Seoul Housing and Urban Development Corporation (SH) said on the 31st it has prepared special terms so that even before full payment of the remaining balance for presale dwellings, occupancy and registration of ownership transfer can proceed for buyers of Magok District Complex 17 (Magok 17) to minimize move-in delays or inconvenience, and will implement them starting Sept. 1.
Magok 17 is a land-lease presale dwellings project that began move-ins this month after a preliminary subscription in September 2023 and a main subscription notice for tenant recruitment in February this year. After the preliminary subscription, during the main subscription process, the policy for mortgage loans for exclusive dwellings changed, reducing the loan limit and deducting 55 million won from the total loan amount (bangoongje), disrupting the funding plans of buyers who intended to cover the balance through loans.
To resolve this, on the 25th the Ministry of Land, Infrastructure and Transport (MOLIT) finalized a plan to exempt the bangoongje deduction, and SH coordinated with relevant agencies including the Seoul Metropolitan Government and Gangseo District to establish procedures allowing occupancy and registration of ownership transfer before payment of the balance.
The new procedures take effect Sept. 1. Buyers who, between Aug. 28 and 31 before the procedures apply, paid the bangoongje amount out of pocket and moved in can receive a refund of the previously paid 55 million won if they sign the special terms.
Buyers who wish to use the Didimdol loan reflecting the bangoongje exemption must visit SH headquarters and sign individual special terms with SH from Sept. 1 to 18. Buyers with move-in dates from Aug. 28 to Sept. 4 can sign the special terms at the Magok 17 move-in support center.
Details on the special terms can be found in the guidance individually sent by SH to buyers and on the corporation's website.