Check the First-Time Homebuyer Loan Product from Didimdol

The Didimdol First-Time Homebuyer Loan is a policy loan product designed by the government of South Korea to support citizens purchasing a home for the first time. This loan product offers various benefits and conditions for first-time homebuyers, helping to reduce the burden of purchasing a home. Let’s take a closer look at the key conditions and benefits of the Didimdol First-Time Homebuyer Loan.

Didimdol Loan Application

The maximum loan limit for the Didimdol First-Time Homebuyer Loan is generally 250 million KRW. However, for those purchasing a home for the first time, the loan can go up to 300 million KRW, and for newlywed couples or households with two or more children, the loan limit can reach up to 400 million KRW. These limits help ensure that sufficient funds are available for purchasing a home.

Loan terms can be chosen from 10, 15, 20, or 30 years, and the grace period can be set to either one year or no grace period. Repayment methods include equal principal and interest, equal principal repayment, or a step-up repayment option. Equal principal and interest repayment involves paying the same amount every month, reducing the initial burden. Equal principal repayment involves repaying a fixed principal amount each month, which reduces interest payments over time. The step-up repayment method involves initially paying lower amounts that gradually increase over time.

Didimdol Loan Limit

The eligible homes for the loan are those with a price of 500 million won or less. For newlywed couples or households with two or more children, homes priced up to 600 million won are also eligible for the loan. The residential area must be 85㎡ or less, and in areas other than urban areas in the metropolitan area, homes up to 100㎡ are allowed. The eligible home must be for actual residence, as defined by Article 2, Item 1 of the Housing Act, and can include various types such as apartments, townhouses, multi-family houses, and detached houses.

Eligibility for the Didimdol Loan Application

The eligibility requirements for the loan application include that all household members must be without a home, and the combined annual income of the couple must be below 60 million KRW. However, for first-time homebuyers or households with two or more children, the income limit is relaxed to 70 million KRW, and for newlyweds, the limit is 85 million KRW. Additionally, the applicant’s total net assets must be less than 469 million KRW.

As for credit evaluation, the CB score from NICE Credit Rating Information Co., Ltd. must be 250 or higher, and if there are any credit issues such as arrears, guarantee payments, or bankruptcy, the loan may be restricted.

The Application Process for the Didimdol Loan Is As Follows:

The loan application process is as follows: First, you need to set a housing purchase plan and calculate the required funds. Then, you can receive loan counseling from a bank or the Housing Finance Corporation’s website and prepare the necessary application documents. Required documents include identification, income verification, and the housing purchase agreement. Once the documents are submitted, the bank will conduct a loan review, and if approved, the loan amount will be provided. The loan application must be completed within three months from the property ownership transfer registration, and the loan can be processed concurrently with the transfer of ownership.

After receiving loan approval, it is important to regularly review the repayment plan. If you have chosen a variable interest rate, monitor any changes in the repayment amount due to interest rate fluctuations. If difficulties arise in repayment, it is crucial to consult with the bank as soon as possible to adjust the loan terms or request a repayment deferment.

The Didimdol First-Time Homebuyer Loan provides important support for achieving the dream of purchasing a home. Through this program, many individuals can buy their first homes and secure a stable living environment. Housing stability is a key factor that greatly enhances the quality of life for individuals and families. It is hoped that more people will be able to reduce the burden of housing purchase and enjoy a stable life through the Didimdol First-Time Homebuyer Loan program. This program will continue to contribute to housing stability and the improvement of quality of life while developing further.