Jugum Gong, Annual Verification of Additional Housing Acquisition for Bogumjari Loan Users

Verification Cycle Reduced from 3 Years to 1 Year · Disposal Period Shortened from 1 Year to 6 Months
Focus on Supporting Low-Income, Non-Homeowners and Genuine Demanders with Limited Resources

[Asia Economy Reporter Kwangho Lee] Starting from the 14th, customers applying for the Bogeumjari Loan will be subject to a shortened additional housing verification cycle of 1 year and an additional housing disposal deadline of 6 months. This shortens the additional housing verification cycle from "every 3 years" to "every year" and the disposal deadline from "1 year" to "6 months" after the existing Bogeumjari Loan is executed.

The Korea Housing Finance Corporation announced on the 10th that it will shorten the additional housing verification cycle and disposal deadline for Bogeumjari Loan users starting from the 14th to focus the limited resources of the Bogeumjari Loan more on supporting housing stability for low-income and actual demand households.

The additional housing verification task refers to the Corporation checking at regular intervals whether Bogeumjari Loan users have acquired additional housing beyond the collateral housing, granting a disposal deadline if additional housing acquisition is confirmed, and taking follow-up measures such as loss of benefit of the deadline and a 3-year usage restriction if the property is not disposed of within the deadline.

Choi Jun-woo, President of the Housing Finance Corporation, said, "This system improvement aims to recover funds more quickly from those who acquire additional housing contrary to the purpose of policy funds and to use these funds as loan resources for homeless low-income households, thereby supporting limited resources for low-income and actual demand households." He added, "We will continue to focus more on housing stability for low-income and actual demand households and expand inclusive finance."

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