Expansion of Housing Lease Guarantee Subscription Requirements by Korea Housing Finance Corporation... Capital Area 500 Million KRW → 700 Million KRW
[Asia Economy Reporter Kim Hyo-jin] The Korea Housing Finance Corporation (KHFC) is easing the deposit requirements for subscribing to the jeonse guarantee.
According to KHFC on the 27th, in the metropolitan area, the deposit requirement for subscribing to the jeonse guarantee will be expanded from the current 500 million KRW to 700 million KRW. In provincial areas, it will increase from 300 million KRW to 500 million KRW. However, the maximum guarantee limit for jeonse loans will remain the same at 200 million KRW.
KHFC announced this adjustment as a follow-up measure to the housing market stabilization plan announced by the Democratic Party of Korea in May.
Even if a borrower has previously received a guaranteed jeonse loan, they can obtain a loan using KHFC's jeonse guarantee product when renewing their jeonse contract.
The revised provisions will apply to applications submitted from January 3rd of next year. This applies not only to new jeonse contract holders but also to those currently using KHFC guarantees or guarantees from other institutions, provided they renew their jeonse contracts after the effective date.
Since the jeonse guarantee is supplied in the form of entrusted guarantees through commercial banks and others to allow customers to select guarantee products that meet the requirements when using jeonse loans, detailed information such as loan interest rates and guarantee fees can be confirmed through bank consultations.
Hot Picks Today
Dramatic Agreement Reached on Eve of Samsung Electronics General Strike... Minister Kim Young-hoon: "Showcased Korea's Strength in Dialogue" (Update)
- "It Has Now Crossed Borders": No Vaccine or Treatment as Bundibugyo Ebola Variant Spreads [Reading Science]
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Choi Jun-woo, president of KHFC, said, "We hope this will help the low-income economy struggling with recent loan interest rate increases by lowering the subscription barriers for customers who could not use public guarantees," adding, "We will continue to seriously consider developing new products and improving systems to ensure housing stability for non-homeowners."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
