HF-SH partnership for financial support for low-income households

- The partnership will ensure greater support for low-income home buyers and renters with simplified guarantee procedures and discounted guarantee fees

On September 10, the Korea Housing Finance Corporation (HF, CEO Seo Jong-dae) announced that it entered into a business partnership agreement with Seoul Housing Corporation (SH, President Lee Jong-soo) to provide greater support for the housing stability of low-income households.

The outlines of the agreement are: (a) mutual cooperation in offering the Bogeumjari mortgage loan and housing loans based on HF’s housing guarantees for the sales and rental of housing; (b) a discount on guarantee fees for the potential buyers and renters of SH-supplied housings; and (c) information sharing on housing supply plans, housing loans and housing finance trends to promote housing supply and finance.

“Under the new business partnership agreement, guarantees approved by the unit of apartment complex will bring substantial benefits to the home buyers and renters, as a 50% discount is applied to guarantee fees on the guarantee for chonsei (returnable lump-sum rental deposit) loans and 25% on the guarantee for installments,” said one HF official. “This will facilitate the use of HF guarantees on SH housing in the Magok district and elsewhere in Seoul, ensuring housing stability for low-income households and helping them buy their own homes.”