HF Allows the Deferral of Principal Payment for up to Three Years

- HF eases the late payment burden for Bogeumjari Loan and Conforming Loan users

HF allows Bogeumjari Loan and Conforming Loan users to defer their principal payments for up to three years.

Korean Housing Finance Corporation (HF, CEO Kim Jae-Chun) announced that starting from the 15th, it will extend the current deferred principal payment option for up to three years for Bogeumjari Loan and Conforming Loan users with continued liquidity problems. Originally, the deferment option has been offered for up to one year during difficult economic times. The decision on the deferment extension came from a set of measures adopted by the Financial Services Commission last April to help households reduce their late payment burden. 

Bogeumjari Loan and Conforming Loan users who suffer economic difficulties due to job loss, business closure, or reduced income can submit copies of evidence documents* to the applicable HF branch office or commercial bank and apply for the deferment of their principal payment.
    *For more information, please contact our call center or branch office at 1688-8114.

For those who have already been late in their principal payment, HF decided to minimize the realization of the collateral through debt-restructuring counseling prior to such a realization. In particular, those who have updated their contact number and other personal information and have gone through the counseling are offered a rate discount incentive. 

In addition, prior to the realization of the collateral, HF gives a grace period of ▲ three months when such a period is deemed necessary to ensure housing stability and ▲ an additional nine months when those with late payments belong to low-income or socially underprivileged groups. Furthermore, for those who have signed a sales agreement, HF gives an additional grace period of up to three months, thereby deferring the realization of the collateral for up to 15 months.