Single-person households and non-head-of-households to become eligible for jeonse loans

- Housing guarantee loans to benefit more single-person and two-person households - 

Loan borrowers are expected to have better access to jeonse (key deposit money for housing lease) loans through HF housing guarantee.

On December 14, 2010, Housing & Finance (HF, CEO Joo-jae Lim) announced that those who sign a jeonse lease under the name of a household member (parents, children, siblings, etc) instead of his/her own name as a householder will become eligible for HF's housing guarantee beginning December 24, 2010.

Prior to the decision, people living alone were required to show proof of income and wait a year after signing up as a householder in the resident registry to become eligible for HF's housing guarantee. However, the new policy scraps the one-year requirement and replaces the income condition with a pledge agreement. The decision came in response to complaints that housing-guarantee requirements were too strict, making it practically impossible for those just starting their careers or those with an irregular or no income to take out a jeonse or wolse (monthly rent) loan. 

＂HF decided to launch a new line of housing guarantees with substantially less qualification requirements so that previously disqualified people can take out a loan with the banking sector,＂ said an HF official. ＂The restrictions on single-person households have been scrapped to reflect the recent rise in single-person households.＂