Gwangju Bank Launches Special Loan for Youth Customized Jeonse and Monthly Rent Deposits

Gwangju Bank is implementing a total of 170 billion KRW worth of mortgage loans and special loans tailored for youth monthly rent deposit guarantees.

For mortgage loans, customers can receive an interest rate benefit of up to 2.1% per annum by combining the existing preferential interest rate of up to 1.4%p per annum with a special discount interest rate of up to 0.7%p per annum.

The loan interest rate can be as low as 3.38% per annum (up to 5.02% per annum).

The youth tailored monthly rent deposit loan offers an interest rate benefit of up to 0.7%p per annum by adding the existing preferential interest rate of up to 0.2%p per annum and the special discount interest rate of up to 0.5%p per annum.

The loan interest rate can be as low as 4.04% per annum (up to 5.02% per annum).

The mortgage loan has a limit of 150 billion KRW, and the youth tailored monthly rent deposit loan has a limit of 20 billion KRW, with sales starting on the 8th.

Applicants must limit their use to housing purchase funds, living stabilization funds, or repayment of loans from other banks.

For the youth tailored monthly rent deposit loan, applicants must be able to obtain a guarantee certificate from the Korea Housing Finance Corporation (HF), be a non-homeowner (or prospective homeowner) household head aged between 19 and 34, and have a combined annual income of the applicant and spouse of 70 million KRW or less.

It is noteworthy that even university students without income are eligible to apply.