As home loans tighten, LH employees receive generous in-house loans of up to 140 million won

While the South Korean government tightens housing loans, the state-run Korea Land and Housing Corp. has provided employees with in-house housing loans that exceed the government’s stated limit, according to parliamentary data.

LH, which operates under the Ministry of Land, Infrastructure and Transport and carries out national housing and land policies, issued 102.89689 billion won in new employee housing loans between 2021 and August this year. The loans covered 1,029 cases.

Of that total, 38.47957 billion won went to 505 home-purchase loans, while 44.41732 billion won covered 524 rental-deposit loans. The figures were submitted by LH to Kim Mi-ae, a People Power Party lawmaker on the National Assembly’s Land, Infrastructure and Transport Committee.

The Ministry of Economy and Finance’s guidelines on public-sector innovation set the per-person limit for employee housing loans at 70 million won. LH’s basic rental-loan limit, however, stands at 90 million won in the capital region, metropolitan cities, provincial capitals, special autonomous areas and Jinju, South Gyeongsang Province, where LH is headquartered. The basic limit is 80 million won in other areas. Additional support is available for employees with children aged 20 or younger, including 10 million won for one child.