Bogeumjari Loan Interest Rate to Increase by 0.30%P Starting March

Effective from applications submitted on March 1

[Asia Economy Reporter Minwoo Lee] Korea Housing Finance Corporation will raise the March interest rate of the long-term fixed-rate, installment-repayment mortgage loan 'Bogeumjari Loan' by 0.30 percentage points (p) compared to the previous month.

Korea Housing Finance Corporation announced on the 22nd that the interest rate will be increased starting from applications submitted on the 1st of next month.

Accordingly, the 'u-Bogeumjari Loan' applied through the Korea Housing Finance Corporation website and the 't-Bogeumjari Loan' applied at bank counters will be available at annual interest rates ranging from 3.50% (10 years) to 3.80% (40 years), depending on the loan maturity.

Additionally, the 'Akkim e-Bogeumjari Loan,' which is applied for online through electronic contracts, will have interest rates 0.10 percentage points lower, ranging from 3.40% (10 years) to 3.70% (40 years) annually.

A representative from Korea Housing Finance Corporation explained, "We have inevitably adjusted the Bogeumjari Loan interest rates reflecting factors such as the recent rise in government bond yields, which serve as the benchmark for policy mortgages," adding, "If you complete your Bogeumjari Loan application in February, you can receive the pre-adjustment interest rate."