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A chartered loan product that can be repaid in amortization will be launched next month.
According to the financial sector on the 4th, SGI Seoul Guarantee has decided to provide a jeonse guarantee with a limit of 500 million won (300 million won for inhabitants) that can be repaid in installments, and is discussing the timing of product launch with commercial banks.
SGI Seoul Guarantee is still operating the amortized loan guarantee, but there is a difference in that new products can be changed to a temporary repayment method if necessary.
When it becomes difficult for the borrower to pay off the principal by sharing the principal due to an unexpected decrease in income, a function has been added to allow the borrower to pay off the loan at maturity without worrying about arrears.
Earlier this year, the Financial Services Commission announced its work plan to activate the amortization loans.
A financial authority official explained that private guarantors are also pursuing a plan to provide installment-payment jeonse guarantees, and that they will be able to subscribe to products by May.
In general, a mortgage loan pays off principal and interest together, but a jeonse loan pays only interest and pays off the principal at maturity. The loan principal does not decrease, so you have to pay the same interest all the time.
On the other hand, if part or all of the principal is repaid in installments, the loan principal decreases as time passes, so the interest burden decreases.
If you are a borrower who needs to save a lot of money in preparation for a home arrangement or an increase in cheonsei, you can also seek tax-free and income deduction benefits through amortization of jeonse loans.
When saving money by pouring savings, 14% tax is added to interest income, but if you pay off the loan with that money instead of putting in a savings or savings, you do not have to pay taxes.
In addition, since the money spent on repaying the principal and interest is recognized as expenditure at the year-end settlement, you can receive an income deduction for 40% of the amount paid for principal and interest (up to 7.5 million won in principal).
Meanwhile, the Financial Services Commission is also considering expanding programs to support loans for cheonsei and monthly rents for youth under the age of 34.
The guarantee limit per person is raised from the current’deposit 70 million won, monthly rent less than 500,000 won’ and lowered the guarantee rate from 0.05% to 0.02%. The total supply limit is abolished.
Eunji Cha, reporter Hankyung.com [email protected]
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