Special BoGeumjari Loan Reaches 25.6 Trillion Won in Two Months... 65% of Target Amount Achieved
The cumulative applications for the Special BoGeumjari Loan by Korea Housing Finance Corporation (HF) reached 113,000 cases and 25.6 trillion KRW as of the 31st of last month.
The Special BoGeumjari Loan achieved 64.64% of its one-year supply target amount of 39.6 trillion KRW within just two months of its launch.
By fund usage, the largest portion was for existing loan limits with about 56,000 cases (49.1%), followed by new home purchases with about 49,000 cases (43.0%), and lease deposit returns with about 9,000 cases (7.9%).
The amount applied and received face-to-face ('t' method) at SC First Bank and Industrial Bank of Korea was 2.2 trillion KRW, accounting for 8.7% of the total.
Since March, a 0.1 percentage point interest rate discount has been applied to face-to-face applications, and Industrial Bank of Korea has also started face-to-face reception, increasing its share.
HF Corporation plans to expand face-to-face counters to NongHyup Bank, Woori Bank, and Hana Bank in May for customer convenience.
The Special BoGeumjari Loan is a policy financial product operated temporarily for one year by integrating the Safe Conversion Loan and Qualified Loan to reduce interest rate fluctuation risks for low-income and real demand borrowers during a period of rising interest rates. Loans up to 500 million KRW are available without income restrictions if the housing price is 900 million KRW or less.
For the general type with housing prices of 900 million KRW or less and no income restrictions, an annual interest rate of 4.25% (10 years) to 4.55% (50 years) applies. For the preferential type with housing prices of 600 million KRW and income of 100 million KRW or less, rates are 0.1 percentage points lower, ranging from 4.15% to 4.45% annually.
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For the preferential product, considering additional preferential interest rates of 0.1 percentage points for low-income youth, 0.2 percentage points for newlywed households, and 0.4 percentage points for socially disadvantaged groups, the lowest annual interest rate can be as low as 3.25% to 3.55%.
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