HF Unveils ‘Inclusive Relief Loan’

- HF receives applications at its branch offices and on its homepage for two weeks from Sept. 16-29

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced its launch of the ‘Inclusive Relief Loan’ to ease the interest burden and costs of those on floating or semi-fixed rate home loans.

The new loan will stay open for application for two weeks from September 16 (Monday) to 29 (Sunday) and will be offered starting from October. If the total amount of the new loans applied for during the two-week window exceeds KRW 20 trillion, HF will select the final candidates from applicants in order of the lowest home value. 

The new loan is available to households owning a single home with a value of KRW 900 million or less and on floating or semi-fixed rate mortgage loans. If the combined annual income of the applying couple is KRW 85 million or less (for newlywed couples, or KRW 100 million or less for married couples with at least two children), KRW 500 million of their existing loan can be converted into the new loan.  

Those interested in the ‘Inclusive Relief Loan’ can submit an application either to ▲ their current home loan lender (14 commercial banks in the nation) or on ▲ the HF homepage or mobile app (Smart Housing Finance App). 

Single home-owning applicants on a home loan offered by a non-bank lender, such as a mutual finance cooperative or mutual savings bank, or on two or more home loans offered by multiple financial institutions can submit an application by visiting the HF homepage. In particular, a 0.1%p rate discount is offered to those who submit a loan application on the HF homepage, sign a loan agreement online, and establish the security interest over the property online.

More detailed information (loan application manual) and a how-to video clip can be found on the HF homepage. 

An HF officer said, “Our Inclusive Relief  Loan is not offered on a first-come, first-served basis. We will receive applications for two weeks before selecting the final candidates. Therefore, we recommend that applicants avoid the busiest hours and submit their application at their convenience for faster service.”