What is a Bogeumjari Loans?
- A type of long-term mortgage loan common in advanced nations, designed by HF to allow customers to make P&I repayment over a period of ten to fifty years.
Eligible Applicants
- Those aged 20 or over as of the loan application date
Interest Rate
- Fixed rate applied from the date of loan extension to maturity (based on Published Interest Rates)
- Additional spread applied depending on the location and price of the collateral houses (e.g. 0.1% for real estate speculation areas)
- Discount on the rates are offered for newlywed households(0.2% discount), households with three or more children, multi-cultural families, families with the disabled, and single-parent families (0.4% discount for each category). Up to two discount categories can be opted, with a cap of 0.8% discount. The preferential rate applies to houses priced under KRW600 M and maximum 85㎡ size (100㎡ outside Seoul and metropolitan areas) for households with annual combined income of KRW60 M or less (KRW70 M or less for newlyweds and households with three or more children).
Eligible Houses
- Houses listed on the official registry (certified copy of the registry) of values less than KRW 900 M
Loan Limit
- Up to 80% of the collateral house value
- Minimum KRW 1 M to maximum KRW 500 M
Loan Maturity
- 10 years, 15 years, 20 years, 30 years, 40 years or 50 years
Repayment Method
- Repayment methods consist of equal monthly installments of principal (and interest) (Incremental installment repayment available for u-Bogeumjari Loans)
Proof of income
| Type of income | Proof |
|---|---|
| Earned income | Certificate of income, withholding tax receipt on earned income, and certificate of income tax withholding, etc. |
| Business income | Certificate of income, withholding tax receipt on business income, final return of tax base, and voluntary payment statement, etc. |
| Pension income | Letter of confirmation of entitlement to pension benefits, etc. |
| Other income | Recognized by HF/National pension payment certificate, national health/long-term care insurance payment certificate, and certified copy of resident registration (minimum cost of living support), etc. |
Customers may obtain various products (Regular Bogeumjari Loan, Prime Rate Bogeumjari
Loan, Installment Payment Bogeumjari Loan) via Internet or by visiting financial institutions.