"Bogeumjari loan users' cost burden comes down"

- HF pays half the stamp duty on Bogeumjari loans starting from July 1, and expands eligibility

to include those aged 70 or above –

HF will pay half the stamp duty on Bogeumjari loans, a long-term and fixed-rate mortgage with amortization, starting from July 1. And it will expand eligibility to include those aged 70 or above.

The Korea Housing Finance Corporation (HF, CEO Joo-jae Lim) announced on June 27 that it would pay 50 percent of the stamp duty and ease requirements for applicants.

According to HF, customers can cut costs since HF bears the fees including stamp duty which customers have paid in taking out a loan. Yet HF abolishes the mortgage registration fee payment option where customers get an interest rate discount for paying a certain amount of the fees and the interest rate discount option.

And also, as the population is aging, HF expands eligibility to include those aged 70 or above if they submit tax returns for a proof of income and overseas Koreans.

HF used to accept only the market price information based on the appraisal of collateralized houses and the appraised values by appraisal companies but now it eases customers' inconvenience by acknowledging the tax standard value of the National Tax Service and the sales price of newly built apartments.

"With the expanded standards of home prices, HF will improve customer convenience by shortening the time that it takes to get a loan and enhance customer satisfaction by bearing the fees including stamp tax," said a HF official. "Bogeumjari loans will contribute to achieving a fair society since elderly people and overseas Koreans can enjoy the benefit of the loan."