Nice to meet you, this is Daekyung Ice. It is said that the income conditions for newborn special loans will be relaxed from BU 2. The amount of applications has exceeded 5 trillion won just three months after the launch of the newborn special loan. Today, let's learn about the newborn special loan. The newborn special loan is a housing purchase fund, lease fund, and housing city fund product launched as a special measure for the housing stability of newborn families. The essence of the newborn special loan is that it is provided at a lower interest rate than commercial rates because it is created through public loans. Income criteria are relaxed, loan limits are increased, and it is confirmed that the government is considering the newborn special loan as one of the measures to increase the birth rate. Of course, it is better to have the newborn special loan than nothing, even though it may not have a significant impact on the birth rate. In summary, if we briefly summarize the newborn special loan, the first is the newborn.

Special support for first-time homebuyers is divided into purchase funds and newlywed special support funds. The interest rate for the second purchase fund loan ranges from 1.6% to 3.3% per year, and the interest rate for the security deposit loan is between 1.1% and 3% per year. The third loan ceiling is 500 million won, and the income criteria will be relaxed from a combined income of 130 million won to 200 million won. Now, let's take a closer look at each of them. First, let's examine the newlywed special support loan. The loan targets households without a home who gave birth within 2 years of the loan application or first home-owning households eligible for refinancing loans. It will be applied from births after January 1, 2023. The newlywed special support loan was launched on January 29, 2024, so if you plan to have a child after knowing about this product, the child will be born around the end of October 2024. There is a time gap between the product and the loan execution. Therefore, for those who gave birth after January 1, 2023.

It has been applied to children, and parents who are raising a child born in 2023 are actively utilizing a significant amount of 50 billion won as a newborn purchase fund loan for three months. Other conditions to consider are as follows: In order to acquire a house, you must sign a house sale contract. The head of the household must be of legal age under the Civil Code to apply for the loan. All household members, including the head of the household, must not own a house. The combined annual total income of the loan applicant and spouse must be less than 130 million won. Also, the combined net asset value must be less than 469 million won, which is 4 times the average value of all households, based on 2024 standards. Lastly, a credit score of a certain level or higher will be required. An important condition here is that all household members, including the head of the household, must not own a house. At this point, ownership of pre-sale rights and membership rights is also considered as owning a house. Income and asset conditions are also important.

In the third quarter, it is said that the current amount will be raised from 130 million won to less than 200 million won, and loan conditions will be eased. As of 2024, the median monthly income for a four-person household is 5,729,913 won annually. It seems that in an era of low birth rates and when economically capable individuals have more children, there is a feeling of planning to have one more child in households with one child or hoping for one child in households with sufficient income. The average annual salary of employees in the top 500 domestic companies was 87.13 million won as of 2023, so for a couple working in a top company, it would be 174.26 million won. Therefore, if it reaches around 200 million won, even dual-income couples in large companies should be able to utilize the special childbirth support sufficiently. It shows how the low birth rate issue is becoming a reality. The birth rate in the first quarter hit a record low of 0.76 M5, indicating that it is likely to enter the 0.6 range this year, judging from the fact that the first quarter birth rate was the highest point.

I can see a glimpse of possibility. It seems like South Korea has become a country where people don't want to give birth to children or raise them. Therefore, the special loan for newborns is part of a policy to prevent the collapse of the birth rate as much as possible. The timing for applying for a special loan for newborns is as follows: you must apply before the transfer of ownership registration, and if the ownership transfer registration has been completed, you can apply within 3 months from the date of the transfer registration. For Daewon loans, there is no restriction on the timing of loan application. The eligible housing must meet the following criteria: it must be under 85 square meters in size for urban areas, and under 100 square meters for rural areas. Another important point is that the collateral housing evaluation amount must be under 900 million KRW. This 900 million KRW limit was set for loans taken out under the Special Nationwide Home Loan in 2023. If it's an apartment of 84 square meters worth 900 million KRW, it seems like the location will be quite supported by the loan. The loan conditions are as follows: up to a maximum of 500 million KRW, up to 70% LTV, and up to 80% for the first home. The DTI ratio is within 60%, and another important point is the room-sharing system.

