Low-Interest Jeonse Loan for Youth: Who Qualifies and What You Get
Learn how young adults in South Korea can access low-interest loans to help cover housing deposit costs.
This scheme provides low-interest loans to young people to help them secure housing through the Jeonse system, which is a large lump-sum deposit method.
Who it's for
This program is designed for individuals between the ages of 19 and 34. To qualify, your annual income must be below 50 million KRW.
What you get
You can access loans for your housing deposit up to a maximum of 200 million KRW. The interest rates are designed to be very low, starting as low as 1.8%.
What it costs you
While the interest is low, you are responsible for providing an initial deposit. You must have at least 5% of the total Jeonse amount available upfront to secure the loan.
The catch to know
Not all types of housing are eligible. The property must be a residential building, and you should be aware that officetels are often excluded from this scheme.
How to apply
- Check your eligibility based on your age and income.
- Find a suitable residential property that meets the building requirements.
- Prepare your necessary financial documentation.
- Submit your application through the official portal.