Bogeumjari Loan for Newlyweds: 1-Person Income Threshold of KRW 70,000,000 Applies from October 19 Even If Combined Income Exceeds the Limit
There is a change for newlywed couples who previously could not apply for a Bogeumjari Loan because their combined income exceeded the existing threshold. For new loan applications from 2026-10-19, newlywed households may apply under the new income criteria if either spouse has an annual income of KRW 70,000,000 or less, even when their combined income exceeds the previous limit.
However, having one spouse earn KRW 70,000,000 or less does not automatically guarantee loan approval. Applicants must also satisfy the other Bogeumjari Loan requirements, including newlywed household eligibility, property value, number of homes owned, credit requirements, and LTV and DTI limits.
Does Having One Spouse Earn KRW 70,000,000 or Less Qualify a Couple Regardless of Their Combined Income?
The most important aspect of this change is that the 1-person income criterion can be applied when a couple exceeds the existing combined-income threshold for newlywed households.
The current income thresholds for newlywed households vary depending on the number of children.
Newlywed households without children: Combined annual income of KRW 85,000,000 or less
Households with 1 minor child: Combined annual income of KRW 90,000,000 or less
Households with multiple children: Combined annual income of KRW 100,000,000 or less
If a couple's combined income falls within the applicable threshold, eligibility continues to be assessed based on their combined income, as before.
Conversely, if their combined income exceeds the applicable threshold, they may apply from 2026-10-19 by determining whether either spouse has an annual income of KRW 70,000,000 or less.
For example, suppose a newlywed couple without children has individual annual incomes of KRW 40,000,000 and KRW 50,000,000, respectively. Their combined income would be KRW 90,000,000.
This is KRW 5,000,000 higher than the existing KRW 85,000,000 threshold for newlywed households without children, making them ineligible under the previous income criteria. Under the revised criteria, however, they may apply based on the spouse whose annual income is KRW 40,000,000.
The Person Earning KRW 70,000,000 or Less Must Apply Directly
There is another important condition to consider when submitting an application.
If a couple exceeds the combined-income threshold and seeks to qualify under the 1-person annual income criterion of KRW 70,000,000 or less, the person whose income is used to establish eligibility must personally apply for the Bogeumjari Loan and become the borrower.
For example, if one spouse has an annual income of KRW 65,000,000 and the other earns KRW 80,000,000, the 1-person income requirement would be applied based on the spouse earning KRW 65,000,000.
The repayment-capacity assessment also differs from simply combining both spouses' incomes. When using the 1-person income criterion, DTI is assessed based on the income and debts of the individual borrower.
Therefore, households exceeding the combined-income threshold should consider not only whether either spouse earns KRW 70,000,000 or less, but also whether that person, as the actual borrower, can qualify for the loan amount needed.
The Other Spouse's Income and Loans Are Not Entirely Excluded
Using the 1-person income criterion does not mean the other spouse's financial information is excluded from every part of the assessment.
The other spouse's income is still checked to determine eligibility for preferential interest rates and genuine homebuyer requirements. Any interim-payment loans or rental deposit loans that the spouse must repay are also subject to review.
The number of homes owned is not assessed for just one person. Instead, the total number of homes owned by both spouses is considered.
Therefore, rather than interpreting the change as meaning that 'only 1 person's income is considered,' it is more accurate to understand that newlywed households previously excluded because of their combined income now have an additional eligibility pathway based on 1-person income.
October 19 Refers to New Loan Applications, Not Contract Dates
The effective date must also be distinguished from the property contract date.
The new income criteria apply to new loan applications submitted from 2026-10-19.
Under the criteria announced as of 2026-09-28, new applications submitted on or after October 19 are eligible. Therefore, applicants seeking to use the new criteria should verify whether their loan application date falls within the eligible period.
Check the Eligibility Period for Newlywed Households
The 1-person KRW 70,000,000 criterion does not apply to all married couples. It specifically targets newlywed households.
For this Bogeumjari Loan change, eligible newlywed households are those submitting a loan application within 7 years of their marriage registration date. Couples planning to marry within 3 months of the loan application date are also included.
Couples who have been married long enough to fall outside the newlywed eligibility period cannot qualify under this change solely because one spouse earns KRW 70,000,000 or less.
Meeting the Income Requirement Does Not Complete the Application Process
Even with the relaxed income requirements, the other basic Bogeumjari Loan conditions are assessed separately.
As of 2026-09-28, a Bogeumjari Loan cannot be provided if the collateral property's value exceeds KRW 600,000,000. For home purchases, lending is restricted if any applicable valuation, including market price information, appraised value, or actual purchase price, exceeds KRW 600,000,000.
The general Bogeumjari Loan limit is up to KRW 360,000,000, while households with multiple children may borrow up to KRW 400,000,000 and first-time homebuyers up to KRW 420,000,000. The actual available amount may vary depending on LTV, DTI, collateral value, and individual underwriting results.
In particular, applicants using the new 1-person income criterion may find it helpful to review their eligibility in the following order.
1. Confirm whether the household qualifies as newlywed based on the loan application date
2. Check whether the couple's combined income exceeds the current threshold applicable to their number of children
3. Determine whether either spouse has an annual income of KRW 70,000,000 or less
4. Confirm whether the person earning KRW 70,000,000 or less can become the borrower
5. Check whether the borrower's income and debts support the required loan amount
6. Verify the remaining Bogeumjari Loan requirements, including property value, number of homes owned, and credit eligibility
Rather than finalizing a property purchase contract or financing plan based on the income criterion alone, applicants should also verify the detailed underwriting requirements in effect when they actually apply.
Bogeumjari Loan Interest Rates for October Must Be Considered Separately
Changes to income eligibility and changes to interest rates are separate matters.
Bogeumjari Loan interest rates were kept unchanged in October 2026. For the Akkim-e Bogeumjari Loan, annual rates range from 4.90% to 5.20%. After applicable preferential interest rates are reflected, the lowest annual rates by loan maturity range from 3.90% to 4.20%.
However, becoming eligible to apply under the new 1-person KRW 70,000,000 income criterion does not mean that any particular preferential interest rate will automatically apply. Preferential rates have separate income thresholds and detailed requirements, so applicants must distinguish between loan eligibility and eligibility for interest rate discounts.
What Should Couples Do If Their Combined Income Exceeds the Threshold?
Newlywed households submitting new applications from 2026-10-19 should first compare their income against the existing combined-income threshold.
If their combined income falls within the existing limit, the couple's combined income will continue to be used, as before.
If their combined income exceeds the threshold, they should check whether either spouse has an annual income of KRW 70,000,000 or less. If so, that spouse may become the borrower and consider applying for a Bogeumjari Loan under the new income criteria.
In other words, the system is changing from one in which exceeding the combined-income threshold automatically disqualified a couple to one in which a couple may have their eligibility reassessed if either spouse earns KRW 70,000,000 or less annually, even when their combined income exceeds the threshold.
However, final loan approval and the available loan amount depend on a comprehensive assessment of factors beyond income eligibility, including property value, the number of homes owned, credit requirements, LTV, DTI, and the actual borrower's income and debts.
※ This article is provided for reference to help readers understand market trends and does not constitute an investment recommendation for any particular security or asset. Readers are responsible for their own final decisions and investment outcomes.