All About lh 청년 전세대출

1. What is ‘lh 청년 전세대출’?

The ‘lh 청년 전세대출’ is a housing support program for young adults, conducted by the Korea Land and Housing Corporation (LH). This program is designed to help young people in their 20s and 30s, who find it challenging to purchase their first homes because of difficulties in obtaining funds for a lump-sum deposit. Rather than buying a house through traditional financing, applicants of ‘lh 청년 전세대출’ can rent it first and buy it later. The program also provides lower interest rates compared to other commercial loans, making homeownership more accessible for young Koreans.

2. Who qualifies for the ‘lh 청년 전세대출’?

The ‘lh 청년 전세대출’ is primarily aimed at young Korean adults. To qualify, applicants must meet the following criteria:

• Must be aged between 19 and 39 years old.
• Must be registered as a resident in a municipality in Korea.
• Must not have ownership of a house or land in Korea.
• Must not have any immediate relatives (parents, siblings, or children) who own a house or land in Korea.
• Must have credit worthiness and ability to repay the loan.
• Must have a regular income stream.

3. What types of homes can I apply for with the ‘lh 청년 전세대출’?

The ‘lh 청년 전세대출’ program allows applicants to choose from various types of homes, including apartments, multiplex houses, detached houses, and more. However, the available options may differ based on the region’s rental and housing market conditions.

4. How much loan can I borrow through the ‘lh 청년 전세대출’?

The amount that can be borrowed through ‘lh 청년 전세대출’ varies depending on the applicant’s financial status, the property’s value, and the monthly rental price, among other factors. However, as of 2021, the maximum loan amount is 300 million KRW.

5. What are the benefits of ‘lh 청년 전세대출’?

• Lower interest rates compared to other commercial loans.
• Deductible interest rate for taxation purposes.
• No worries about property price changes as the purchase price is fixed when signing the lease contract.
• No lump-sum deposit is required to rent the home initially.
• The rent paid during the rental period is deducted from the purchase price, which lowers the initial cost of purchase.
• Equal monthly installment plan that is easier to manage.

6. What should I prepare to apply for ‘lh 청년 전세대출’?

To apply for ‘lh 청년 전세대출,’ applicants need to submit documents to prove their eligibility, such as:

• A copy of resident registration
• Income verification documents (e.g., pay stubs, tax return papers, certificate from the workplace, etc.)
• Proof of employment (e.g., certificate of employment, employment contract, etc.)
• Debt information (e.g., credit card bills, personal loans, etc.)
• Other documents that may support the eligibility for the loan program (e.g., savings account book, investment certificate, etc.)