This 500 million won loan was also borrowed from the floor deposit loan in 2023. Since it is a Doddle loan, you can see the appearance of following the direction protection. Direction protection, in other words, the most preferred repayment amount, is the same as a small security deposit. Here are the specifics: Seoul 50 million won, Daegu 23 million won. To receive a loan up to the direction protection amount, you need to subscribe to a general purchase fund guarantee or a first-time life purchase fund guarantee. You might be curious about the guarantee fee. The guarantee fee rate ranges from 0.05% to 0.2% annually. If we convert it, for a maximum of 500 million won loan, when the rate is set at 0.2%, you can expect a guarantee fee of around 1 million won. If the conditions are met, it would be better to pay 1 million won to receive a small guarantee and take out a direction protection loan. If you pay 1 million won, you can secure 23 million won or 50 million won, which would be more advantageous.

The interest rates for loans for side buyers are as follows: The income range is from less than 20 million won to less than 130 million won. The rates are structured with a minimum of 1.6% and a maximum of 3.3%. If the income criteria are relaxed in the third quarter, this table may change slightly. Additionally, an interesting condition is that, by default, this special interest rate can be applied for 5 years. After the application period ends, the rate will be applied based on the combined income level of the couple. Regarding the loan acceptance rate criteria, if there is an additional child born within 2 years, the special interest rate application period is extended for each additional child for 5 years, up to a maximum of 15 years. It seems like they are considering up to four children per household. What will happen if the special rate ends after today? If the combined annual income of the couple is less than 85 million won, there will be a 0.55% point deduction from the existing special rate.

Interest rates are added up. It's a bit complicated when the combined annual income of a married couple exceeds 85 million won. The Bank of Korea's official interest rate and the Korea Federation of Banks' official interest rate are compared, and the smallest value is applied. As of June 2024, it will be 3.75%. The overall interest rate is slightly decreasing, showing the current situation. However, predicting interest rates five years from now is naturally impossible. When that time comes, we hope it won't be much more expensive than the special interest rate. The base interest rate is also important. For subscribers to savings subscriptions, it is 0.3% to 0.5% annually, and for electronic contract signatories, it is 0.1% annually. For new housing units, it is 0.1% annually. For each additional child born within two years from the loan application date, it is 0.2% annually, and for each minor child born more than two years ago, it is 0.1% annually. In this way, preferential interest rates can be applied. After applying preferential interest rates, if the final interest rate is less than 1.2% annually, it will be 1.2% annually.

Please note that you should consider applying for all the preferential interest rates. So, if you receive a 1.2% interest rate by applying for all, what would be the monthly repayment amount? If you borrow 500 million won in total and execute a loan for 360 months (30 years) with an interest rate of 1.2%, the first interest repayment amount would be 500,000 won in the case of increasing principal repayment. It's really unbelievably cheap that the first-month interest for borrowing 500 million won is 500,000 won. The loan period for purchasing a new home is 10 years, 15 years, 20 years, or 30 years. Of course, the longest one is preferred. The repayment methods are non-grace period or 1-year grace period, and it will be in the order of increasing principal repayment, equal principal repayment, and equal installment repayment. It's better to choose increasing principal repayment, equal installment repayment, and equal principal repayment in that order. Honestly, there will be many problems if you can't make a profit with this low-interest rate. It may be more advantageous to choose a 1-year grace period rather than a non-grace period because the monthly repayment amount decreases. The prepayment penalty is on a sliding scale for three years.

