u-Bogeumjari loans exceeds 1 trillion won on August 13, 2010

- 8,400 households benefit from interest rates as low as the 3% range -

On August 16, 2010, Housing & Finance (HF, CEO Joo-jae Lim) announced that the total supply of its new u-Bogeumjari mortage loan surpassed the 1 trillion won-mark on August 13, 2010. Released on June 21, 2010, the u-Bogeumjari loan offers a lower interest rate than its other Bogeumjari products and consultations and applications can be done conveniently through the Internet. On August 13, 2010, the total amount of u-Bogeumjari loans reached 1 trillion 19.8 billion won (8,439 loans).

Since its release, the product has been serviced in an average amount of 25.5 billion won per business day (40 days total), 69% more than the average daily total of 15.1 billion won for the t-Bogeumjari loans and e-Bogeumjari loans this year.

While a large proportion of borrowers were home buyers, 48% of u-Bogeumjari loan borrowers were people who already had an existing bank loan with a variable rate but switched to a u-Bogeumjari loan to reduce their interest rate burden or to switch to a fixed-rate loan ahead of a possible rise in interest rates. This indicates that the u-Bogeumjari loan contributed greatly to reducing the financial burden of the working class.

One factor behind the loan's popularity is the lowest level of interest rates that it offers: the lowest rate for a loan with an interest-rate switch option is in the low or mid 3% range, while the lowest rate for a loan with a basic fixed rate is in the low 5% range.

“We have had about 8,400 households use a u-Bogeumjari mortgage loan for a home," said an HF official. “HF will further increase the supply of u-Bogeumjari loans by keeping up its marketing efforts and offering competitive rates.“»