Safe Conversion Loan 8th Day Total 18,667 Applications Received ... Total Application Amount 1.7154 Trillion KRW

[Asia Economy Yeongnam Reporting Headquarters, Reporter Hwang Du-yeol] As of the 8th day of applications, on the 26th, a total of 18,667 applications for the Preferential Anshim Conversion Loan have been received, amounting to approximately 1.7154 trillion KRW.

Applications submitted via the Korea Housing Finance Corporation website and the Smart Housing Finance app totaled 9,729, reaching an application amount of about 928.8 billion KRW. Applications received at the branches of Kookmin, KEB Hana, NongHyup, Shinhan, Woori, and Hana banks totaled 8,938, with an application amount of approximately 786.6 billion KRW.

The cumulative application amount is about 1.7154 trillion KRW, which is approximately 6.8% of the Anshim Conversion Loan supply scale of 25 trillion KRW.

The Preferential Anshim Conversion Loan is a product that refinances variable or quasi-fixed rate mortgage loans secured by homes valued at 400 million KRW or less, borrowed from first and second-tier financial institutions, into long-term, fixed-rate policy mortgages.

Eligible borrowers are single individuals or married couples with a combined annual income of 70 million KRW or less, owning one home priced at 400 million KRW or less.

Eligible applicants can convert up to 250 million KRW of their existing mortgage loans into fixed-rate products without prepayment penalties.

The interest rates for the Preferential Anshim Conversion Loan range from 3.80% to 4.00% annually, depending on a loan term of 10 to 30 years. Low-income youth aged 39 or younger with an income of 60 million KRW or less can receive rates from 3.70% to 3.90% annually.

The Preferential Anshim Conversion Loan is being smoothly processed by applying a phased application schedule based on housing prices and a day-of-the-week system according to the last digit of the applicant’s birth year.

The application period is divided by housing price: owners of homes priced at 300 million KRW or less can apply during the first phase from September 15 to 28, and applications for homes priced up to 400 million KRW can be submitted during the second phase from October 6 to 13.

Applications can be submitted online via the Korea Housing Finance Corporation website or the Smart Housing Finance app, and offline applications are also accepted at branches of Kookmin, KEB Hana, NongHyup, Shinhan, Woori, and Hana banks.

Preferred Type Safe Conversion Loan Application Dates by Housing Price and Birth Year Table.