South Korea eases Bogeumjari Loan income rules for newlyweds

The Korea Housing Finance Corporation has updated the income eligibility criteria for the Bogeumjari Loan to alleviate the ‘marriage penalty’ for dual-income newlyweds. Starting May 19, even if a couple's combined annual income exceeds previous limits, they can still qualify if at least one spouse earns 70 million won or less.

While the income thresholds have been eased, the maximum property price limit remains fixed at 600 million won. This presents a challenge in the current market, as the median apartment price in Seoul has recently surpassed 1.3 billion won.

Additionally, the age limit for the Youth Special Jeonse Loan Guarantee has been raised from 34 to 39. For newlyweds and households with children, the guarantee limit is set at up to 300 million won, provided the income remains under 70 million won.