President Lee Jeong-hwan of Korea Housing Finance Corp.

Korea Housing Finance Corp. revealed on May 30, 2018, that according to its survey conducted on the use of Bogeumjari Loan products from April 25 to May 24, 2018, around 63% (or 605 applications) of the 957 Bogeumjari Loan applications filed during the period were for products dedicated to newlywed couples and families with multiple children.

The upper annual income threshold eligible for the new loan products has been raised to 85 million won for newlywed double-income couples and up to 100 million won for multi-child families depending on their number of children. For multi-child families, HF has also increased the maximum loan amount to 400 million won. Since its launch on April 25, 2018, a whopping 3,590 applications have been filed so far.

Due to its underwriting process, it takes about two to three weeks from the application filing date to the loan being taken out.

By product type, about 53% of newlywed applicants are found to have received a preferential rate (0.2%-point discount) because their annual income amounts to 70 million won or less.

Around 47% of them are double-income couples, benefiting as the maximum annual income threshold for them is raised to 85 million won. In addition, some 26% of multi-child family applicants received a preferential 0.4%-point discount on the rate because they have three or more children and their annual combined income is 60 million won or less. Around 73% of multi-child family applicants enjoyed less stringent requirements on income based on their number of children.

At the same time, some 61% of newly-wed applicants are found to be from the Seoul metropolitan area, while about 59% of multi-child applicants are from non-Seoul areas.

An HF official said, “Building upon these survey results, we will continue to monitor the market and develop new products to provide housing finance options tailored to the needs of specific home-buying groups.”

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced on April 5, 2018, that it is receiving applications for the Retirees’ Finance Academy for the first half of the year.
The Retirees’ Finance Academy, which runs from May 3, 2018, will provide senior citizens with financial training and other useful information for their retirement years.

The lectures are offered free-of-charge. Some HF branch offices are planning to offer legal and tax consultations as well.

Other services include pre-retirement and financial planning, income and spending management, asset and debt management, and inheritance and gifts.

Also included are first-aid training, fraud detection and prevention training, tips for better communication with family, and special lectures by social celebrities.

The Academy will offer a lecture tour starting in Daegu, and then going to Seoul, Gyeonggi, Busan, Gwangju, Daejeon, and other cities. It will also roll out its new program entitled ’Retirees’ Finance Academy at Your Place. An HF official said, “We will offer financial training and other useful information through the Retirees’ Finance Academy to help retirees better prepare for their retirement life.”

Since its launch in April 2015, the Academy has provided financial education to 7,000 senior citizens. Anyone interested in participating in the Academy may apply at the HF webpage (www.hf.go.kr).

An ad for Bogeumjari Loans provided to the newly weds and families with many children by HF. (Photos: HF)