June Bogumjari Loan Rate Rises by 0.1%P... Minimum Annual Rate 2.60%

[Asia Economy Reporter Kwangho Lee] Korea Housing Finance Corporation announced on the 21st that it will raise the June interest rate for the long-term fixed-rate, installment-repayment mortgage loan product 'Bogeumjari Loan' by 0.10 percentage points.

The 'u-Bogeumjari Loan,' applied for through the Housing Finance Corporation website, and the 't-Bogeumjari Loan,' applied for at bank counters, can be used at an annual interest rate ranging from 2.70% (10-year term) to 2.95% (30-year term), depending on the loan maturity.

The 'Akkime-Bogeumjari Loan,' which reduces costs through online applications such as electronic contracts via joint certificates, offers interest rates 0.10 percentage points lower than these, ranging from 2.60% (10-year term) to 2.85% (30-year term) 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. If an electronic contract is made, the Akkime-Bogeumjari Loan interest rate applies.

A Housing Finance Corporation official stated, "The interest rate for Bogeumjari Loan was adjusted due to the rise in mid- to long-term government bond yields, which serve as the benchmark for policy mortgages," adding, "The increase was minimized to avoid imposing excessive repayment burdens on low-income, non-homeowners and actual users."

He also added, "If the Bogeumjari Loan application is completed within this month, the pre-adjustment interest rate will apply."

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