The Stabilization Sublease Loan is a program that provides loan assistance through the Housing and Urban Development Fund to help unhoused workers and low-income people stabilize their housing. [1]. . In this post, we’ll go over information and reviews of Brace Charter Loans.
Terms and loan limits
To qualify for a bridging loan, you’ll need to pay at least 5% of the security deposit after signing a lease and meet several criteria, including homelessness, income, assets, etc. [2]. . The loan limit has been expanded to 300 million won in the metropolitan area and 200 million won in rural areas for newlyweds. [3]. .
Ordinary households can borrow up to 1.2 million within a maximum of 70% of the rental deposit, while newlyweds or multi-child households can apply for up to 2.2 million within a maximum of 80% of the deposit.
| Loan Eligibility | Homeless Head of Household Gross income of $50,000 or less |
| Loan limits | 1.2 billion won for general households 2 children or more 2.2 billion won |
| Loan rate | 1.8 to 2.4 |
| Loan Term | Up to 10 years |
| Repayment Methods | Amortization or Blended Amortization |
How to apply and what to bring
To apply for a brace charter loan, you must visit one of the following banks near you: Woori, Kookmin, Enterprise, Nonghyup, or Shinhan Bank and apply for a loan limit inquiry. [4]. . Then you need to prepare the necessary documents as shown below [5]. .
- Identification
- Social Security number
- A copy of your lease
- Housing and Urban Development Application
- Credit consent forms, etc.
Reviews
Testimonials from first-hand experience show that these loans can be very helpful for young adults who are struggling to move out on their own due to financial constraints. [6]. . According to the experience of another blogger who applied directly, “If you want an extension, prepare the necessary documents and go. The SMBA said that it was not possible to change the destination, but fortunately, Shoringok was able to change the destination and prepared the documents.” [7]. .
Other information and reviews can be found in the sources below.
Sources:
- Testimonials on extending the term of a Bridging Charter Loan
- Overview of the terms of a Bridging Charter Loan
- Documentation of the terms, conditions, and limits of the 2023 Bridging Sublease Loan
- Brace Charter Loan Review and How to Apply Summary
- Brace Charter Loan Review and How to Apply Summary
- Brace Charter Loan Firsthand Experience
- Testimonials on extending the term of a Bridging Charter Loan
