[Ryu Taemin's Real Estate A to Z] What If Your Subscription Win Is Canceled Due to 'Ineligibility'?

Apartment view in Seoul / Photo by Moon Honam munonam@

[Asia Economy Reporter Ryu Tae-min] Since last year, housing prices have skyrocketed, raising the threshold for "owning a home," and interest in the subscription market remains high. In particular, as President-elect Yoon Seok-yeol has pledged to improve the subscription system for non-homeowners with low points, the number of subscription account holders has recently been on the rise. However, there are still cases where applicants who have won the subscription after much effort are disqualified and have their winning status canceled due to not properly understanding the subscription criteria, so caution is required.

A typical case of disqualification is when the subscription points are miscalculated and fall below the winning cutoff line. Subscription points are composed of the period of non-homeownership, the number of dependents, and the subscription account subscription period, and if these are incorrectly entered, there is a high possibility of disqualification. In particular, many prospective applicants experience confusion because the criteria for calculating the non-homeownership period differ between unmarried and married individuals. For unmarried applicants, the benchmark is age 30, whereas for those married before age 30, the marriage registration date recorded on the marriage certificate is used as the standard.

Calculating the number of dependents is also one of the confusing parts. First, the applicant themselves should not be included in the number of dependents. Additionally, even if parents are included as household members, they must have lived at the same address for more than three years to be counted as dependents.

Attention is also needed regarding the classification criteria for non-homeownership. Even if the household owns one house, if it is a small, low-priced house with an exclusive area of 60㎡ or less and an official assessed value of 130 million KRW or less, it is recognized as non-homeownership. Similarly, even if the applicant’s direct ascendants aged 60 or older own a house or pre-sale rights, these are excluded from the housing calculation.

Subscription accounts lose their validity as soon as the applicant wins, so they cannot be reused in principle. Especially if the applicant cancels due to dissatisfaction with the assigned building or unit number after winning or for other personal reasons, re-winning is restricted and the subscription account cannot be reused. If a backup winner submits documents and is assigned a building or unit number, the subscription account is also considered used, and re-winning is restricted.

If the winning status is canceled due to simple mistakes such as miscalculating or incorrectly entering the non-homeownership period or number of dependents, the use of the subscription account is restricted for a certain period. In this case, a reinstatement application must be made within one year from the cancellation date. In the metropolitan area or speculative overheated zones and subscription overheated zones, subscription account use is prohibited for one year from the winning date; in non-regulated areas, for six months; and in subscription depressed areas, for three months.

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