HF Corporation Increases Jeonse Special Guarantee Limit for Vulnerable Groups... Up to 80 Million Won

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Korea Housing Finance Corporation (HF) will raise the maximum limit of the jeonse special guarantee for vulnerable groups from 50 million KRW to 80 million KRW starting from the 19th.

The jeonse special guarantee for vulnerable groups is a product available to small business owners and users of policy-based low-income financial services to support housing stability for vulnerable groups.

Depending on whether bond preservation measures are in place, credit recovery support recipients, socially considerate beneficiaries, and policy-based low-income financial service users with an income of 15 million KRW or less can receive up to 60 million KRW, while small business owners and policy-based low-income financial service users with an income exceeding 15 million KRW can receive up to 80 million KRW in jeonse guarantees.

The products with increased guarantee limits include ▲credit recovery support recipients ▲socially considerate beneficiaries ▲policy-based low-income financial service users ▲special guarantees for small business owners.

HF Corporation will also expand the support targets for the jeonse special guarantee.

The existing support target for the ‘Credit Recovery Support Jeonse Special Guarantee’ was diligent payers who had paid at least 12 installments among pre-workout support recipients.

The corporation has expanded the target by including diligent repayers who have paid at least 12 installments among rapid debt adjustment support recipients from the Credit Recovery Committee as eligible for the ‘Credit Recovery Support Jeonse Special Guarantee.’

Additionally, the target for the ‘Small Business Owner Jeonse Special Guarantee’ has been relaxed from those exempt from VAT payment obligations to those with annual business income of 25 million KRW or less, thereby expanding support for small business owners facing difficulties due to COVID-19 and other factors.

President Choi Jun-woo said, “Strengthening support for the jeonse special guarantee is expected to help stabilize housing for vulnerable groups,” and added, “Going forward, the corporation will actively strive to support housing finance for vulnerable groups.”