HF-Shinhan Bank MOU to ensure housing stability for low-income families

- The two parties will collaborate in housing finance, including the joint development of financial instruments for chonsei housing rentals and monthly rentals

The Korea Housing Finance Corporation (HF, CEO Seo Jong-dae) and Shinhan Bank have joined hands to develop financial instruments for chonsei (returnable lump-sum deposit) housing rentals and monthly rentals.

On November 11th, HF announced that the two organizations signed a memorandum of understanding (MOU) on “Collaboration for Housing Finance Operations to Support Housing Stability for Low-Income Citizens” at its head office in Sejong-daero, Jongno-gu, Seoul.

The outlines of the agreement are: (a) collaborative development of financial instruments for chonsei and monthly housing rentals; (b) service tailored for those moving into public housing; and (c) mutual cooperation for the supply of housing finance vehicles for low-income citizens such as conforming loans and the Early-Subscription JooTaekYeonKeum (JTYK).

“We decided to form this business partnership with the hope of improving the quality of financial services for low-income households and thereby bringing more convenient financial services to our citizens. This MOU with a major commercial bank will further expand our channels of housing finance support for low-income citizens,” said one HF official.