Next Month's New Housing Pension Average Payment Increases by 1.5%... 60s Up 3.9%, 90s Down 1.0%

[Asia Economy Reporter Minyoung Kim] Korea Housing Finance Corporation announced on the 16th that starting from the 3rd of next month, the monthly payment amount for new applicants of the Housing Pension will be adjusted.

With this adjustment, from the 3rd of next month, the monthly payment amount for Housing Pension applicants will increase by an average of 1.5% for general houses compared to before.

According to Korea Housing Finance Corporation, although the life expectancy announced at the end of last year did not increase significantly, the average monthly payment amount increased due to the continuous decline in interest rates.

Korea Housing Finance Corporation determines the monthly payment amount through a resolution by the Housing Finance Operation Committee, reflecting the recalculated key variables of the Housing Pension such as life expectancy from Statistics Korea, housing price growth rate, and interest rates.

With this adjustment, the average monthly payment amount will increase by 3.9% for people in their 60s, 1.4% for those in their 70s, and decrease by 0.5% and 1.0% for those in their 80s and 90s, respectively.

By housing price range, houses priced in the 300 million KRW and 500 million KRW ranges will increase by 2.3% each, and the 700 million KRW range will increase by 1.0%. However, the 900 million KRW range will decrease by 0.7%.

For example, a 60-year-old subscriber living in a 500 million KRW house (general house, lifetime payment method, fixed amount type) could previously receive 993,000 KRW monthly, but if newly subscribing under the same conditions after the 3rd of next month, they will receive 1,039,650 KRW, an increase of 4.7%.

This content was produced with the assistance of AI translation services.