LH Signs Agreement with Shinhan Bank to Support Public Sale Interim Payment Loans

Easing of Interim Payment Loan Screening Criteria and Application of Preferential Interest Rates to Support Buyers' Fundraising
Active Collaboration on Extending Deposit Periods for Existing Loans and Depositing Interim Payment Loan Amounts

Lee Jung-kwan, LH Vice President (right), and Cho Kyung-sun, Shinhan Bank Vice President, are taking a commemorative photo after signing the 'Interim Payment Loan Business Agreement' to alleviate the financial burden of public sale housing buyers at the LH Seoul Regional Headquarters on the 24th. / Provided by LH.

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) announced on the 26th that it has signed a 'Mid-term Payment Loan Business Agreement' with Shinhan Bank to alleviate the financial burden of public sale housing buyers.

This agreement was promoted to establish a close cooperative relationship with the financial sector, facilitate mid-term payment loans for LH public sale housing, and support non-homeowners who are genuine demanders in acquiring their own homes.

LH signed the 'Public Sale Housing Mid-term Payment Loan Business Agreement' with Shinhan Bank and promised to fulfill its social responsibility and role to support housing stability for low-income non-homeowners.

According to the agreement, Shinhan Bank will relax the screening criteria for mid-term payment loans for public sale housing and apply preferential interest rates for LH public sale housing mid-term payment loans to reduce the interest burden on buyers due to the recent rise in the base interest rate.

LH will actively collaborate with Shinhan Bank by extending the deposit period of currently implemented loans and requiring the mid-term loan amount to be deposited in a Shinhan Bank account for a certain period.

The relaxation of screening criteria under the agreement applies to all LH public sale housing, including newlywed hope towns, and has been in effect since the agreement was signed on the 24th.

It is expected that this agreement will reduce the financial burden not only for current buyers but also for non-homeowners preparing to apply for housing.

An LH official stated, "The agreement with Shinhan Bank will be a new cooperative model where LH, the bank, and buyers can all coexist, and LH will continue to do its best to ensure housing stability for low-income non-homeowners by carefully considering not only the supply of public housing but also the financial concerns of genuine demanders."

Meanwhile, LH plans to additionally supply 2,932 units of newlywed hope towns and 3,280 units of public sale housing by the end of this year.