President Lee Jeong-hwan of Korea Housing Finance Corp (HF). (Photos: HF)

Korea Housing Financing Corporation (HF) announced on Oct. 29 that it will launch a special lease loan guarantee for those who agreed to an installment repayment plan.

By using this financial product, customers can enjoy the benefits of income tax deductions while repaying their loans.

If both you and your spouse do not own a house, you can use this product. You must repay over 5 percent of the principal in installments during the loan period.

A minimum guarantee rate (0.05 percent) is applied. In addition, if the principal is repaid during the loan period, your interest burden will be reduced, and the principal, as well as interest, will be subject to income deductions.

In addition, HF made an improvement to the current installment repayment method where repayment is overdue if the principal is not paid back.

Detailed product information can be provided by the Call Center of HF or at banks, including KB Kookmin Bank, the Industrial Bank of Korea (IBK), NH NongHyup Bank, Shinhan Bank, Woori Bank and Hana Bank.

Moreover, HF announced on Oct. 27 that it will actively operate the pre-service consulting system of its Audit Office to provide fast and accurate services to the general public, based on creativity and expertise.

The pre-service consulting system reduces the burden on working-level staff members of HF regarding difficult and complex matters by making Audit Office matters simpler. At the same time, the new service saves people difficulties in using HF services.

Considering that HF has been operating the pre-service consulting system for the audit office since 2019, the system has not been activated as applying for pre-service consulting through document reception was a hassle.

Therefore, this time, HF decided to receive agendas through various channels such as meetings with auditors and e-mailing to support speedy consulting.

In particular, the government plans to upgrade the system to allow three-dimensional analysis in the future by comprehensively analyzing the disposal measures of the Board of Audit and Inspection and the Anti-Corruption and Civil Rights Commission and cases of legal interpretation by the Ministry of Government Legislation, and building a database with the results.

It also plans to further enhance the quality of consulting by utilizing external legal advisors and the Board of Audit and Inspection's pre-service consulting approval system.

“We will rev up the system to eliminate the practice of working passively and earn trust from people and enhance the convenience of our public finance,” said Lee Dong-yoon, a standing auditor of HF.

“We will continue to strengthen our audit and consulting functions so that HF can actively lead its administrative services for people."

HF signs an agreement on social contribution with the Busan Metropolitan Government, the Busan Branch of the Community Chest of Korea, and the Busan Children's Independence Support Center on Nov. 4. From left are Jeon Hye-sook, director of the Women and Family Bureau of Busan Metropolitan City, Shin Jeong-taek, chairman of the Busan Branch of the Community Chest of Korea, Kim Min-ho, vice president of HF and Shim Joo-young, head of the Busan Children's Independence Support Center.

In the meantime, HF began to actively support the housing stability of young people who cannot stay at children's welfare facilities any longer due to their ages.

The HF announced on Nov. 4 that it has signed a social contribution agreement on the support of housing for young people who have to leave children's welfare facilities due to their ages with the Busan Metropolitan City, the Busan Branch of the Community Chest of Korea, and the Busan Children's Independence Support Center.

 
Through this agreement, HF donated 200 million won to young people whose protection at child welfare facilities ends when they reach adulthood in Busan.

The funds will be used to help them pay their monthly rents and utility fees and to renovate and repair the Youth Self-Reliance Center of the Busan Children's Independence Support Center.

“We hope that our efforts will help struggling young people solve their housing problems,” an HF official said. “HF will continue to help them become independent constructive members of our society without giving up their dreams.”