Safe Conversion Loan Reaches 20,554 Cases on Day 9 ... Application Volume 1.8813 Trillion Won

Korea Housing Finance Corporation logo.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Dooyul] As of the 9th day of applications, on the 26th, a total of 20,554 applications for the preferential-type Safe Conversion Loan have been received, amounting to approximately 1.8813 trillion KRW.

Applications through the Korea Housing Finance Corporation website and the Smart Housing Finance app totaled 10,609, reaching an application amount of about 1.0088 trillion KRW. Applications submitted at the branches of Kookmin, KEB Hana, NongHyup, Shinhan, Woori, and Hana banks totaled 8,938, with an application amount of approximately 872.5 billion KRW.

The cumulative application amount is about 1.8813 trillion KRW, which is approximately 7.52% of the Safe Conversion Loan supply scale of 25 trillion KRW.

The preferential-type Safe Conversion Loan is a product that refinances variable or quasi-fixed rate mortgage loans secured by homes valued at 400 million KRW or less, obtained from first and second-tier financial institutions, into long-term, fixed-rate policy mortgages.

The loan target is a single homeowner with an annual income of 70 million KRW or less, or a married couple with combined income of 70 million KRW or less, owning one home priced at 400 million KRW or less.

Eligible applicants can convert up to 250 million KRW of their existing mortgage loans into fixed-rate products without prepayment penalties.

The preferential-type Safe Conversion Loan interest rates range from 3.80% to 4.00% per annum depending on the 10 to 30-year maturity, while low-income youth aged 39 or younger with an income of 60 million KRW or less can receive rates from 3.70% to 3.90% per annum.

The preferential-type Safe Conversion Loan is being smoothly processed by applying a phased application system based on housing prices and a day-of-the-week system according to the last digit of the applicant’s birth year.

The application period is from September 15 to 28 for homeowners with homes priced at 300 million KRW or less (first phase), and from October 6 to 13 for applications up to 400 million KRW (second phase).

Applications can be submitted online via the Korea Housing Finance Corporation website or the Smart Housing Finance app, and offline at the branches of Kookmin, KEB Hana, NongHyup, Shinhan, Woori, and Hana banks.

An HF Corporation official stated, “September 29 and 30 are days when the 5-day rotation system does not apply, so any customer with a home priced at 300 million KRW or less can apply,” and added, “We recommend actively utilizing the Safe Conversion Loan opportunity after checking the interest rates to be applied in the future.”

Application Dates for Anshin Conversion Loans by Housing Price and Birth Year.

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