[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] The application for the Special BoGeumJaRi Loan, a policy mortgage conducted by Korea Housing Finance Corporation (HF), began at 9 a.m. on the 30th.
The Special BoGeumJaRi Loan is a policy financial product temporarily operated for one year by integrating the Safe Conversion Loan and Qualified Loan to reduce the interest rate fluctuation risk for low-income and real demand borrowers during a period of rising interest rates. Loans of up to 500 million KRW are available without income restrictions if the housing price is 900 million KRW or less.
On the 26th, HF Corporation applied interest rates for the Special BoGeumJaRi Loan that were 0.5 percentage points lower than initially planned, reflecting market interest rate conditions, with the general type at an annual rate of 4.25~4.55% and the preferential type at 4.15~4.45%.
Accordingly, for the general type with a housing price of 900 million KRW or less and no income restrictions, an annual rate of 4.25% (10 years) to 4.55% (50 years) applies, while the preferential type for housing priced at 600 million KRW and income of 100 million KRW or less can be used at a rate 0.1 percentage points lower, from 4.15% to 4.45% annually.
If you apply online using the electronic contract method (Akkim e), you can receive an additional 0.1 percentage point interest rate discount.
For the preferential product, considering preferential interest rates such as 0.1 percentage points for low-income youth, 0.2 percentage points for newlywed households, and 0.4 percentage points for socially disadvantaged groups, the loan can be used at a minimum annual interest rate of 3.25~3.55%.
Households with three or more minor children, housing priced at 600 million KRW, and income of 70 million KRW or less receive a multi-child preferential interest rate of 0.4 percentage points, and with an additional 0.1 percentage point for electronic contracts, the Special BoGeumJaRi Loan can be used at an annual rate of 3.65~3.95%.
Also, newlywed couples aged 39 or younger with housing priced at 600 million KRW and income of 60 million KRW or less can use the loan at an annual rate of 3.75~4.05% by reflecting preferential interest rates of 0.1 percentage points for low-income youth, 0.2 percentage points for newlywed couples, and an additional 0.1 percentage point for electronic contracts.
To reduce the cost burden for borrowers who want to switch existing loans to the Special BoGeumJaRi Loan, early repayment fees on existing loans are waived, and no early repayment fees are charged if the Special BoGeumJaRi Loan is repaid early.
Loan applications can be made from 9 a.m. on the 30th via the HF Corporation website or the Smart Housing Finance app.
If you agree to the scraping service (automatic document submission) and the use of administrative information, you can conveniently use the loan without submitting separate documents.
Also, the chatbot consultation service ‘HF Talk’ is available 24/7, and elderly people aged 60 or older and hearing-impaired individuals who have difficulty with phone inquiries can use the ‘Remote Application Support Service.’
If online loan application is difficult, you can apply at SC First Bank branches. However, in this case, the Akkim e interest rate discount of 0.1 percentage points does not apply.
Starting in March, the basic interest rate for the Special BoGeumJaRi Loan will be adjusted monthly as needed, considering market interest rates and funding conditions.
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