Jugeum Gong, September Bogumjari Loan Interest Rate Adjustment... 0.10%P Increase

Need to Utilize Customized Preferential Interest Rates Suitable for Yourself

[Asia Economy Reporter Kwangho Lee] Korea Housing Finance Corporation announced on the 27th that it will raise the interest rate of the long-term fixed-rate, installment-repayment mortgage loan, Bogeumjari Loan, by 0.10 percentage points in September compared to the previous month.

Accordingly, based on applications completed on the 1st of next month, the u-Bogeumjari Loan and t-Bogeumjari Loan will have a fixed base interest rate applied until maturity ranging from 2.80% per annum (10 years) to 3.10% (40 years), and the Akim e-Bogeumjari Loan will have a base rate 0.1 percentage points lower, from 2.70% (10 years) to 3.00% (40 years).

An official from Korea Housing Finance Corporation stated, "Despite the factors for increasing Bogeumjari Loan interest rates since June, we have continuously kept them unchanged, so this month we had to adjust the Bogeumjari Loan interest rates. We minimized the increase to avoid placing excessive repayment burdens on the main users of Bogeumjari Loan, who are low-income, non-homeowners and actual demanders."

He added, "Considering the current period of rising interest rates, it is worth considering using the Bogeumjari Loan, which fixes the interest rate for up to 40 years. If you complete your application for the Bogeumjari Loan in August, you can receive the pre-adjustment interest rate."

However, while there are no special restrictions for maturities from 10 to 30 years, it is important to note that for the ultra-long 40-year maturity Bogeumjari Loan, applications are only accepted from newlywed households where the applicant is 39 years old or younger or within 7 years of the marriage registration date (including those planning to marry within 3 months).

Additionally, the Deoneun Bogeumjari Loan, a product that supports converting variable-rate or lump-sum repayment mortgage loans from secondary financial institutions into a stable fixed-rate, installment-repayment method, also applies the same base interest rates according to maturity.

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