본문 바로가기
  • Home

The Effects of Introducing and Relaxing the Re-entry Prohibition Period on Early Termination in Korean Home Pension

  • Korea Real Estate Review
  • 2021, 31(3), pp.57-71
  • DOI : 10.35136/krer.31.3.4
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : July 24, 2021
  • Accepted : September 10, 2021
  • Published : September 30, 2021

Kim, Yoon-Su 1 Lee, Young-Man 2

1한국주택금융공사
2한성대학교

Accredited

ABSTRACT

This study uses two different binomial logistic models to verify the effectiveness of both the introduction and relaxation of the reentry prohibition period after early termination of Korean Home Pension. The results of this study are as follows. First, the introduction of reentry prohibition period for five years after early termination in October 29, 2012 was significantly effective in reducing early termination behavior. Moreover, the placebo effect verification supported this result. Second, the relaxation of the reentry prohibition period from five to three years after early termination in September 25, 2015 did not significantly increase the termination behavior. That is, the extent of the relaxation was insufficient to change the borrower’s early termination behavior, which was the desire of Korea Housing Finance Corporation (KHFC). This study demonstrates that increasing the cost of refinancing significantly decreased the early termination behavior. Therefore, KHFC can use the reentry prohibition period after early termination as a useful policy.

Citation status

* References for papers published after 2023 are currently being built.