Meaning of "Homeownership Loan"
This is a program that allows individuals to obtain a long-term, fixed-rate mortgage with installment payments, provided by the Korea Housing Finance Corporation.
"If you are a first-time homebuyer, you can take advantage of the Bogeumjari Loan to enjoy long-term, fixed-rate benefits and make monthly installment payments."
Related slang words
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.Change 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.Stepping Stone LoanThis is a representative low-interest home purchase loan product offered by the government to help low-income households without homes buy a home.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.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.Balcony ExtensionThis construction method involves structurally expanding and integrating the balcony space with the living room or bedroom to create a more spacious living area.Three Rental LawsThis refers to three systems established to robustly protect tenants’ rights and reduce disputes in lease agreements (related to the protection of security deposits for residential and commercial tenants, regulations regarding lease renewals, and the legal relationships during the lease term).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.