Newborn Special Refinance Loan Application - Essential Procedures and Precautions

The Newborn Special Refinance Loan can be applied for through the "Housing Purchase Loan" menu on the "kigum e deundeun" (기금e든든) website. This requires providing consent for your and your family members' information, and subsequently inputting family relationship, employment and income information, and real estate information in order. The application process is straightforward. This loan is only applicable to mortgage loans and can be applied for within the limit of the existing loan balance. The borrower must be the same person as the borrower of the existing mortgage loan; a spouse is considered the same person. The interest rate is a fixed rate of 1.6% to 3.3%, with a maximum loan of 500 million won for 30 years. It is advantageous because it is about 1% lower than the market interest rate, and it also offers acquisition tax reduction benefits. Eligibility requirements include having had a child within two years of the application date, a combined annual income of 130 million won or less for the couple, and net assets of 469 million won or less. Due to high application volume, it may close early depending on the government budget; approval takes 30 days for rent and lease and up to 50 days for purchase loans. A financial certificate or a public certificate is required, as is the consent of family members, making certificate preparation essential. More details can be found on the official website.

https://microbia.co.kr/newborn-special-loan