There is no single cash percentage that works for every South Korean home purchase. Your planning figure is the price minus the mortgage actually approved, plus acquisition tax, brokerage, registration and lender charges, and a reserve for moving or urgent repairs. In Seoul, the metropolitan area and other regulated areas, a purchase-purpose mortgage is capped at ₩600 million under measures effective June 28, 2025, but underwriting rules can reduce the loan further. A safe budget therefore starts with a written approval rather than a headline loan-to-value (LTV) percentage.
The calculation to use before you sign
Use this planning equation:
Cash to arrange ≈ purchase price − approved loan proceeds + acquisition tax + brokerage + registration and closing charges + immediate move-in reserve.
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The word approved matters. A bank may advertise an LTV ceiling, but your income, existing debt, credit profile, property valuation, debt-service rules and location determine the amount it will actually disburse. A purchase contract may also require your own funds before the final mortgage drawdown. Ask the lender for the approved principal, drawdown date, conditions and any amount that must be paid before closing.
Keep two budgets rather than one. The first is cash to close: your equity contribution and transaction charges. The second is a post-closing reserve for relocation, furnishing, repairs, insurance, taxes and several months of housing payments. The available figures do not establish a universal amount for registration, bond-discount costs, lender fees or every local charge, so those items need a property-specific statement from the closing professional and lender.
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How much down payment do you need in South Korea?
Your down payment is the portion of the price not covered by the mortgage. It is not necessarily 20%, 30% or any other fixed share. The amount changes with the approved loan, and the approved loan changes with the property, borrower and policy in force on the application date.
Seoul, the metropolitan area and regulated areas
The Financial Services Commission announced on June 27, 2025 that purchase-purpose mortgage loans in the Seoul metropolitan area and regulated areas would be subject to a ₩600 million maximum from June 28, 2025. The announcement distinguishes interim-payment loans from final-balance loans and states that the actual amount remains subject to LTV, debt-to-income (DTI) and debt-service-ratio (DSR) limits. A ₩1 billion home can therefore require at least ₩400 million before taxes and fees if the full ₩600 million is approved; a lower underwriting result means more cash.
The same measures reduced the first-time-buyer LTV in those areas from 80% to 70% and added a six-month move-in requirement for relevant purchases. These are policy details that can change, so verify the rule and whether your transaction falls inside its scope when you apply and again before drawdown.
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Non-regulated provincial areas can be treated differently from Seoul and other regulated locations. Do not transfer the ₩600 million metropolitan cap or the 70% first-time-buyer LTV to a provincial purchase without checking the current rule, the property’s classification and your lender’s underwriting. Even outside a regulated area, LTV, DTI and DSR can produce a loan below the theoretical maximum.
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Policy-loan applicants
The Korea Housing Finance Corporation’s Didimdol product page lists a standard maximum of ₩200 million, ₩240 million for eligible first-time buyers and ₩320 million for eligible newlywed or two-child households. It describes LTV of up to 70% and DTI up to 60%, with a conditional first-time-buyer route to 80% outside the Seoul metropolitan area and regulated-area restriction. Eligibility also depends on income, assets, home price, owner-occupancy and household circumstances. Treat each figure as a product ceiling, not money you can subtract until the application is approved.
Acquisition tax can add millions of won
For an ordinary compensated residential acquisition, Article 11 of the Local Tax Act (effective July 1, 2026) sets these standard rates:
| Purchase price | Standard acquisition-tax treatment | Illustration on the stated assumption |
|---|---|---|
| ₩600 million or less | 1% | ₩600 million × 1% = ₩6 million |
| More than ₩600 million to ₩900 million | Graduated formula in the statute | Exact tax requires applying the statutory formula to the price |
| More than ₩900 million | 3% | ₩1 billion × 3% = ₩30 million |
The examples are arithmetic illustrations of the standard rate only, not tax quotations. The graduated band cannot be estimated by simply applying 1% or 3% to the whole price. Have the closing professional calculate the statutory amount for the exact consideration and transaction date.
