What is the Woori Bank Youth Support Jeonse Loan?

Woori Bank's Youth Support Jeonse Loan is a housing support product designed for unmarried individuals aged 19 to 34. This loan is funded by the Housing Urban Fund and offers an ultra-low interest rate ranging from 1.8% to 2.7%, supporting up to 200 million KRW. This significantly reduces the interest burden on households. Notably, it can be quickly applied for non-face-to-face through Woori Bank's mobile app, 'Woori WON Banking', making it a highly beneficial option for young adults preparing for their first independent living situation.

Eligibility and Conditions

The eligibility criteria for the Woori Bank Youth Support Jeonse Loan are as follows:

• Individuals with a combined household asset threshold of 345 million KRW or less.
• Workers and low-income individuals who are the head of household at the time of loan application, have signed a jeonse (lump-sum deposit) or monthly rent contract for 300 million KRW or less, and have paid at least 5% of the jeonse deposit.
• Unmarried heads of household aged 19 to 34.
• Individuals whose total income in the past year was 50 million KRW or less (75 million KRW or less for newlywed households).

Additionally, the loan limit is up to 150 million KRW, and for single heads of household under 25 years old, it is limited to 120 million KRW or less.

Loan Period and Repayment Methods

The loan period starts with a basic term of 2 years and can be extended up to a maximum of 10 years. Repayment methods include lump-sum repayment at maturity or a mixed repayment plan, allowing for principal equal installments for 10% to 50% of the loan amount. Furthermore, there are no early repayment fees, so you can repay freely at any time.

Required Documents and Costs

The documents required for loan application are as follows:

• A copy of the lease agreement with a confirmed date.
• Resident registration copy (including address change history for the past 5 years).
• Full copy of the property's registration certificate.
• Income verification documents (e.g., withholding tax receipt, income amount certificate).
• Proof of real name (e.g., resident registration card).

Loan-related costs include stamp duty, which is shared equally (50% each) by the bank and the customer. The guarantee fee is 0.1% per year, based on a jeonse deposit of 300 million KRW or less.

Important Notes and Extension Conditions

Before applying for the loan, please be aware of a few important points. Customers who are ineligible for loan processing, such as those with overdue loans or registered credit information, may not be able to obtain the loan. Also, please note that additional interest rates may apply based on the asset review results after the loan is disbursed.

For loan extensions, at least 10% of the originally disbursed loan amount must be repaid with each extension, and extensions are only possible under specific conditions.