Meaning of "Stepping Stone Loan"
This is a representative low-interest home purchase loan product offered by the government to help low-income households without homes buy a home.
"The Stepping Stone Loan I applied for this time is a program that helps people take the first step toward homeownership with low-interest rates, so the financial burden has been significantly reduced."
Related slang words
Date of CertificationThis refers to the procedure whereby the competent authority records the date (by stamping or registering the document) on the lease agreement to officially recognize the effective date of the contract, thereby securing priority in the repayment of the security deposit.Bejimok LoanThis is a government-backed loan program that provides funds for jeonse deposits at low interest rates to help ensure housing stability for low-income households.Right of set-offThis is the legal right that allows a tenant to continue occupying the leased property until they assert their tenancy rights and receive a refund of the security deposit (or an equivalent amount), even if the landlord changes.Homeownership LoanThis is a program that allows individuals to obtain a long-term, fixed-rate mortgage with installment payments, provided by the Korea Housing Finance Corporation.Establishment of a Jeonse LeaseThe act of securing legal protection by registering the tenant’s right to the return of the security deposit as a **jeonse right** in the official property registerChange of AddressNotifying the relevant authorities of the move to a new residence; this is a necessary procedure for establishing legal rights, such as the right of opposition, after moving.Interest-free interim paymentThis benefit allows the developer to cover the interest on the interim payments made under the pre-sale contract, thereby reducing the initial financial burden on the buyer.Villa KingA sarcastic remark directed at scammers who buy up large numbers of townhouses using only the security deposits and then cause harm by failing to return the deposits on time