Housing Finance Policy Fund Application Becomes Easier

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[Asia Economy Reporter Song Hwajeong] Starting in June, the inconvenience faced by applicants due to document submission will be resolved through the linkage of information systems for housing finance users, making it easier to apply for housing finance policy funds.

According to the Financial Services Commission on the 13th, the FSC announced a legislative notice for a partial amendment to the Enforcement Decree of the Housing Finance Corporation Act to improve the convenience of housing finance applicants.

Until now, to use the policy funds related to housing finance from the Housing Finance Corporation, applicants had to submit various documents to verify eligibility requirements such as family relationship certificates, welfare benefit history, and property status, making the process complicated.

With this amendment, the Housing Finance Corporation will be able to directly receive various documents in the form of electronic data from related institutions, and by linking public information systems, the inconvenience caused by document submission for applicants can be resolved.

The amendment specifies the scope of data provision for housing finance users and the types of data, including verification of household members' home ownership, confirmation of housing guarantee debtors, and verification of debt assumption eligibility requirements.

It also specifies additional systems that can be linked beyond public information systems, such as the Land Use Information System and the Comprehensive Real Estate Registry System.

Furthermore, the amendment clarifies the obligations of financial companies requested to provide information and whether associations, federations, or central organizations of financial companies can use information and communication networks.

The FSC explained, "This amendment is expected to resolve the inconvenience of applicants caused by document submission by allowing various documents to be directly provided in the form of electronic data from related institutions and linked with public information systems, thereby enabling policy funds for housing stability to be focused on low-income households and actual users."

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