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HF KOREA HOUSING FINANCE CORPORATION

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Bogeumjari Loan

1 What is a Bogeumjari Loan? Open
  • It is a unique variation of a long-term mortgage loan common in advanced nations designed by the Korea Housing Finance Corporation to allow customers to repay the principal and interest of their loan over a period of ten to forty years.
2 Eligible Applicants Open
  • Those aged 20 or over as of the loan application date
  • combined annual income of loan applicant and his/her spouse must be krw 70 million or lower
3 Interest rate Open
  • Fixed rate applied from the date of loan extension to maturity (Published Interest Rates)
  • Added rate applied depending on the location and price of the collateralized houses (0.1% for real estate speculation zones)
  • Prime rate offered to household with three or more children, multi-cultural family, family with a disabled member and single parent family(0.4%p discount each). (Up to two items can be opted, with a cap of 0.8%p) Prime rate applied house priced under KRW 600million , 85㎡ size(houses smaller than 100㎡ outside the capital region) and KRW 60million(KRW 70million for newlyweds, household with three or more children) combined income.
4 Eligible houses Open
  • Houses registered on the official registry (certified copy of the register) with prices of not more than KRW 600 million
5 Loan limit Open
  • Up to 70% of the collateralized house value
  • Minimum KRW1 million ~ maximum KRW 360 million
6 Term of loan Open
  • 10 years, 15 years, 20 years, 30 years or 40 years
7 Repayment Method Open
  • Monthly equal installment repayment of principal (and interest)
    (incremental installment repayment available for the u-Bogeumjari Loan)
  • Prepayment penalty: applied within 3-year period from the loan origination and up to 1.2% in sliding method(prepayment penalty is decreased depending on the number of remaining days, prorated daily rate, n/365)
8 Proof of income Open
Proof of income
Type of income Proof
Earned income Certificate of income, withholding tax receipt on earned income, certificate of income tax withholding
Business income ertificate of income, withholding tax receipt on business income, final return of tax base, voluntary payment statement
Pension income Letter of confirmation of entitlement to pension benefits, etc.
Other income
recognized by HF
National pension payment certificate, national health/long-term care insurance payment certificate, certified copy of resident registration (minimum cost of living)

Customers may obtain various products (Regular Bogeumjari Loan/Prime Rate Bogeumjari Loan/Installment Payment Bogeumjari Loan) via Internet or by visiting financial institutions.