- Two corporations agree to simplify guarantee procedures and reduce guarantee fees -

In an effort to help customers secure housing, the Housing Finance (KHFC, CEO Joo-jae Lim) signed a comprehensive collaboration agreement with the Korea Land and Housing Corporation (LH) on March 18, 2010 at LH headquarters.

“The two corporations signed a collaboration agreement to lessen the financial burden on customers already dealing with a difficult environment caused by the financial crisis and recession of the real economy,” said an official in charge of the agreement. “This collaboration agreement will establish an efficient link between housing supply and home financing (guarantees) and allow us to better help people to become homeowners.”

“Before this partnership, a buyer needing a loan to pay off an LH apartment had to apply for an KHFC guarantee in person. From now on, KHFC will approve guarantees by apartment complex instead of on an individual basis. We will also drop the guarantee fee by 30%, returning the savings to homebuyers,” said an KHFC spokesperson. “Last year, 13% of LH apartment buyers used our guarantee for a home loan. With simplified procedures and lower guarantee fees, we expect a greater number of customers to utilize this service.”

With the strategic collaboration agreement between KHFC and LH in place, working-class people wishing to buy a home are expected to benefit from simplified loan guarantee procedures for Bogeumjari housing (1.5 million) and rental apartments supplied by LH until 2018. 

▲ KHFC CEO Joo-jae Lim and LH CEO Ji-song Lee after signing the collaboration agreement on March 18