- KHFC has reached an agreement with three appraisal firms for simplified appraisals of apartments with no official price information 

Mortgage evaluation fees are expected to be significantly reduced for those taking out a Bogeumjari loan with a mortgage on an apartment for which no official market price information is available.

The Korea Housing Finance Corporation (KHFC, CEO Joo-jae Lim) announced on November 18, 2009 that it has signed a service agreement with Joongang Appraisal Association, Daeil Appraisal Board, and Nara Appraisal Corporation for mortgage evaluation services.

The business agreement would allow new Bogeumjari borrowers to select one of the three companies for a simplified and affordable evaluation of their mortgaged home, if necessary.

Until now, Bogeumjari borrowers who wished to take out a mortgage on an apartment for which no official market price information was available had to pay hundreds of thousands of won (470,000 won for a house priced at 300 million won) for an official evaluation report; however, they will now pay only 50,000 won or so in fees for a simplified evaluation (mortgaged property examination report).  

To benefit from the service, customers can request for an evaluation when applying for a loan at a bank. Those taking out a loan online must visit the website of one of the three appraisal firms and submit an online request for evaluation.