HF to Upgrade the Accessibility of the U-Bogeumjari Loan Application System

-Documents such as the resident registration certificate and proof of income no longer required fewer entries on application form

The application procedure for HF’s u-Bogeumjari Loans will be made much simpler as of March 2.

□ Instant online application for u-Bogemjari Loans

The Korea Housing Finance Corporation (HF, CEO Seo Jong-dae) announced on February 29 that it would dramatically improve its application website (www.hf.go.kr) for the u-Bogeumjari Loan, one of the most popular mortgage loans in Korea, making the website more accessible to customers. The new application system will be launched on March 2.

□ No need to submit documents including the resident registration certificate

According to HF, applicants for u-Bogemjari Loans have had to go through the trouble of submitting a resident registration certificate and a proof of income such as a certificate of premium payment issued by the National Health Insurance Corporation or the National Pension Service. Henceforward, however, HF will receive those documents directly from the Ministry of Public Administration and Security or other competent authorities, saving customers much time and effort.

□ Waiting period dramatically shortened by immediate approval after online application

Moreover, applicants for the u-Bogeumjari Loan will receive loan approval immediately after they fill out the form online following the application guide ? a more rapid and convenient system which eliminates the current waiting period of 7 to 10 days. Previously, applicants had to confirm the details entered in their application forms and check the requisite documents through the call center after applying online. For the Prime Rate Bogeumjari Loan for non-homeowning couples with a combined annual income of KRW 45 million or less, however, applicants would still have to submit a certificate of income, a certificate of employment, or a business license.

"The u-Bogeumjari Loan has been revolutionized as a 100% web-based mortgage product. Through efficient use of the internet, we have freed our customers from the burden of calling the customer center to confirm their applications," said an HF official.