After one year, it decreases by 0.8%, after two years, it decreases by 0.4%, and after three years, there is no prepayment penalty. Here are some precautions to be aware of when taking out a loan for the purchase of a newly built home. You must reside in the property. For borrowers of a loan for the purchase of a newly built home, they must move into the purchased home within one month of receiving the loan and maintain residence for over a year; failure to do so will result in the loss of benefits by the deadline, meaning that the loan must be repaid. If the special purchase loan for a newly built home is based on adopting a child, the adoption status must be maintained for over a year. If it is impossible to maintain it for over a year, the benefits will naturally be lost. Since there is a base in the back of the loan, it can be confirmed that the obligation to reside in the property is enforced. Next, let's see what happens if you use a loan for the purchase of a newly built home for a homeowner's refinancing loan. There is no limit on the timing of applying for a homeowner's refinancing loan; however, the existing home mortgage must be for the purpose of purchasing funds.

You can apply for a loan within the existing housing collateral loan balance range. In other words, if the interest rate on the existing housing collateral loan is high, it means you should switch to a low-interest rate through a special refinancing loan. Basically, the debtor is the same person, but in the case of a spouse, they are considered the same person. They are considered as one entity. Therefore, if you took out a loan for the purpose of purchasing funds, it may be possible to switch to a low-interest rate through a special refinancing loan from the Korea Housing Finance Corporation. If you make the most of the special purchase fund loan from the Korea Housing Finance Corporation, what would be the monthly repayment amount? If a 4-person household with a median income of 6,870,000 won takes out a loan at an interest rate of 2.2% from T-Money, the first installment payment would be approximately 920,000 won. If you repay around 14.4 million won annually for a 500 million won loan, it seems quite reasonable. Assuming you reside for 5 years with the applied interest rate, the interest payment over 5 years would be 5,460,000 won. It seems that you will earn more than enough interest over the 5 years. Of course,

Although cash is deposited, I think it's okay to consider a monthly rent of about 840,000 won for 5 years. Let's look into the loan for starting a new life and purchasing funds for new life. Next, we will look into the special support loan for new life. The loan target is households who gave birth within 2 years of the loan application criteria. It applies to those born after January 1, 2023. Other conditions to consider are as follows: You must sign a housing lease contract and pay more than 5% of the lease deposit. The head of the household must be of legal age according to the Civil Law, and all household members, including the head of the household, must be non-homeowners. The total combined income of the household must be less than 130 million won, and the total asset value of the couple must be less than 345 million won based on the 3rd quartile as of 2024. A certain credit score will be required, and lastly, it is not possible if you are living in public rental housing. Everyone must purchase a house.

It's not about living. If you haven't secured enough funds, you can live as a tenant or choose jeonse or monthly rent to invest a little more in your business, depending on the situation. The timing for applying for a loan is as follows: within 3 months from the quick day before the balance date or move-in date on the lease contract, and in the case of contract renewal, you can apply within 3 months from the contract renewal date. In most cases, you need to report your move-in after the balance payment, so you should apply within 3 months from the balance date. The target housing is as follows: the lease-exclusive area should be less than 85 square meters, and in rural areas, it should be less than 100 square meters, including residential officetels below 85 square meters. The lease deposit is 500 million won in the metropolitan area and 400 million won outside the metropolitan area. Therefore, there is a high possibility that 500 million won jeonse in the metropolitan area and 400 million won jeonse outside the metropolitan area will be exhausted, so the maximum per household loan limit is.

It is 300 million won. In the case of a new contract, it will be within 80% of the lease amount. For renewal contracts, it will be within 80% of the increased guarantee amount. In the case of a special lease fund loan for newborns, the interest rate is as follows: a minimum of 1.1% per year will be 3%. Similar to the special childbirth loan, the special interest rate will be applied for a basic period of 4 years. If an additional child is born within 2 years, the special interest rate period per additional child will be extended by 4 years, and you can use the special interest rate for up to 12 years. After 4 years, if the total annual income of the couple is less than 75 million won, an additional 0.40% interest rate will be added to the existing special interest rate. If the total annual income of the couple exceeds 75 million won, the lower of the Bank of Korea interest rate and the commercial bank interest rate will be applied. As of June 2024, it is 3.79%. Like the interest rate on housing collateral loans, the interest rate on lease loans also shows a slight increase.

