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Eligibility for First-Time Homebuyers, Newlyweds to be Expanded in Draw System

Written: 2021-09-08 13:46:03Updated: 2021-09-08 15:32:12

Eligibility for First-Time Homebuyers, Newlyweds to be Expanded in Draw System

Photo : YONHAP News

Eligibility requirements for a program that offers privately built apartments to first-time homebuyers and newlyweds will be eased to allow more in their 20s and 30s to participate. 

According to the Land Ministry on Wednesday, 30 percent of new units will be distributed in a draw to expand purchasing opportunities for those who had been previously blocked out.

While 70 percent of units will still be allocated under existing requirements, the 30 percent made available through the lottery will be open to single-person and dual-income families, regardless of income or number of children.

Eligibility will, however, be limited to those with less than 330 million won in real estate assets.

The ratio based on the point system, meanwhile, will remain unchanged. The expanded eligibility is expected to start after November.

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