▲ Apartment complex in Dongtan
Samsung Electronics has decided to restrict its low-interest in-house loan program for employees without homes to properties valued at 2.5 billion won or less, and for homes in the capital region and major cities, to those with an area of 85 square meters or less, commonly referred to as the national standard size.
According to industry sources, Samsung Electronics recently discussed the details of this in-house housing stability support loan program with major labor unions and plans to officially announce the results to employees tomorrow, July 15.
Samsung Electronics previously agreed with the labor union in May to establish an in-house housing loan program that offers loans at an annual interest rate of 1.5 percent, with a maximum limit of 500 million won for home purchases and 300 million won for jeonse (long-term deposit rental) agreements.
However, the decision to tighten loan conditions is interpreted as a response to concerns that providing large amounts of housing funds could circumvent commercial loan regulations and fuel rising housing prices in the capital region.
The program is scheduled to take effect this coming September and will run until the end of 2035.
Samsung Display has also previously established an in-house housing stability support loan program that provides loans of up to 500 million won at an annual interest rate of 1.5 percent for homes with a dedicated area of 85 square meters or less.
It is reported that other electronics affiliates, such as Samsung SDI and Samsung Electro-Mechanics, are not currently discussing the introduction of housing loan programs.
(Photo: Yonhap News)
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