HF Construction Extends Special Bogeumjari Loan Housing Disposal Deadline to 3 Years

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Korea Housing Finance Corporation (HF) is extending the disposal period for existing homes of customers applying for the Special BoGeumjari Loan to purchase new homes from 2 years to 3 years.

Accordingly, starting from March 7, customers applying for the Special BoGeumjari Loan and those using the BoGeumjari Loan only need to sell their existing homes within 3 years.

The Special BoGeumjari Loan is available only to those without a home or with one home, and is a product that can be used on the condition of disposing of the existing home when temporarily becoming a two-home owner to purchase a new home.

With this measure, when moving to a new home after selling the old one, the existing home must be disposed of within 3 years from the loan execution date.

Korea Housing Finance Corporation logo.

Additionally, the same applies to existing BoGeumjari Loan users as with the Special BoGeumjari Loan.

However, if a borrower becomes a two-home owner by purchasing an additional home while using the Special BoGeumjari Loan, the disposal period for the additional home remains 6 months, and if the additional home is acquired through pre-sale rights (including cooperative member move-in rights) or inheritance, it must be disposed of within 3 years.

An HF Corporation 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 recent real estate transaction slowdowns,” adding, “We will continue to alleviate inconveniences for low-income and genuine demand households.”

To prevent duplicate support for borrowers of the Special BoGeumjari Loan who receive reduced prepayment fees, the use of the Special BoGeumjari Loan is limited to one time.

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