Continued discount on interest rates for Preferential Bogeumjari Loan users inheriting housing
- Date 2014-09-01
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Continued discount on interest rates for Preferential Bogeumjari Loan
users inheriting housing
Those using HF’s Preferential Bogeumjari Loan can continue to enjoy preferential interest rates if they sell their inherited home within six months
users inheriting housing
Those using HF’s Preferential Bogeumjari Loan can continue to enjoy preferential interest rates if they sell their inherited home within six months
In the past, those subscribed to the Preferential Bogeumjari Loan, which features a government-sponsored discount on interest rates, would lose their eligibility for the preferential rates once they inherited another home. From now on, however, they will be able to keep the loan despite such an inheritance.
Korea Housing Finance Corporation (HF) announced on the 1st that subscribers to the Preferential Bogeumjari Loan can now keep their subscription if they sell the additional home—inherited as a result of the death of their parents or other reasons—within six months.
“The recent deregulation is aimed at bringing greater convenience to financial consumers,” said one HF official. “We will continue to revisit and ease such financial regulations.”
※ The Bogeumjari Loan is a long-term, fixed-rate amortized mortgage loan with a maturity of 10 years or longer. Low-income non-homeowners may apply for the loan on HF’s official website or via other channels when they need funding to buy a home or repay existing mortgage loans.
In an effort to help non-homeowners raise low-interest funds for home ownership, the Preferential Bogeumjari Loan offers a discount of 0.5-1% on the interest rates for the Bogeumjari Loan. New applications for the Preferential Bogeumjari Loan can no longer be made, as the Didimdol Loan for Homebuyers was launched in January 2014 as the combination of the loan and home-buying offerings from the National Housing Fund.
Korea Housing Finance Corporation (HF) announced on the 1st that subscribers to the Preferential Bogeumjari Loan can now keep their subscription if they sell the additional home—inherited as a result of the death of their parents or other reasons—within six months.
“The recent deregulation is aimed at bringing greater convenience to financial consumers,” said one HF official. “We will continue to revisit and ease such financial regulations.”
※ The Bogeumjari Loan is a long-term, fixed-rate amortized mortgage loan with a maturity of 10 years or longer. Low-income non-homeowners may apply for the loan on HF’s official website or via other channels when they need funding to buy a home or repay existing mortgage loans.
In an effort to help non-homeowners raise low-interest funds for home ownership, the Preferential Bogeumjari Loan offers a discount of 0.5-1% on the interest rates for the Bogeumjari Loan. New applications for the Preferential Bogeumjari Loan can no longer be made, as the Didimdol Loan for Homebuyers was launched in January 2014 as the combination of the loan and home-buying offerings from the National Housing Fund.