Housing Finance Corporation Waives Early Repayment Fees for Vulnerable Borrowers on Bogeumjari Loan
Korea Housing Finance Corporation (HF) announced on the 30th that it will waive the prepayment (early repayment) fees for vulnerable borrowers' Bogeumjari Loans from December 1st to January 31st, 2025.
Prepayment fees are charges that borrowers must pay when repaying a loan earlier than scheduled.
This measure is HF Corporation's participation in the temporary waiver of early repayment fees by banks to alleviate the burden on vulnerable groups such as low-credit borrowers, as directed by the Financial Services Commission.
The applicable targets are customers who fully or partially prepay their Bogeumjari Loans within three years from the loan execution date and whose credit score from the credit rating agency NICE Credit Rating is 804 points or below.
When customers prepay their loans early, the corporation will verify whether they are vulnerable borrowers and waive or refund the fees accordingly, so customers do not need to apply separately.
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For example, a vulnerable borrower who took out a loan one year ago and prepays 100 million KRW will have approximately 600,000 KRW of prepayment fees waived, thereby reducing their financial burden by that amount.
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