Extension of Special BoGeumjari Loan Disposal Period for Existing Homes from 2 to 3 Years

When Using Special BoGeumjari Loan, Disposal Deadline Remains '6 Months' for Additional Home Purchases

[Asia Economy Reporter Yu Je-hoon] From March 7, applicants for the Special BoGeumjari Loan and users of the BoGeumjari Loan only need to dispose of their existing homes within 3 years.

Korea Housing Finance Corporation (HF) announced on the 22nd that it has extended the disposal period for existing homes from 2 years to 3 years for those who apply for the Special BoGeumjari Loan to purchase a new home.

The Special BoGeumjari Loan is available only to those without a home or with one home, and can be used on the condition of disposing of the existing home when becoming a "temporary two-home owner" to purchase a new home. With this measure by HF, when selling the home you lived in and moving, the existing home must be sold within 3 years from the loan execution date.

Existing BoGeumjari Loan users must also dispose of their homes within 3 years, the same as the Special BoGeumjari Loan. However, if a user of the Special BoGeumjari Loan purchases an additional home and becomes a two-home owner, the disposal period for the additional home remains 6 months as before.

An HF official stated, "This measure extends the disposal period for existing homes in line with tax law revisions to resolve difficulties faced by customers who cannot sell their homes due to the recent downturn in real estate transactions," and added, "We will continue to alleviate inconveniences for low-income earners and genuine buyers."

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