Bogeumjari Loan interest rate increased by 0.25%p in July to 4.85% per annum

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Bogeumjari Loan interest rate (as of July 1, 2022, unit: %)

The interest rate on the Bogeumjari Loan rose by 0.25 percentage points in July, raising the interest rate for 10-year products to 4.60% a year.

The Korea Housing Finance Corporation announced on the 24th that it would raise the interest rate of fixed-rate, amortized Bogeumjari loans by 0.25 percentage points from July. The interest rate on the u-Bogeumjari Loan, a product requested on the Jugeumgong website, has risen from 4.60% per annum (repayment period of 10 years) to 4.85% (40 years). For Akim e-Bogeumjari Loan applied online, such as an electronic contract, 0.1 percentage points lower than this, 4.50% per annum (maturity 10 years) to 4.75% (40 years) is applied.

In July of last year, the interest rate on the u-Bogeumjari loan was 2.70-3.00% per annum, and the Akim e-Bogeumjari loan was 2.60-2.90%. It increased by 1.85 to 1.90 percentage points in one year.

“The interest rate of the 5-year government bond, which is the standard for the Bogeumjari loan interest rate, has risen sharply, so an interest rate adjustment is inevitable,” said an official from Joo Geumgong.

The government is planning to launch a product that extends the maturity of eligible loans for the Bogeumjari Loan and other policy financial products to 50 years in August.

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