“ KHFC Initiates Debt Restructuring for Low-income Earners and SMEs ”

-  “Special debt Restructuring Campaign”  from April 1 through October 31 -

The Korea Housing Finance Corporation (KHFC) announced on March 29 that, in an effort to alleviate the debt repayment burden on low-income households and SMEs, it will stage the Special Debt Restructuring Campaign from April 1 through October 31. The purpose of this campaign is to provide housing finance credit guarantee users with opportunities to ease their debt obligations and quickly restore their financial health.

When customers who used KHFC's guarantee services for jeonse loans, installments, or home builders and failed to pay back the loans apply for lumpsum or installment repayment plans during this campaign, all accrued interest may be entirely exempted and interest to be charged during the installment repayment may also be exempted depending on each customer's situation.

Also, if a credit user agrees to installment repayment, the repayment period, which may be extended up to eight years (15 years in the case of companies), may be set flexibly at the user's request. Once a user makes a down payment of 5% of the total balance outstanding, restrictions on information required to determine creditworthiness (i.e., delinquency, subrogation, related persons) will be lifted even despite the fact that full repayment has not yet been made.

For more details, please go to a KHFC branch or the KHFC website (http://www.hf.go.kr)*.

* "Internet banking service" at the top right of the website → “Apply for credit restoration” → “Apply/view debt restructuring”