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When the ordinary rate does not apply
Seoul’s tax guidance describes higher acquisition-tax categories for specified multiple-home and corporate purchases, including 8% and 12% cases. Household counting affects whether a purchase is treated as an additional home, so “first home” must be assessed under the applicable household definition, not just by asking whether the individual signing the contract owns another property. Confirm the buyer’s existing homes, jointly held homes, corporate ownership and any exemptions or exceptions before relying on the standard table.
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Payment deadline and related local taxes
Acquisition tax is generally filed and paid within 60 days of acquisition. Where registration is involved, it must be paid before registration. Local guidance also identifies local education tax and registration/license tax as relevant categories. Their amounts depend on the transaction and status; add them as separate lines rather than assuming they are included in the headline acquisition-tax rate.
Brokerage: a ceiling, not an automatic price
Buyer and broker negotiate the fee within the ceiling set by the relevant local government. Seoul’s published residential sale schedule is:
| Purchase price band | Maximum rate or cap in Seoul |
|---|---|
| Below ₩50 million | 0.6%, with a ₩250,000 cap |
| ₩50 million to under ₩200 million | 0.5%, with a ₩800,000 cap |
| ₩200 million to under ₩900 million | 0.4% |
| ₩900 million to under ₩1.2 billion | 0.5% |
| ₩1.2 billion to under ₩1.5 billion | 0.6% |
| ₩1.5 billion or more | 0.7% |
VAT is additional to the brokerage amount. The schedule is Seoul’s ceiling, effective December 30, 2021; another municipality or property type may use a different schedule. MyHome likewise states that the rate is negotiated within the local maximum. Obtain the applicable local table and a written fee calculation before settlement.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →For perspective, a ₩1 billion Seoul purchase falls in the 0.5% band, so the maximum brokerage calculation is ₩5 million before VAT. A ₩1.5 billion purchase falls in the 0.7% band, or ₩10.5 million before VAT. These are ceilings, not promises that a broker will charge that amount.
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Worked planning examples
These examples show the order of operations. They assume an ordinary one-home compensated purchase, use the stated standard tax rates and Seoul brokerage ceilings where applicable, and leave unestablished charges as separate items.
Example 1: ₩600 million home with a ₩420 million approved loan
- Price: ₩600 million.
- Approved mortgage: ₩420 million, leaving ₩180 million of price to fund in cash.
- Standard acquisition tax: 1%, or ₩6 million.
- Seoul brokerage ceiling: 0.4% of ₩600 million, or ₩2.4 million, plus VAT; the negotiated fee may be lower.
- Add registration/license tax, local education tax, lender charges and any bond-discount cost after the closing professional provides the figures.
- Keep a separate moving and repair reserve.
On the known items alone, the starting cash is ₩188.4 million before VAT and the unquoted closing charges. If the lender approves less than ₩420 million, the equity requirement rises won for won.
Example 2: ₩1 billion home in Seoul
- Assume the lender approves the metropolitan maximum of ₩600 million. This is an assumption, not an entitlement.
- Price shortfall: ₩400 million.
- Standard acquisition tax for a qualifying ordinary one-home purchase: 3%, or ₩30 million.
- Seoul brokerage ceiling: 0.5%, or ₩5 million, plus VAT.
- Add registration, local education tax, lender and other transaction charges, then the move-in reserve.
The known subtotal is ₩435 million before VAT and the charges that require a property-specific quote. A multiple-home or corporate buyer could face a different acquisition-tax category, and an underwriting decision below ₩600 million would increase the required equity.
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Example 3: ₩1.5 billion home in Seoul
If the same ₩600 million mortgage cap applies and is fully approved, the price shortfall is ₩900 million. At the ordinary 3% acquisition-tax rate, that is ₩45 million. The Seoul brokerage ceiling is 0.7%, or ₩10.5 million, before VAT. The known subtotal is therefore ₩955.5 million, before registration and other closing charges and before a reserve for occupying the home. This example demonstrates why a “30% down” rule can understate cash needs for expensive metropolitan properties.
