Kookmin Housing Fund to Keep Bogumjari Loan Interest Rates 'Frozen' Next Month

Interest Rate Status by Product and Maturity for Home Mortgage Loans (As of March 1, 2021)
[Photo by Korea Housing Finance Corporation]

[Asia Economy Reporter Song Seung-seop] Korea Housing Finance Corporation announced on the 19th that it will freeze the March interest rates for the Bogeumjari Loan.

The Bogeumjari Loan is a long-term fixed-rate, installment repayment mortgage loan product provided by the corporation. The 'u-Bogeumjari Loan,' which can be applied for through the website, and the 't-Bogeumjari Loan,' which is applied for at bank counters, offer interest rates ranging from 2.35% (10 years) to 2.60% (30 years) depending on the loan maturity. The 'Akkim e-Bogeumjari Loan,' which allows online application including electronic contracting, offers rates 0.10 percentage points lower, ranging from 2.25% to 2.50%.

When refinancing variable-rate or lump-sum repayment products obtained from secondary financial institutions into a Bogeumjari Loan, the same benefits as the u-Bogeumjari Loan or t-Bogeumjari Loan apply. If electronic contracting is completed, a 0.10 percentage point preferential rate is also applied.

Additional interest rate benefits are provided for socially considerate households such as single-parent, disabled, multicultural, households with three or more children, or newlyweds.

However, if the final loan interest rate after applying preferential rates falls below 1.2%, a uniform rate of 1.2% will be applied.

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