The Ministry of Land, Infrastructure and Transport has confirmed that it will provide the promised loan support for exclusive mortgages to pre-applicants of the Goyang Changneung S3 block without any delays.
On July 7, the ministry issued a statement regarding loans for residents of the Goyang Changneung S3 block. Some media outlets had reported that details about the exclusive mortgage, which were provided during the pre-application process, were removed from the resident recruitment announcement, and that the status of the interim payment group loan was marked as undecided, potentially increasing the burden on pre-applicants.
In response, the ministry explained that it plans to support the housing city fund's exclusive mortgage for pre-application winners, as initially promised, concerning the final payment loan that must be paid upon moving in.
The exclusive mortgage will be available to all pre-application winners, regardless of the income criteria for the Didirimdol loan and housing price requirements, with a maximum limit of 500 million won. The loan conditions include an 80% loan-to-value (LTV) ratio, and the debt service ratio (DSR) will not apply.
However, the specific loan conditions, such as interest rates and maturity, will be based on the Didirimdol loan requirements at the time of application, taking into account market fluctuations.
Regarding interim payments, the first payment for the Goyang Changneung S3 block is scheduled for May 2027, and the ministry plans to pursue a group loan agreement for interim payments in the first quarter of 2027. Once the agreement is finalized, it will be communicated to the contractors.
The ministry noted that typically, the Korea Land and Housing Corporation (LH) signs group loan agreements with commercial banks about three to four months before the interim payment deadline.
As trust in the pre-application system is directly linked to housing demanders' financial planning, clear guidance on loan conditions and interim payment schedules is becoming increasingly important.
The ministry also plans to reflect these matters in the recruitment announcements for upcoming New:Home shared and optional housing projects.
* This article has been translated by AI.
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