HF Supports COVID-19-Hit Customers with Late Fee Discounts or Exemptions

- Non-contact services available for security interest cancellation and JTYK withdrawal limit-setting

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) offers late guarantee payment discounts and exemptions and other relief measures for customers facing difficulties due to the COVID-19 pandemic. In addition, as part of its efforts to scale down personal contact and prevent the spread of the global pandemic, it allows customers to apply for an extension of their jeonse loan guarantee on maturity via an electronic device and will adjust the existing handwritten signature process accordingly. It also provides an online withdrawal limit-setting procedure for JooTaekYeonKeum (JTYK) subscribers.   

In addition, HF offers a temporary waiver that releases customers of a potential lump-sum repayment obligation if they contract COVID-19 or go into self-isolation and miss their payments or have the maturity of their HF guarantee expire. It also introduces discounts or exemptions from late fees or additional guarantee fees for customers who get back on their payment schedule from April to June 2020. Furthermore, it will help customers with COVID-19 or in self-isolation get an extension of their jeonse loan guarantee by accepting their prior approval via phone call recording, fax, text message, and other non-contact electronic means and completing the related paperwork later. This is expected to minimize the typical face-to-face contact.

It also allows JTYK subscribers to set their withdrawal limit using document submissions via fax and voice call confirmation, eliminating the need to visit an HF branch office in person. HF’s digital approach is also being applied to the Open Campus program that it offers to college students in Busan. 

In order to minimize contact with customers and keep them safe, HF accepts paper submissions for security interest cancellation, JTYK withdrawal limit-setting, home construction loan guarantee underwriting, and MBS issue manager selection via non-contact means. It is planning a promotional campaign to encourage customers to apply for debt restructuring, such as debt relief or debt payment in installments, on its homepage.