What is a housing guarantee for individuals?
- A type of guarantee offered for individuals seeking to take out loans from financial institutions to rent or purchase a house or pay mortgage installments for newly built apartments
Product type
- Guarantee for Jeonse Loans
For a monthly rental loan from a bank - Guarantee for Mortgage Installments
For a loan to pay a mortgage installments for presale-in-lots apartments - Guarantee for House purchase
Available where the house is deemed insufficient collateral - Guarantee for Construction/Renovation Loans
Available where the existing collateral is insufficient for the loan for constructing or renovating a house - Guarantee for Rental Deposit Refund
Available for a loan originated from a bank to refund a rental deposit to the lessee - Guarantee for Monthly Rental Loans
Guarantee Limits for Individuals for a Loan Purpose
- Construction/Renovation: KRW100 M
- House Purchase: KRW100 M
- Rental Deposit Refund: KRW700 M in Seoul, Gyeonggi and Incheon. KRW 500 M in other areas.
- Jeonse Deposit: KRW400 M
- Regular Mortgage Loan Installments: KRW300 M
- Loan-linked Installments: KRW500 M
- Monthly Rental: KRW 100 M
Procedures for securing guarantees for individuals
1
Eligibility Check
Log on to the HF website to check the Guarantee Limit
Log on to the HF website to check the Guarantee Limit
- Enter personal information
- Check eligibility
- Check available the limit
2
Application Submission
Visit a bank and submit application documents
Visit a bank and submit application documents
- Check required guarantee application documents
- Fill out an application form.
- Submit documents to a lender(bank).
3
Application Deliberation
- Guarantee application is rejected where;
- A fraud is suspected.
- The credit rating for the applicant is lower than the acceptable criteria.
- House Purchase contract is verified.
4
Result Notification
CSS (Credit Scoring System)
CSS (Credit Scoring System)
- Guarantee approval result is notified with the below information;
- Guarantee Number.
- Guarantee Limit.
- Guarantee Fee Rate.
Guarantee for rental home purchase and rental installments
![](/_res/hf/en/img/sub02_01_02.jpg)
Guarantee for rental home purchase and rental installments
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Grounds for Guarantee Rejection
- Guarantee is denied when applicants
- Are involved in a guarantee incident as indicated in the KHFC Credit Management Regulations and handled accordingly (including reservations for the handling of such an incident wherein; the same handling shall apply hereinafter)
- Have a insufficient credit rating as specified in the Guarantee Rejection under the KHFC Credit Scoring System
- Have any derogatory items on their credit records
- Are principal debtors and co-signers of guarantees of indemnified debts
- Have submitted inappropriate data and/or are still in the guarantee restriction period
- Are overdue on loans originated from financial institutions, and
- Are subject to guarantee restrictions as determined by the KHFC president
Guarantee fees
- HF charges guarantee fees for providing guarantees for Jeonse Loans, home purchases, and installment payments.
- The guarantee fees may be paid on an annual basis. In the case of lump sum payments, a discount is applied to the guarantee fee for payments of more than one year.
- According to the business arrangement between KHFC and banks, matters regarding the collection and refund of guarantee fees are handled by the banks on behalf of KHFC.