HF Freezes Bogeumjari Loan Rate This May

- Bogeumjari loan rates as low as 3.30% depending on product type and maturity

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) said on April 25, 2018, that it will freeze the annual interest rates on 'Bogeumjari Loan' products, its long-term, fixed-rate mortgage loans, for May 2018. 

With the rate freeze, the rates of u-Bogeumjari Loan,’ a mortgage loan offered through the HF homepage, and‘t-Plus Bogeumjari Loan,’an offline mortgage loan available at commercial banks, will remain at 3.40% (10-year term) to 3.65% (30-year term). At the same time, the rates of‘Akkim e-Bogeumjari Loan,’which offers a 0.10%-point rate reduction thanks to its online loan agreement system, will stay in the current range of 3.30% (10-year term) to 3.55% (30-year term).

Eligibility for Bogeumjari Loans are determined by income and the number of dependent children. By income, the Loans are offered to ▲ single-income families whose annual income is KRW 70 million or less and ▲ newly-wed double-income couples (married for five years or less) whose combined annual income is KRW 85 million or less. Also eligible are ▲ households with one child whose annual income is KRW 80 million or less, ▲ households with two children whose annual income is KRW 90 million won or less, and ▲ households with three children whose annual income is KRW 100 million or less. In addition, a 0.4%-point rate discount is offered to socially underprivileged households with an annual income of KRW 60 million or less (including single-parent and multicultural families or families with three or more children or those with disabilities). And a 0.2%-point rate discount is available for newly-wed couples whose annual income is KRW 70 million or less (up to 0.80%-point rate discount available when the applicant meets two or more criteria of eligibility).
 ※ The above-stated criteria of eligibility reflect recent changes to the income eligibility requirements, and these changes came into effect from April 25, 2018.