Here are the stage rates. The annual interest rate for electronic contract is 0.1% point. For loan applications, within 2 years after birth, an additional child will be 0.2% points per child annually. For loan applications within 2 years after the birth of a minor child, it will be 0.1% point per child annually. Therefore, if the final interest rate is less than 1.0% annually, 1.0% annually will be applied. The loan limit is 300 million won with an annual interest rate of 1%, so the monthly payment is 250,000 won. It's really cheap. The utilization period of the newborn special support loan is 2 years and can be extended up to 5 times for a maximum of 12 years. The repayment methods are lump sum or mixed repayment. Of course, it had to be repaid in a lump sum. There is no prepayment penalty. As a note, if it is confirmed that a house was acquired after the loan was handled, the loan must be repaid. In the case of adopting a child as the basis for the loan, the adoption status must be confirmed for more than 1 year. Loan funds should be deposited into the lessor's account as a principle for the newborn special support rental loan.

If you maximize the utilization, what would be the monthly repayment amount? Similarly, let's calculate based on the income of 6,876 won for a 4-person household. Assuming a 2-year maturity lump sum repayment is executed, and the special interest rate in that income bracket is 2.3%. Let's apply the preferential rates, which are 0.1% points for electronic contracts and 0.1% points for having children over 2 years. With the preferential rates applied, it would be 2.1%. Therefore, if you choose the maximum loan amount of 30 million won and an annual interest rate of 2.1% for a lump sum repayment after 2 years, the interest amount would be 525,000 won. If you borrow 300 million won and repay around 6.3 million won annually, it seems quite reasonable. Assuming a preferential rate is applied and a contract renewal request is made, living for 4 years, the total interest payment would be 2.2 million won. It seems possible to accumulate profits or seed money more than the interest over 4 years. Of course, although cash equivalent to 20% of the lease deposit is required.

Over the past four years, I think a monthly rent of about 530,000 won in Jeonnyeong 84 is reasonable enough. I looked into the Ditol loan for purchasing a house with a new life special loan and the Butteumok loan for housing lease funds. According to an article in the Korean economy and real estate sales statistics from the Korea Appraisal Board last week, more people in their 30s are using low-interest special loans to buy homes. In the first quarter, the proportion of apartment purchases was 26.1%, the highest among all age groups, and in Daegu, the proportion of purchases by people in their 30s was the highest. In the Gangbuk area of Seoul, there has been a significant increase in purchases below 900 million won. It can be said that the effect of the new life special loan, which can be used for policy funds, is significant. The new life special loan, which has reached 5 trillion won in just three months, is certainly weaker compared to last year's special savings data. Although the application amount in the first quarter of last year was 25.6 trillion won, the number of households eligible for the new life special conditions is increasing.

We are still jumping into buying and getting closer to homes worth less than 900 million won by taking advantage of ultra-low interest rates. I would say that this is the current situation. In the past, our parents' generation was supported by high growth rates, but we, who are leading this era, are facing the reality of a low-growth advanced country at around 3% annually since 2011. Therefore, I think that the special law for new growth continues to be one of the necessary measures for South Korea, which is living in a low birthrate era. Of course, low growth should not be an excuse for us not to make an effort. Living diligently is a basic principle. In early 2024, a significant number of people who purchased homes through the first-time homebuyer benefit jumped into buying using the special law for new growth. At that time, despite the market sentiment not being so favorable, the absolute price of homes was low, and the loan products were at ultra-low interest rates.

I think it was relatively easy to buy my own home because I had it. I feel proud that these people are winners so far. No one can predict what future housing prices will be, but I think it's not that difficult to maintain monthly payments by getting a 500 million won home mortgage loan at a 1% interest rate. If you are planning to have a child without a home now, please compare the Deep Dol 7 and interest rates carefully, and it would be good to actively utilize the new life exception. Thank you for watching. Until the day when all of you become homeowners, I will be with you. If the video was helpful, please like, comment, subscribe, and turn on notifications. Don't forget. I sincerely wish you a day full of happiness and luck today.

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