JG Housing Finance, "Up to 3 Years Principal Repayment Deferral for Bogeumjari Loan and Eligible Loans"

[Asia Economy Reporter Eunju Lee] Going forward, it is expected to become easier for vulnerable borrowers who face economic difficulties due to unemployment, leave of absence, etc., while using the Korea Housing Finance Corporation's Bogeumjari Loan and Eligible Loan to adjust their debts.

The Housing Finance Corporation announced that starting from the 7th, 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 currently delinquent or likely to become delinquent due to a temporary decrease in repayment ability caused by unemployment, leave of absence, business closure, etc., of themselves or their spouse, to defer principal repayment for a certain period and pay only interest.

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

From the 7th, customers who meet conditions such as unemployment, leave of absence, business closure, business suspension, or income reduction can apply up to 3 times (each period within 1 year), improved from the previous 1 time (within 1 year). Accordingly, borrowers who temporarily face difficulties in repayment due to unemployment or business closure can use the principal repayment deferral for up to 3 years, divided into up to 3 times with each time lasting up to 1 year.

In addition, the application target was expanded to include cases where the customer themselves is divorced, and for other reasons such as family death, which previously allowed deferral only if the reason occurred within 6 months from the application date, the period was extended to within 1 year.

President Junwoo Choi said, “Through this system improvement, we hope to alleviate some of the repayment burdens of mortgage loan customers facing economic difficulties,” and added, “The Corporation 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.