The Ministry of Land, Infrastructure and Transport announced 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 clarified its position regarding loans for residents of the Goyang Changneung S3 block. Earlier, some media reported that details about the exclusive mortgage, which were provided during the pre-application process, had been 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 exclusive mortgage from the Housing and Urban Fund for those who win the pre-application lottery, as originally promised, regarding the final payment loan that must be paid upon moving in.
The exclusive mortgage will be available to all pre-application winners, regardless of income criteria or housing price requirements, with a maximum limit of 500 million won. The loan conditions include an 80% loan-to-value (LTV) ratio, with debt service ratio (DSR) not applied.
However, the specific loan conditions, such as interest rates and maturity, will be based on the requirements of the Didirimdol loan at the time of application, taking into account market fluctuations.
Regarding the interim payment loan, the first payment for the Goyang Changneung S3 block is scheduled for May 2027, and the ministry plans to pursue a group loan agreement in the first quarter of 2027. Once the agreement is finalized, it will be communicated to the contractors.
The ministry explained that typically, the Korea Land and Housing Corporation (LH) signs group loan agreements with commercial banks 3 to 4 months before the interim payment is due.
As trust in the pre-application system is directly linked to the financial planning of housing demanders, clear guidance on loan conditions and interim payment agreement schedules is becoming increasingly important.
The ministry 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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