“ Public Contest on Success Stories of Becoming Homeowners by Bogeumjari Loans ”

The Korea Housing Finance Corporation (KHFC) announced on July 5 that, in celebration of issuance of more than 600,000 Bogeumjari loans, it would hold a public contest on success stories of becoming homeowners.

All borrowers of Bogeumjari loan are eligible to participate. Entries may be sent by mail to the official in charge of Bogeumjari loan stories (KHFC, 12th floor, YTN Building, 6-1 Namdaemunno 5-ga (Sejongdaero 17), Jung-gu, Seoul) or submitted over the KHFC website (www.hf.go.kr) from July 8 through 19.

Entries will be evaluated on sincerity, originality, emotional impact, usefulness and communication effectiveness. Six winning entries will be selected and announced on the KHFC website by the end of this month. KHFC will award a cash prize of KRW 2 million to the first place winner, KRW 1 million each to the two runner-ups, and KRW 500,000 to each of the other three winners. Also, 50 applicants who failed to win awards will be selected and receive cultural gift certificates of KRW 50,000 each.

The Bogeumjari loan is a long-term, fixed-rate mortgage loan of which the principal and interest are paid back in installments over a period of at least 10 years. It was launched in March 2004 to finance purchases of homes by first-time home buyers or borrowers to pay back their current mortgage loans. Applications for the loan may be submitted over the KHFC website.