‘Online refinance loan’ starts from today
Eligible to apply after 3 months of loan execution
Supports interest rate comparison in 14 banking apps
All types of housing available, including officetels and villas
Expectation of interest burden reduction following mortgage loan
From the 31st, you can change your jeonse loan to a lower interest rate without visiting a financial institution. Attention is being paid to whether the interest burden on jeonse tenants can be eased, as the effect of lowering interest rates was achieved through the transfer of credit loans and mortgage loans implemented first.
According to the Financial Services Commission on the 30th, a jeonse loan transfer service will begin on the 31st through the ‘online, one-stop refinancing loan infrastructure’. Through this, 18 banks (Nonghyup, Shinhan, Woori, SC Jeil, Enterprise, Kookmin, Hana, Daegu, Busan, Gwangju, Jeonbuk, Gyeongnam, Jeju, K, Kakao, Suhyup, Toss, and Citi) and 3 insurance companies (Samsung Life Insurance) People who received a lease loan from (Samsung Fire & Marine Insurance, Lotte Insurance) have the lowest interest rate among 14 banks (Shinhan, Kookmin, Woori, Hana, Nonghyup, Enterprise, Daegu, Busan, Gwangju, Jeonbuk, Gyeongnam, K, Kakao, Suhyup). You can change to a new loan. Loan comparisons are also possible through these financial company apps and fintechs such as Naver Pay, Kakao Pay, Toss, and Finda.
Unlike the mortgage transfer, which was only possible for apartments, a jeonse loan is available for all houses that have received a ‘guaranteed jeonse loan’, including not only apartments but also officetels, villas, and single-family homes. Guaranteed jeonse loan refers to a loan secured by guarantees from Korea Housing Finance Corporation (HF), Housing and Urban Guarantee Corporation (HUG), and SGI Seoul Guarantee, and is usually mandatory when receiving a jeonse loan from a bank.
According to the Financial Services Commission, the scale of domestic jeonse loans is 170 trillion won, of which approximately 120 trillion won, excluding policy financial products such as prop jeonse loans, is expected to be subject to transfer.
As of the 26th, 16,297 people applied to change their mortgage loan, which started on the 9th, and 1,738 people completed the loan screening and were able to save 2.98 million won in annual interest with an average interest rate lowered by 1.55% points. The credit loan transfer system, which started at the end of May last year, was used by 118,773 people over a period of about eight months, and the interest burden of 570,000 won per year was reduced due to the effect of lowering the interest rate by an average of 1.6% points.
The subjects and requirements for changing jeonse loans have been summarized in a question and answer format.
-There are 6 months left on the lease contract. Is it possible to change?
“The time when switching is possible is from 3 months after the loan is executed until 12 months when more than half of the 2-year contract remains. However, when extending a contract, you can apply for a loan from 2 months to 15 days before contract expiration. “The transition period is limited due to the loan guarantee agency’s guarantee procedures, but the Financial Services Commission says it will resolve this issue within the first half of the year through consultation with the guarantee agency.”
-Can the loan limit be increased if the landlord raises the deposit when renewing the contract?
“In principle, the loan limit should not be increased. However, if the deposit increases when renewing the contract, it is possible to receive an amount equal to the increase within the guarantee limit of the guarantee period. “If you borrowed 80 million won with a guarantee limit of 80% on a deposit of 100 million won, and the deposit increases to 120 million won, the jeonse loan is possible up to 96 million won.”
-I received a support jeonse loan, but can I transfer it to a commercial bank loan?
“Low-interest policy financial products such as support jeonse loan and regional jeonse loans are excluded from the transfer.”
-Is it possible to change the monthly rent?
“Regardless of jeonse or monthly rent, it is possible if you receive a loan guarantee from a guarantee agency (HF, HUG, SGI). Normally, when you receive a deposit loan for rent from a financial company, you are automatically signed up for a loan guarantee from a guarantor institution.”
-Is the consent of the landlord necessary when switching to a jeonse loan?
“Like when receiving a lease loan for the first time, consent from the landlord is not required. However, when the loan transfer is carried out, the financial company can check with the lessor whether there is a lease agreement or not.”
Reporter Shin Yung-ah
2024-01-30 18:00:05
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