K Bank said on Tuesday it will run an interest-support event worth a total of 50 million won for customers using the Korea Housing Finance Corp (HF) policy financing product Akki-e Bogeumjari loans.

The event runs through April 24 for customers who execute an Akki-e Bogeumjari loan. Fifty winners will be selected by drawing and will each receive 1 million won in interest support.

K Bank also said it will cut rates on apartment-backed loans and jeonse loans to lower interest burdens for households buying homes to live in.

For apartment-backed loans, it will cut purchase-fund loan rates by 0.50 percentage points and general-fund loan rates, such as for living stability, by 0.20 percentage points. For jeonse loans, it will cut rates on general and youth products by 0.20 percentage points and rates on refinancing products for general and youth jeonse loans by 0.10 percentage points.

Akki-e Bogeumjari loans are a policy financing product available to customers with combined annual household income of 70 million won or less, or up to 100 million won for newlywed households and similar cases, when buying a home priced at 600 million won or less.

A K Bank official said, "Through interest support benefits and rate cuts, we aim to reduce customers' interest burdens and provide tangible financial benefits." The official added, "We will continue to expand financial support for people who need homes to live in, including young people and newlywed couples."