Kookmin Bank Launches Jeonse Loans Exclusively for Foreigners... Interest Rates as Low as 2.47%

[Asia Economy Reporter Kim Min-young] KB Kookmin Bank has launched a jeonse loan product exclusively for foreigners.

On the 1st, Kookmin Bank announced the launch of the 'KB Welcome Plus Jeonse Loan' for foreign residents in Korea and overseas Koreans with foreign nationality.

The eligible applicants for this product are foreigners and overseas Koreans aged 19 or older, whose visa validity period is more than 3 months as of the new loan date, who can provide proof of domestic income, and who are eligible for issuance of a personal finance credit insurance policy from Seoul Guarantee Insurance.

The loan amount is up to 80% of the rental deposit, with a maximum of 200 million KRW. The loan interest rate starts at an annual rate of 2.47%. The loan period is up to 2 years, and can be extended in 2-year increments up to a maximum of 10 years if the lease period is extended.

To apply, applicants must visit any Kookmin Bank branch nationwide with the following documents: ▲ Alien Registration Card or Overseas Korean Domestic Residence Report Card ▲ Lease contract with a fixed date ▲ Receipt of payment of at least 5% of the deposit ▲ Certificate of Alien Registration or Domestic Residence Report ▲ Certificate of employment and income documents.

A bank official stated, “This product was launched to ensure housing stability for foreigners residing long-term in Korea,” and added, “Kookmin Bank will continue to take the lead in supporting housing for customers who have difficulty accessing financial services.”