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Required Documents when Applying for Loans |
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Verification of Identity: Real name confirmation certificates for applicant/collateral provider each (own identification cards such as alien registration cards and passports) |
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Settlement of Fixed Collateral: (Applicant) certified copy of resident registration, (Collateral Provider) certified copy of resident registration, registered seal certificate, registered certificate of title, certified copy of the register, registered seal |
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Lease Confirmation: (Collateral Provider) original lease agreement when a lease agreement is available |
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A bank makes an estimated appraisal on its own or requires a property appraisal certificate depending on a loan amount and type of relevant property. |
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Incidental Expenses for Loans |
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When exceeding 20 million won commonly for all loans, a revenue stamp charge imposed based on the Stamp Tax Law depending on loan amounts is available as incidental expenses. |
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| Loan Amount |
Stamp Tax Amt. |
| Up to 20 million won |
None |
| More than 20 million won ~ up to 30 million won |
20,000won |
| More than 30 million won ~ up to 50 million won |
40,000 won |
| More than 50 million won ~ up to 100 million won |
70,000 won |
| More than 100 million won ~ up to 1 billion won |
150,000 won |
| More than 1 billion won |
350,000 won |
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Appraisal Fee |
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Although an appraisal fee is 45,000 won per case in an average as for own appraisal of a bank usually applied to a loan with a house valued at 200 million won or less as collateral, the fee will be applied by differentiating a ratio per a property appraisal amount starting from the fee of 100,000 won when using a regular appraisal board due to reason of an appraisal amount being big or not being a house, while applying 0.1% of a property appraisal amount for the amount being 500,000 million won or less. |
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Settlement Expenses |
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Registration Taxes: 0.2% of a settlement of mortgage amount |
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Education Taxes: 20% of registration taxes |
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Housing Bonds Purchase Amount: 0.1% of a settlement of mortgage amount |
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Handling Commission of Judicial Scrivener |
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