신생아 특례대출Looking at the ‘2024 Land, Infrastructure and Transport Committee Budget Analysis Data’ published by the National Assembly Budget Office on the 6th, the Ministry of Land, Infrastructure and Transport expects that 26.6 trillion won will be invested to purchase special loans for newborns out of the 34.9 trillion won expected to be loans for home purchase next year. there is. It is expected that 76% of the total demand for home purchase loans will be special loans for newborns. 8.767 trillion won is directly loaned from the Housing and Urban Fund. The remaining amount will be loaned using commercial bank resources, but the Ministry of Land, Infrastructure and Transport plans to support the interest difference and apply the same interest rate as a direct loan.
The special loan for newborns is a policy financial product that the government plans to implement in January next year to overcome the low birth rate. Non-homeowner households that gave birth within two years of the loan application date are eligible for support. Those eligible can borrow up to 500 million won at an interest rate of 1.6-3.3% per annum when purchasing a home worth 900 million won or less. Annual income must be less than 130 million won and assets less than 506 million won.
The interest rate is maintained for 5 years after the loan is executed. If you take out a loan and then have a baby, the interest rate goes down by 0.2% for each child and the interest rate period is added for 5 years. Although the loan limit is the same as the special home loan, the interest rate can be lowered by up to 3.35% points depending on income. The special mortgage loan, in which 39.6 trillion won was invested, had an interest rate of 4.65-4.9% per annum.
There are observations in the industry that if special loans for newborns are implemented, money will be released into the market, which could have an impact on the real estate market. In fact, the special housing loan introduced early this year is pointed out as a factor in raising housing prices in the metropolitan area. As a result of Real Estate R114’s analysis of apartments in the metropolitan area from January to September of this year from the second half of 2021 to the first half of last year, the highest price of apartments in the metropolitan area traded this year was found to have recovered to 85% of the previous high. Since last month, when the general type of special housing loan was abolished, apartment transactions have decreased noticeably and price growth has slowed.
An industry official said, “As the government discontinued the general type of special home loan, the burden of financing for newlyweds in Seoul and the metropolitan area, where housing costs are relatively high, has increased.” “It appears that there will be a large influx of homeless people who have just given birth or are planning to do so,” he said. He added, “It is expected that low- to mid-price areas in Seoul and new cities in the metropolitan area that fall under the loan standard of KRW 900 million will be the beneficiary areas.”
Civic groups expressed concern that special loans for newborns could be a factor in stimulating housing prices again. People’s Solidarity for Participatory Democracy raised its voice of criticism, saying that the purpose of the new loan is not to respond to the low birth rate, but to increase housing prices. People’s Solidarity for Participatory Democracy said, “In the first half of last year, the special housing loan, which was implemented in the name of purchasing a house for ordinary people, was abused as a means of raising funds for the purchase of a house by the middle class, and this was ultimately criticized as the cause of soaring household debt and rising house prices, but once again, ‘Go into debt and buy a house.’ He said, “Like the case of the special deposit, housing prices will be raised again, making it difficult for low-income people to make long-term housing plans, and the burden of housing costs for low-income people may be increased by increasing rents following the increase in housing prices.”
However, as this loan is limited to families with newborns, some predict that it will not have a significant impact on the overall market. Kwon Dae-jung, a professor of real estate at Sogang University Graduate School, said, “The scope of support has been relatively narrowed as conditions that were not in the special home loan, such as childbirth and asset and income criteria, have been added to the special loan for newborns.” “As it has recovered to %, it does not seem easy for the buying trend to catch up like it did with the special home loan,” he said.
