2024.07.09. The Fair Economy — The government is moving to ease the requirements for policy loans to reduce the interest burden on victims of jeonse fraud.
The Ministry of Land, Infrastructure and Transport recently announced that, starting on the 10th, it will ease the requirements for policy loans to reduce the interest burden on jeonse fraud victims.
The measure is a follow-up to the "Enhanced Support Plan for the Housing Stability of Jeonse Fraud Victims." It was carried out with victims' requests in mind, so that support can also be provided to victims who are unavoidably awarded their damaged property at auction or who are already using a Buttimok Jeonse Loan.
The policy also makes it possible for jeonse fraud victims currently using another Buttimok Jeonse Loan to switch to the lower-interest, victim-only Buttimok Jeonse Loan.
Previously, anyone with a prior history of home ownership could not receive the first-time homebuyer benefit under the Didimdol home purchase loan. However, under the "Special Act on Support for Jeonse Fraud Victims and Housing Stability," a damaged home acquired by a person officially designated as a jeonse fraud victim will, as an exception, be treated as not counting toward that ownership history. This will allow such victims to use the first-time homebuyer benefit of the Didimdol home purchase loan when they acquire another home in the future.
In addition, the total debt-to-income (DTI) requirement for the victim-only Didimdol home purchase loan will also be eased, from 60% to 100%, expanding support so that lower-income victims can also apply for the loan.
Meanwhile, victims seeking to apply for loans exclusive to jeonse fraud tenants can do so by visiting branches of the five banks nationwide entrusted with the Housing and Urban Fund: S Woori Bank, KB Kookmin Bank, Shinhan Bank, Hana Bank and NH Bank.
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