Bank of Korea Base Rate at 3.5% per Year, Mortgage Loan Interest Rate Ceiling at 6% per Year... High Interest in Housing Complexes Offering Financial Benefits
As the era of high interest rates continues, the burden of loan interest on real estate buyers is increasing, drawing attention to housing complexes offering financial benefits.
A representative example is the interest-free installment payment benefit. Typically, the project entity pays the interest on 60% of the sale price on behalf of the buyer, which is popular as it effectively reduces costs in the current high-interest-rate environment.
The Bank of Korea raised the base interest rate seven consecutive times last year alone, increasing it from around 1.25% at the beginning of the year to 3.25% by the end. This year, the base rate rose further to about 3.5%, and as of March, the upper limit of mortgage loan interest rates at major commercial banks stands at the 6% range.
As a result, more real estate buyers are expressing concerns about the burden of loan interest. For example, if one borrows 500 million KRW to purchase an apartment and calculates the annual interest at 6%, the loan interest cost for one year would be approximately 30 million KRW. This means paying about 2.5 million KRW in interest every month.
In this context, Hyosung Heavy Industries has announced that ‘Harrington Place Jinsa,’ scheduled for sale in April in Anseong-si, Gyeonggi-do, plans to alleviate the financial burden of actual buyers by offering full interest-free installment payments, attracting attention.
‘Harrington Place Jinsa’ is located in Jinsa-ri, Gongdo-eup, Anseong-si, and will be developed as a large complex consisting of 12 buildings in 2 blocks, ranging from 74 to 100 square meters in exclusive area, with a total of 992 households (355 households in Block 1 and 637 households in Block 2), from basement level 2 to a maximum of 29 floors above ground.
The complex not only offers full interest-free installment payment benefits but also enjoys a prime location, increasing interest. Gongdo-eup, where the complex is located, connects Anseong and Pyeongtaek, allowing residents to enjoy the living areas of both regions. Additionally, residential developments in nearby Pyeongtaek areas such as Sosa, Yongjuk, Hyeonchon, and Yongi districts are underway, along with active infrastructure expansion.
In front of the complex runs Seodong-daero (National Road No. 38), which connects Anseong and Pyeongtaek, enabling convenient travel throughout the region. The area is also well-equipped with a wide-area transportation network, including the Anseong IC on the Gyeongbu Expressway and a wide-area bus stop. Furthermore, according to the 4th Railway Network Construction Plan, the ‘Capital Region Inland Line’ and the ‘Pyeongtaek-Bubal Line’ are being promoted in Anseong, and the Seoul-Sejong Expressway (Guri-Anseong section) and Pyeongtaek East Expressway, which pass through Anseong, are scheduled to open in 2024, promising even better transportation conditions in the future.
Moreover, large-scale industrial complexes such as Anseong Techno Valley, which focuses on attracting 10 advanced and knowledge industries including medical, precision, and optical equipment, Anseong 5th General Industrial Complex, and Smart Corepolis are planned, making it an ideal complex for living close to work.
Yangjin Elementary School, which operates an English-specialized education program, is within walking distance, and excellent educational environments such as Yangjin Middle School, the Yongjuk district academy area, and Jinsa City Library are also available. Additionally, it is easy to access lifestyle convenience facilities such as ‘Starfield Anseong,’ the largest complex shopping mall in southern Gyeonggi, as well as E-Mart Traders and Mart King. The complex is also surrounded by abundant green spaces, including a planned park of approximately 5,700 square meters, Sosa District Cultural Park, and Historical Heritage Park.
The product quality befitting the ‘Harrington Place’ brand also draws attention. The complex applies a design with buildings mainly facing south, ensuring excellent lighting and ventilation. It maximizes space utilization by providing storage spaces throughout the home, such as alpha rooms, pantries, and three-sided balconies (in some types). Some types offer kitchen lower cabinets and an all-in-one dressing room system (glass sliding doors, system powder, system shelves), and sophisticated interior designs with features like coffered ceilings and specialized lighting are planned.
Various community facilities are also provided. These include a fitness center, GX room, golf practice range, screen golf practice range, shower rooms (male and female), locker rooms (male and female), lounges connected to a sunken space, cafeterias, resident cafes, care centers, and study rooms. Notably, three guest houses are available where families and external guests can spend time together, allowing for relaxed leisure.
Meanwhile, Anseong-si, Gyeonggi-do, where the complex is located, saw its designation as a regulated area lifted on September 21 last year, increasing the loan-to-value (LTV) ratio limit to 70% and easing first-priority subscription conditions. ‘Harrington Place Jinsa’ also allows resale.
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