Strengthening Verification of Bogeumjari Loan... Korea Housing Finance Corporation Confirms Housing Acquisition of Bogeumjari Loan Users Annually
[Asia Economy Yeongnam Reporting Headquarters, Reporter Hwang Du-yeol] Korea Housing Finance Corporation (HF) will apply a 1-year verification cycle for additional housing and a 6-month disposal deadline for additional housing to customers applying for the Bogeumjari Loan starting from the 14th.
The existing Bogeumjari Loan’s additional housing verification cycle after loan execution has been shortened from 'every 3 years' to 'every 1 year,' and the additional housing disposal deadline has been shortened from '1 year' to '6 months.'
The HF Corporation stated, “The change in the disposal period was made 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 involves the corporation checking at regular intervals whether customers using the Bogeumjari Loan have acquired additional housing beyond the collateral housing, and if additional housing acquisition is confirmed, a disposal deadline is imposed.
If the additional housing is not disposed of within the deadline, post-measures such as loss of benefit of the deadline and a 3-year usage restriction will be taken.
President Choi Jun-woo said, “The institutional improvement aims to quickly recover funds from those who acquire additional housing, which is against the purpose of policy funds, and to utilize the loan resources for the housing stability of the homeless low-income households, thereby supporting limited resources for low-income and actual demand households.”
President Choi added, “The corporation will focus more on housing stability for low-income and actual demand households and will expand inclusive finance.”
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Regarding the system, HF Corporation plans to strengthen prior notifications via text messages during loan approval, execution, and monthly principal and interest payments.
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