KODIT Supports Customers Affected by COVID-19 with Late Guarantee Fee Reductions and More

[Asia Economy Reporter Kwon Haeyoung] Korea Housing Finance Corporation announced on the 4th that it will implement measures such as reducing overdue guarantee fees to support customers struggling due to the novel coronavirus infection (COVID-19).

To prevent customers confirmed with COVID-19 infection or under self-quarantine from facing temporary repayment burdens due to overdue payments or guarantee expiration, the Corporation will temporarily defer the accident processing deadline. From April to June, it will reduce overdue guarantee fees and additional guarantee fees for customers normalizing their accidents, and allow customers confirmed with COVID-19 infection or under self-quarantine to extend the lease deposit guarantee expiration without visiting the bank. It plans to minimize face-to-face work by supporting a method of prior consent through non-face-to-face electronic devices such as phone recordings, fax, and text messages, followed by supplementary documentation afterward.

Additionally, the individual withdrawal limit setting method for the housing pension will also be conducted non-face-to-face.

The open campus program, previously conducted for university students in the Busan area, will be operated online in a non-face-to-face manner.

A representative from the Corporation stated, "To minimize customer contact, documents necessary for mortgage cancellation, individual withdrawal limit setting for housing pensions, business guarantee screening, and selection of underwriters for mortgage-backed securities (MBS) will be accepted non-face-to-face," adding, "We plan to actively promote that applications for debt reduction and installment repayment adjustments can be submitted through the Corporation’s website."

This content was produced with the assistance of AI translation services.