years, 15 years, 20 years, and 30 years. Also, in the case of repayment method, you can choose between non-reserving or one-year grace period equal installment repayment or accrued repayment method.

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