What is the Shinhan Bank Sol-Pyeonhan Jeonse Loan?

Many people are finding it difficult to secure funds for their jeonse (lump-sum deposit) homes these days. For those individuals, Shinhan Bank offers the Sol-Pyeonhan Jeonse Loan. This is a non-face-to-face loan product that can be easily applied for through the mobile app, allowing for convenient use without visiting a branch. A significant advantage is that it's based on Seoul Guarantee Insurance, enabling loans of up to 500 million KRW. Since the loan is provided up to 80% of the deposit, it will be a great help in securing your jeonse funds.

Eligibility and Conditions

The Shinhan Bank Sol-Pyeonhan Jeonse Loan is available to those who meet the following criteria:

• Individuals who have signed a housing lease agreement through a real estate agency.
• Individuals who have paid at least 5% of the lease deposit.
• Individuals who have passed the eligibility review by Seoul Guarantee Insurance.
• Individuals with a financial cost burden ratio within 40%.
• Individuals who are either homeless or own only one home when combining both spouses' assets.

The eligible housing types include apartments, townhouses, and multi-family dwellings. For apartments, the KB market price must be searchable. For townhouses and multi-family dwellings, the official public housing price from the Ministry of Land, Infrastructure and Transport must be searchable. Additionally, please note that there should be no encumbrances on the property title.

Loan Limits and Terms

The maximum loan limit for the Shinhan Bank Sol-Pyeonhan Jeonse Loan is 500 million KRW. For those who own one home, the loan limit is within 300 million KRW. The loan term for a jeonse loan can be selected from 6 to 36 months. If you are taking out a loan for both jeonse and monthly rent, the term is limited to 6 to 24 months. These flexible term options are a significant advantage for customers.

Repayment Methods and Important Notes

The repayment method is bullet repayment (paying the principal in full at maturity), and a minus-type account (overdraft) is not supported. Please be aware that early repayment may incur a penalty fee. The early repayment fee is calculated based on the amount repaid early, so it's best to inquire with Shinhan Bank for detailed information.

You must apply for the loan at least 2 weeks before the date you need the funds. Please also note that the loan application result is valid only for the day of application. Furthermore, if you have applied for another mobile loan or are currently consulting at a Shinhan Bank branch within 30 days of the loan application date, the loan process may not proceed.

Shinhan Bank Jeonse Loan Interest Rate Information

The interest rate for Shinhan Bank's jeonse loan varies depending on the loan amount, loan term, and repayment method. For example, if the loan amount is 200 million KRW and the loan term is 24 months, the rate applied to a Shinhan Bank customer with a credit rating of 3 will be provided. For detailed information on interest rates, please check the Shinhan Bank website or contact their customer center.

The Shinhan Bank Sol-Pyeonhan Jeonse Loan is an excellent option for easily securing funds for your jeonse. If needed, you can get more information by contacting the Shinhan Bank customer center (1599-8000) or visiting a branch. We hope this helps you with your jeonse fund preparations!