Bogeumjari Loan and Qualified Loan Principal Repayment Deferral Up to 3 Years... Special Disaster Area Exceptions → Permanent

Housing Finance Corporation Allows Up to 3 Installments for Deferred Support Applications for Vulnerable Borrowers

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Customers using the Korea Housing Finance Corporation's Bogeumjari Loan or Eligible Loan can now defer principal repayments for up to 3 years.

Vulnerable groups experiencing economic difficulties due to unemployment or leave while using these loan products will find debt restructuring easier.

The Korea Housing Finance Corporation (HF) announced on the 7th that it will improve the principal repayment deferral system to support the economic recovery of Bogeumjari Loan and Eligible Loan customers.

The principal repayment deferral system allows borrowers who are temporarily unable to repay due to unemployment, leave, business closure, or suspension by themselves or their spouse, and who are currently delinquent or likely to become delinquent, to defer principal repayments for a certain period while paying only interest.

Previously, only customers on parental leave or residing or working in employment or industrial crisis areas using Bogeumjari Loan or Eligible Loan could use the principal repayment deferral up to 3 times (each period within 1 year).

However, from now on, customers who fall under reasons such as unemployment, leave, business closure, or suspension can apply up to 3 times (each period within 1 year), improved from the previous 1 time (within 1 year).

Accordingly, borrowers temporarily facing repayment difficulties due to unemployment or business closure can split the deferral into up to 3 times, each for 1 year, and use the principal repayment deferral for up to 3 years.

Additionally, the eligibility criteria have been expanded to include customers who have divorced, and the previous rule that deferral was only possible if the occurrence of other reasons such as family death was within 6 months from the application date has been extended to within 1 year.

The corporation had temporarily implemented a special measure in April to defer principal repayments for 3 years for victims in the special disaster area of the East Coast wildfires, but this has now been made permanent. In the future, customers residing in special disaster areas affected by disasters such as wildfires will be able to receive prompt support.

President Choi Jun-woo said, “Through this system improvement, we hope to alleviate some of the repayment burdens on customers facing economic difficulties with their mortgage loans,” and added, “We will continue to promote various system improvements to support the economic recovery of vulnerable groups.”

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