Safe Conversion Loan Reaches 24,354 on Day 11 ... Application Volume Approximately 2.218 Trillion Won

Korea Housing Finance Corporation logo.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] As of the 11th day of applications, on the 29th, a total of 24,354 applications for the Preferential Anshim Conversion Loan have been received, amounting to approximately 2.218 trillion KRW.

Applications through the Korea Housing Finance Corporation website and the Smart Housing Finance app totaled 13,100, reaching an application amount of about 1.2355 trillion KRW. Applications received at the branches of Kookmin, KEB Hana, NongHyup, Shinhan, Woori, and Hana banks totaled 11,254, with an application amount of approximately 982.5 billion KRW.

The cumulative application amount is about 2.218 trillion KRW, which is approximately 8.87% 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 from the first and second financial sectors into long-term, fixed-rate policy mortgages.

The loan target is a single homeowner with an annual income of 70 million KRW or less, or a married couple 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 rate for the Preferential Anshim Conversion Loan ranges from 3.80% to 4.00% annually, depending on the 10 to 30-year maturity. 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 system 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 from September 15 to 28 for homeowners with homes priced at 300 million KRW or less (first round), and from October 6 to 13 for applications up to 400 million KRW (second round).

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.