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What to put on your cash-to-close checklist
- Equity: purchase price less the lender’s written approved proceeds, including any amount due before final drawdown.
- Acquisition tax: use the price band and buyer-status rule that actually applies.
- Local education tax and registration/license tax: confirm the amount and payment sequence with the registration professional.
- Brokerage: negotiate within the municipality’s ceiling; add VAT.
- Registration and conveyancing charges: request a transaction-specific statement rather than using a generic percentage.
- Bond-discount costs: ask whether they apply and obtain the current amount for the property.
- Lender charges: include appraisal, documentation, guarantee, insurance or other bank-specific items only when the lender confirms them.
- Move-in reserve: budget relocation, essential furnishing, repairs and a contingency separately from closing cash.
A practical sequence for estimating your own amount
- Classify the property and location. Record the municipality, whether it is in the Seoul metropolitan or another regulated area, the property type and the agreed price.
- Classify the household. List every home owned by the relevant household, ownership shares, corporate interests, marital status and whether you may qualify as a first-time buyer, newlywed or two-child household.
- Obtain financing decisions. Ask each lender for the approved amount, LTV, DTI and DSR calculation, interest-rate conditions, move-in obligations and drawdown schedule. Do not budget from an online maximum.
- Calculate statutory tax. Apply the Local Tax Act rate or graduated formula and have the professional check any multiple-home, corporate or household rule.
- Confirm local charges. Get the current brokerage ceiling for the municipality and property type, then obtain the negotiated fee and VAT in writing.
- Request the settlement statement. The registration professional and lender should itemize registration, bond, lender and special local charges that cannot be inferred from the general rates.
- Add liquidity buffers. Keep funds for the period between contract, interim payments and final closing, plus a post-closing reserve. Do not commit every won to the purchase price.
Common budgeting mistakes and how to avoid them
Using LTV as a promise
LTV is only one limit. DTI and DSR, valuation and the metropolitan ₩600 million cap can all reduce the proceeds. The remedy is a lender approval tied to the specific property and borrower.
Applying the one-home tax rate automatically
Multiple-home and corporate cases can move into 8% or 12% categories in specified circumstances. Confirm household counting and existing ownership before signing.
Forgetting tax timing
Acquisition tax is generally due within 60 days and, where registration is involved, before registration. Reserve the cash when the contract is signed rather than treating tax as a later expense.
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Treating brokerage as a fixed percentage
The published figure is a ceiling, the amount is negotiated and VAT is extra. Check the local government’s schedule instead of copying Seoul’s rates to another city.
Hiding unknown charges inside a guessed percentage
Registration, bond discounts, lender fees and special local charges are not established by a universal figure. Ask for itemized quotations; a transparent “not yet quoted” line is safer than a false precision.
Spending the entire reserve at closing
Moving and early repairs arrive immediately, while loan conditions or taxes can change before completion. Keep the move-in reserve outside the amount earmarked for the seller and closing professionals.
Questions to verify before paying a deposit
- Is the home inside a Seoul metropolitan or regulated area, and which mortgage measures apply on the expected drawdown date?
- What is the lender’s approved principal after LTV, DTI and DSR, and is any part of it an interim-payment facility rather than the final-balance loan?
- Does the six-month move-in requirement apply to this purchase?
- Does the household qualify for a Didimdol product, and what amount is approved rather than merely advertised?
- How many homes does the relevant household own under the tax definition, including jointly held properties?
- Which acquisition-tax rate or formula applies, and what is the filing and payment date?
- What are the local brokerage ceiling, negotiated fee and VAT?
- What exact registration, bond, lender and local charges appear on the settlement statement?
Bottom line for a South Korean home purchase
Plan from the approved mortgage, not from a generic down-payment rule. In regulated metropolitan markets, the ₩600 million purchase-mortgage cap can make the equity requirement substantial even for a borrower with strong income. Then add the correct acquisition-tax treatment, negotiated brokerage, local and registration charges, lender costs and a genuine move-in reserve. Until the lender and closing professional provide property-specific figures, your result is a planning range—not a guaranteed cash-to-close quote.
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