Lump-sum Withdrawals
- Home Pension subscribers may take out lump-sum withdrawals up to the amount they set in advance within the loan limit for the time of need.
- The use of the withdrawal is limited to the purposes stated on the HF website as below.
Purposes of Lump-sum Withdrawals
| Category | General Purposes | Loan Repayment |
|---|---|---|
| Purpose | General expenses in the advanced years to cover medical and educational expenses, home maintenance and repair costs, or expenses for the four ceremonial occasions(coming of age, wedding, funeral, and ancestral rites) ※ The lump sum cannot be used for;
|
Refinancing of/for;
|
| Limit | Up to 50% of the loan limit | |
| Eligibility | Homeowners and spouses, lineal family members or siblings of them | Credit secured by the household concerned |
| Application Period | One year before and after the actual payment date | At the time of the Home Pension subscription |
Grounds for Limitation on the Lump-Sum Withdrawals
Article 3-2 PAYMENT MEANS OF ANNUITIES, ETC. A specific amount of money shall be paid to the homeowner as needed within 50% of the loan limit, pursuant to Article 9, subparagraph (4)-2 of the Korea Housing Finance Corporation Act, for any of the following purposes:
- To pay off the remainder of a mortgage held on a house
- To return a deposit to the lessee of a house under a lease contract pursuant to Article 3, subparagraph 3 here of or to serve other purposes such as medical expenses, educational expenses, and home repair/maintenance expenses as prescribed by the President of the Corporation and published on the official website there of.