Customized Service for Newlyweds from Eligibility Verification to Property Search
KB Kookmin Bank announced on the 26th that it will provide a service on its real estate specialized platform, KB Real Estate, allowing users to easily search for rental housing listings from Seoul Housing and Communities Corporation (SH Corporation).
To support housing stability for low-income households, KB Kookmin Bank signed a business agreement with SH Corporation to establish the ‘Seoul-type Safe Jeonse Bank’ and launched the ‘SH Rental Public Housing Exclusive Section’ on KB Real Estate in December last year. In the SH Exclusive Section, users can verify eligibility for SH Corporation’s rental public housing and receive recommendations for suitable listings.
The eligibility for the newly announced tenant recruitment for the existing housing jeonse rental newlywed and newborn types, which SH Corporation announced on the 22nd, can also be checked on the SH Exclusive Section of the KB Real Estate app. The existing housing jeonse rental project is a system where SH Corporation signs jeonse contracts with private housing owners and then subleases the properties to tenants at affordable rents.
Recently, the newlywed type was revised to the newlywed and newborn type, newly establishing eligibility for households with children born within two years regardless of the marriage period. Newlyweds and single-parent families are also eligible. Selected tenants can receive support of up to 192 million KRW per household at an annual interest rate of 1-2%, regardless of credit rating. After confirming eligibility on the KB Real Estate SH Exclusive Section, applicants can apply on the SH Corporation subscription website from March 4 to 15.
The SH Exclusive Section, jointly developed by KB Real Estate and SH Corporation, is a successful example of public-private collaboration. It has improved the inconvenience where prospective tenants had to visit real estate agents in person to search for listings. Using the listing recommendation service on the KB Real Estate app, users can easily find desired housing near their residence via their mobile phones. Notably, while SH Corporation previously only covered brokerage fees paid by tenants, it now plans to also support brokerage fees paid by landlords if contracts are made through listings in the KB Real Estate SH Exclusive Section.
Measures to prevent jeonse fraud have also been established. Upon moving into jeonse rental housing, the entire tenant deposit is insured through a guarantee insurance policy. In case of deposit non-return incidents, SH Corporation will set up tenant rights registration and claim insurance payments to protect tenants’ assets. SH Corporation will also cover the insurance subscription fees and related litigation costs.
KB Kookmin Bank and SH Corporation plan to continue their collaboration to enhance the convenience of the Exclusive Section. On the 28th, an interest calculator feature will be added, allowing prospective tenants to input deposit and support limits as well as monthly rent to calculate the monthly interest they need to pay.
A KB Kookmin Bank official stated, “We have worked together with SH Corporation to provide more convenient information on housing spaces where low-income people can live with peace of mind,” adding, “We will continue to expand public housing listings through cooperation with public entities and do our best to stabilize housing for low-income households.”
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