Special Exemption from Home Sales Issued for Regions Exposed to Employment and Industrial Crisis
- Date 2018-09-07
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Special Exemption from Home Sales Issued for Regions Exposed to Employment and Industrial Crisis
- Bogeumjari Loan users exempt from existing requirements to sell their first home and pay additional rates
For those living in Geoje, Tongyeong, Gunsan, and other cities designated as regions requiring special policy responses due to an imminent employment or industrial crisis, HF has issued a special exemption from the sale of their existing home.
Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced on the 7th that those who have taken out a Bogeumjari Loan for their second house on the condition* that they sell their first home will be exempt from selling their first home within the given period and paying additional rates if their first home is located in the regions designated as special exemption zones due to an employment or industrial crisis.
* In the case that a second-home buyer takes out a mortgage loan on the condition that he or she sells the first home in two (or three) years from the date of loan application.
More specifically, the special exemption applies to those ▲ whose first home is located in a region designated as a region experiencing an employment or industrial crisis and ▲ who are obligated to sell their first home within the time period for which the designation remains effective (or within one year after the end of the period). Those who meet the two eligibility requirements can secure a one-time deferral of the sale of their first home for up to two years.
Bogeumjari Loan users to be covered by the special exemption can retain their loan for the extended period (four to five years) and also be exempt from additional rates which are imposed for their failure to sell their first home within the original period. Those interested in applying for the special exemption can call 1688-8114 for more information.
An HF official said, “Our customers living in regions exposed to an employment or industrial crisis expressed their difficulties in selling their existing homes due to the sluggish local economies. We came to this decision based on their opinions. We hope that our special exemption will help ease the economic burdens of our customers living in these regions.”
Last June, HF issued the same special exemption to those in areas stricken by disasters and designated as special disaster relief zones. The exemption applied to those who took out a mortgage loan for a second home before their first home was destroyed by an earthquake or typhoon and such damages were recognized or compensated by the central or local government. Under the exemption, they are allowed to defer the sale of their first home for two years and are exempt from additional rates for that time period.