Houses Valued Between 1.2 Billion and 1.3 Billion KRW Eligible for Housing Pension Enrollment

[Asia Economy Reporter Park Cheol-eung] The price criterion for subscribing to the Housing Pension is changing from 'market price of 900 million KRW' to 'officially assessed price of 900 million KRW.' In terms of market price, this corresponds to about 1.2 to 1.3 billion KRW. This means that the eligible pool for the Housing Pension will be expanded accordingly.

On the 19th, the National Assembly held a plenary session and passed the amendment to the Korea Housing Finance Corporation Act reflecting this change.

Additionally, subscription will be allowed for residential officetels and some single-family and multi-family houses leased under jeonse contracts. As a method of acquiring collateral for the Housing Pension, the trust method has been added alongside the current mortgage registration.

A legal basis has been established for a dedicated account into which only Housing Pension payments are deposited, and the deposit claims in this dedicated account cannot be seized.

The Housing Pension is a system where individuals aged 55 or older pledge their house as collateral to the Housing Finance Corporation and receive a fixed monthly payment based on the house price.

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