Pre-Booking for Newlyweds and Multi-Child Families Floods Special Supply... What Are the Eligibility Requirements?

Public Sale of 30,200 Units Starts from July
14,000 Newlywed Hope Town Homes... A Great Opportunity for 'Owning a Home'
85% of Public Sale Housing Reserved for First-Time Buyers and Large Families

[Asia Economy Reporter Ryu Tae-min] From July this year until the end of the year, pre-subscription for 32,000 public sale apartments will be conducted in the 3rd phase new towns and major housing sites. In particular, the number of newlywed hope town units accounts for about half of the total, with 14,000 households, increasing the opportunity for newlywed couples to own their own homes. Among the public sale apartments excluding the newlywed hope town, 85% are specially supplied for first-time homebuyers, multi-child families, etc., raising interest in related eligibility and selection criteria.

Eligibility and Selection Criteria for Newlywed Hope Town

The newlywed hope town, which accounts for about half of the pre-subscription, is a complex designed with childcare specialization. The basic eligibility for moving in is a non-homeowner household member (newlywed couple) who has been married within 7 years or has children under 6 years old. Those planning to marry and who can prove marriage within one year from the announcement date (prospective newlywed couples), and single-parent non-homeowner household members with children under 6 years old (single-parent families) can also apply.

The selection method prioritizes newlywed couples within 2 years of marriage and prospective newlywed couples by a point system considering household income, continuous residence period in the relevant area, and the number of subscription savings payments. For those who failed in the first stage and remaining applicants, supply is made by a point system considering the number of minor children and the period of non-homeownership.

Eligibility for Public Sale Housing Applicants

The remaining units excluding the newlywed hope town are conducted according to the public sale housing selection criteria. Special supply accounts for 85%, and general supply 15%, with special supply composed of ▲newlywed couples 30%, ▲first-time homebuyers 25%, ▲multi-child families 10%, ▲supporting elderly parents 5%, ▲meritorious persons 5%, and ▲others 10%.

Except for meritorious persons and other types, applicants must have assets below 215.5 million KRW and automobiles below 34.96 million KRW to be eligible. Regarding income, based on the monthly average income, applicants must meet the requirements of ▲130% for newlywed couples and first-time homebuyers, ▲120% for multi-child families and those supporting elderly parents, and ▲100% or less for general supply.

Whether or not one has a subscription savings account is also important. For general supply and first-time homebuyers and elderly parent support types, only first-priority subscription savings holders can apply. Additionally, newlywed couples, multi-child families, and other types must have been subscribed for at least 6 months and made at least 6 payments.

First-priority subscription savings holders are those who, in speculative overheated zones and subscription overheated zones, have a subscription period of 2 years and at least 24 payments, or in the metropolitan area and outside the metropolitan area, have subscription periods of 1 year and 6 months and at least 12 and 6 payments respectively. Also, regardless of region, applicants must be heads of non-homeowner households or members of non-homeowner households.