Vice Chair Kim So-young Visits Korea Housing Finance Corporation Seoul Jungbu Branch to Inspect Safe Conversion Loans

On the morning of the 19th, Kim So-young, Vice Chairman of the Financial Services Commission, visited the Seoul Central Branch of the Korea Housing Finance Corporation on Sejong-daero, Seoul, to review the application and reception status of the Safe Conversion Loan and future plans, and listened to and encouraged the field staff regarding their difficulties.

[Asia Economy Reporter Song Hwajeong] "This Anshim Conversion Loan not only alleviates the financial burden on low-income and actual demand borrowers amid rising interest rates but also holds significant meaning in improving the qualitative structure of our household debt, which has a high proportion of variable interest rate loans."

On the 19th, Kim Soyoung, Vice Chairman of the Financial Services Commission, visited the Seoul Jungbu branch of the Korea Housing Finance Corporation, where the application, reception, and review processes for the Anshim Conversion Loan are underway, and made these remarks.

Vice Chairman Kim received a report that the application and reception for the Anshim Conversion Loan are proceeding smoothly without confusion and urged meticulous inspection and response to ensure the process is completed as originally planned without any setbacks. She also listened to difficulties through conversations with on-site review and counseling staff and expressed gratitude for the efforts of the employees.

Vice Chairman Kim evaluated, "The Korea Housing Finance Corporation has made many efforts to stabilize the lives of low-income households by exempting early repayment fees even if borrowers repay early, so that they do not hesitate to apply due to concerns about future market interest rate declines in this Anshim Conversion Loan," and emphasized, "It is the fundamental role of policy financial institutions to take the lead in stabilizing people's livelihoods, even if it means sacrificing some profitability during difficult times for all citizens."

The preferential Anshim Conversion Loan, which has been accepting applications since the 15th, is a product that converts variable interest rate mortgage loans held by low-income and actual homeowners into long-term, fixed-rate loans with a minimum annual interest rate of 3.7%. The loan interest rates range from 3.8% per annum (10 years) to 4.0% (30 years), and for low-income youth (aged 39 or younger, income 60 million KRW or less), rates of 3.7% (10 years) to 3.9% (30 years) apply. Eligible applicants are one-homeowners with a combined household income of 70 million KRW or less and a house price (market value) of 400 million KRW or less, and they can borrow up to 250 million KRW within the balance of their existing loans.

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