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Korea Housing Finance Corporation (HF) is a public financial company established on March 1,2004 in accordance with the HF Act.
NEWS RELEASES
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HF Honored with‘Presidential Award for Contribution to Digital Government Development’
HF Honored with‘Presidential Award for Contribution to Digital Government Development’ - The Award recognizes HF’s efforts to promote the shared use of administrative information and the use of Public MyData. Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) stated on December 23, 2022, that it received the Presidential Award in the area of promoting the shared use of administrative information and the use of Public MyData at the 2022 Korean Government Awards for Contribution to Digital Government Development held at the Government Complex Seoul on December 22, 2022 <See the image below>. □ The Awards, hosted by the Ministry of Public Administration and Security, acknowledge institutions and individuals that have contributed to alleviating public inconveniences and developing digital government through the shared use of administrative information and Public MyData. HF has contributed to improving convenience for financial consumers and developing digital government by establishing the legal grounds for contact-free housing finance services through revising the Korea Housing Finance Corporation Act and its Enforcement Decree and building a real-time computer networking system for the shared use and distribution of administrative information and contact-free qualification verification services. In addition, HF signed an MOU on the joint implementation of Public MyData with the Ministry of Public Administration and Security on October 25, 2022, to utilize Public MyData for its public services. HF CEO Choi commented, “In line with the accelerating digital transformation in today’s world, HF will make further efforts toward digital transformation to deliver more convenient housing finance services to the public and, in turn, contribute to advancing digital government.” <Image Description> Korea Housing Finance Corporation (HF) won the Presidential Award in the area of promoting the shared use of administrative information and the use of Public MyData at the 2022 Korean Government Awards for Contribution to Digital Government Development held at the Government Complex Seoul in Jongno-gu on December 22, 2022. Lee Jeong-Il, HF Executive Director (third from the left) posed for a photo with Han Chang-Seop, Vice Minister of Public Administration and Security (second from the left), after receiving the award at the ceremony.
HF Honored with‘Presidential Award for Contribution to Digital Government Development’
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HF Wins the Minister of Personnel Management’s Award at the Best Fair Employment Practice Competition
HF Wins the Minister of Personnel Management’s Award at the Best Fair Employment Practice Competition - HF celebrates its fourth consecutive year being recognized as a fair recruiter, a first in the Competition’s history Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) announced on December 15, 2022, that it won the Minister of Personnel Management’s Award for its outstanding performance in the public sector at the 2022 Best Fair Employment Practice Competition. Hosted by the Ministry of Employment and Labor and Human Resources Development Service of Korea, the annual Competition aims to identify the nation’s best practices in employment and spread the culture of fair employment. It acknowledges and honors special achievements in merit-based hiring as well as transparency and fairness throughout the employment process. An HF official said, “This Minister of Personnel Management’s Award is especially meaningful because it recognizes all of the efforts that we have made to improve our hiring practices based on the opinions of job seekers and operate a fair and merit-based hiring system.” He added, “HF has created our unique hiring brand entitled ‘T.O.P.-H.F.’ that represents our two key values of ‘Communication’ and ‘Hear/Help’as part of our efforts to spread the culture of job seeker-friendly, fair recruitment.” At the previous Competitions, HF won the Minister of Finance’s Award in 2019, the Minister of Education’s Award in 2020, and the Minister of Employment and Labor’s Award in 2021.
HF Wins the Minister of Personnel Management’s Award at the Best Fair Employment Practice Competition
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HF Launches ‘Bogeumjari Loans for the First-Time Homebuyers’
HF Launches ‘Bogeumjari Loans for the First-Time Homebuyers’ - Released on Nov 29, applies LTV 80% and the loan limit of KRW 420M for the first-time homebuyers Korea Housing Finance Corporation(HF, CEO Choi Joon Woo) announced the launch of “Bogeumjari Loans for the First-Time Homebuyers” on Nov 29, which allows first-time homebuyers to take out the loans up to 80% of the house price. The current LTV* ratio ranges between 55% and 70%, depending on a location and a type of a collateral house. But with the launch of the new Bogeumjari Loans, LTV is lifted up to 80% of the house value for the first-time homebuyers, whereas the loan limit is expanded to KRW420 million, from 360million. * Ratio of the available loan amount for the value of collateral(house price) at the time of mortgage loan origination. Previously, in case of the apartment with the market value of KRW 500M, even first-time homebuyers could take out only up to KRW 350M of the loans, as the max of applicable LTV was fixed at 70%. But with the new product, they can now borrow up to KRW 400M. (applied LTV 80%) To be noted, in order to be applied with LTV of 80% of the new Bogeumjari Loans, borrowers must use the “HF Special Guarantee for the First-time Homebuyers*” and meet its own set of eligibility criteria. * A HF guarantee product to facilitate loans with max. LTV of 80% For married couples, both of a couple should meet the first-time homebuying requirement. As for other loan terms, including house price limit of KRW 600million, annual income limit of KRW 70million, and interest rate, etc, the criteria of Bogeumjari Loans are identically applied. HF said, “We expect the Bogeumjari Loans for the First-Time Homebuyers will be of practical help to the youth and other end-users with inadequate income and assets in realizing their dream of homeownership. We will continue our efforts to alleviate residential cost burden on the end-users by enhancing public functionality of the public mortgages.” [Reference] Key Q&A on the Bogeumjari Loans for the First-Time Homebuyers
HF Launches ‘Bogeumjari Loans for the First-Time Homebuyers’
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Housing Finance Conference Seeking a Direction in Challenging Time
