Jugum Gong, April Bogeumjari Loan Interest Rate Raised by 0.25%P... Annual Rate Applied at 2.5~2.85%
[Asia Economy Reporter Kwangho Lee] Korea Housing Finance Corporation announced on the 26th that it will raise the April interest rate of the long-term fixed-rate, installment-repayment mortgage loan 'Bogeumjari Loan' by 0.25 percentage points compared to the previous month.
Accordingly, from April 1, the 'u-Bogeumjari Loan' applied for through the Housing Finance Corporation website and the 't-Bogeumjari Loan' applied for at bank counters will be available at annual interest rates ranging from 2.60% (10-year term) to 2.85% (30-year term), depending on the loan maturity.
Additionally, the 'Akkim e-Bogeumjari Loan,' which reduces costs through online applications such as electronic contracts via joint certificates, will have interest rates 0.10 percentage points lower, ranging from 2.50% (10 years) to 2.75% (30 years) annually.
The 'Better Bogeumjari Loan,' a product that converts variable-rate or lump-sum repayment mortgage loans from secondary financial institutions into fixed-rate, installment-repayment loans, has the same interest rates as the u-Bogeumjari Loan and t-Bogeumjari Loan, and if an electronic contract is made, the Akkim e-Bogeumjari Loan interest rate can be applied.
A Housing Finance Corporation official explained, "Due to the rise in U.S. Treasury bond yields, the mid- to long-term government bond yields, which serve as the benchmark for policy mortgages, have increased, leading to an adjustment in the Bogeumjari Loan interest rates," adding, "We minimized the increase to avoid imposing excessive repayment burdens on the main users of Bogeumjari Loan, who are low-income, non-homeowners and real demanders."
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He continued, "In the current period of rising interest rates, it is worth considering using the Bogeumjari Loan, which fixes the interest rate for up to 30 years," and added, "If you complete your Bogeumjari Loan application in March, you can receive the pre-adjustment interest rate."
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