Housing Finance Conference Seeking a Direction in Challenging Time - HF hosts the ‘2022 Housing Finance Conference’ - In-depth discussions on the global macro-economy and housing finance market Korea Housing Finance Corporation(HF, CEO Choi Joon Woo) said on Nov 28 that it held the ’2022 Housing Finance Conference at the Westin Chosun Hotel, Sogong-dong, Seoul, under the theme of ’Chartering a path to go in 3-Highs era.’ <Photo Attached> In the opening remark, HF CEO Choi Joon Woo said, “Risks are abound due to heightened uncertainties of domestic financial market as well as intensively tight monetary policies of major economies and the prolonged Russia-Ukraine War. When many challenges are expected in the internal and external business environments, I hope this forum will provide an opportunity to identify direction to go for the housing finance through candid discussions among experts from various sectors.” He stressed, “HF hopes this forum will also offer windows to seek competitive public policy goods and ways to promote housing stability of low-to-moderate income households and the underprivileged, while fully carrying out government measures to manage household debts.” Kim Joo-hyun, Chairman of Financial Services Commission said in the congratulatory remark, “As housing finance has a complex structure and complicated nature, as well as a close relation with the livelihood of people, it is imperative to listen to the voices of many. I hope this forum will bear productive results that produce many ideas and solutions to make housing finance more stable and advanced.” He added, “We will continue to pay a close attention to the advice of many and translate them into policies.” High interest rate sets to stay well into the next year : Should enhance fiscal soundness of government, corporate and households In a keynote address, Cho Dong-chul, professor of KDI School of Public Policy and Management School, emphasized, “The main variable that can have the most direct impact on our economy is the high interest rates to contain high inflation. The interest rate hikes, which are expected to continue will into next year, are likely to place a huge burden on the recovery of domestic demand.” He added, “At this juncture, it is critical for the government, companies and households to improve their fiscal soundness” The time calls for a close coordination among nations : Fragmentation impedes efficiency of global division of labor -> may fixate high price and low growth In the SessionⅠ, ’2023 Global Macro-economy Outlook’, Kim Hyung-Seok, a team lead of BOK pointed out “The Global economy has achieved a remarkable growth through an efficient division of labor. But now a geographical fragmentation has emerged, as seen in the economy sanctions against Russia after its invasion of Ukraine and intensified competition between the U.S and China over the advanced technology and other conflicts.” He stressed that ”Fragmentation impedes the efficiency of global division of work system and triggers a rise of costs, which potentially can have high inflation and low growth entrenched in the economy. This is why a close coordination among countries is all the more imperative.” 2023 Outlook : Interest rate freezes in the first half of the year, before lowered in the second Housing prices downward trend is likely to stay in the first half of the year In the Session Ⅱ, Hong Chun-Wook, CEO of Prism Investment Advisory Group, gave a presentation on the “Real Estate Market Trends and Prospects”. CEO Hong said, “Until the first half of 2023, interest rate is unlikely to go down.” He forecasted, “Inflation will crest in the first half of the next year, before gradually going down to a stable level. In terms of CCI(Coincident Composite Index), it is likely to turn into a full-scale downward phase in the first half of 2023, which indicates that the current housing price trend is likely to continue in the same period.” HF said, “We hope the conference will serve as a venue where in-depth discussions can be made on the direction of the housing finance market in the midst of heightened global economy volatility. We expect the various discussions of today would bear many insights to overcome the current challenges.” <Photo Description> HF CEO Choi Joon Woo gave the opening remark in the ‘2022 Housing Finance Conference; ‘Chartering a path to go in the 3？Highs era’, held at the Westin Chosun Hotel, Sogong-dong, Seoul, on Nov 28.
Housing Finance Conference Seeking a Direction in Challenging Time
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HF Honored with‘Presidential Award for Contribution to Digital Government Development’
HF Honored with‘Presidential Award for Contribution to Digital Government Development’ - The Award recognizes HF’s efforts to promote the shared use of administrative information and the use of Public MyData. Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) stated on December 23, 2022, that it received the Presidential Award in the area of promoting the shared use of administrative information and the use of Public MyData at the 2022 Korean Government Awards for Contribution to Digital Government Development held at the Government Complex Seoul on December 22, 2022 <See the image below>. □ The Awards, hosted by the Ministry of Public Administration and Security, acknowledge institutions and individuals that have contributed to alleviating public inconveniences and developing digital government through the shared use of administrative information and Public MyData. HF has contributed to improving convenience for financial consumers and developing digital government by establishing the legal grounds for contact-free housing finance services through revising the Korea Housing Finance Corporation Act and its Enforcement Decree and building a real-time computer networking system for the shared use and distribution of administrative information and contact-free qualification verification services. In addition, HF signed an MOU on the joint implementation of Public MyData with the Ministry of Public Administration and Security on October 25, 2022, to utilize Public MyData for its public services. HF CEO Choi commented, “In line with the accelerating digital transformation in today’s world, HF will make further efforts toward digital transformation to deliver more convenient housing finance services to the public and, in turn, contribute to advancing digital government.” <Image Description> Korea Housing Finance Corporation (HF) won the Presidential Award in the area of promoting the shared use of administrative information and the use of Public MyData at the 2022 Korean Government Awards for Contribution to Digital Government Development held at the Government Complex Seoul in Jongno-gu on December 22, 2022. Lee Jeong-Il, HF Executive Director (third from the left) posed for a photo with Han Chang-Seop, Vice Minister of Public Administration and Security (second from the left), after receiving the award at the ceremony.