Korea Housing Finance Corporation Raises Eligibility and Total Loan Limits for Housing Pension Enrollment

Korea Housing Finance Corporation (HF) announced that if the revision of the Enforcement Decree of the Corporation Act is completed, starting from October 12, new applicants will be eligible to join the Housing Pension program with a housing price limit raised from 900 million KRW to 1.2 billion KRW based on the official appraisal price, and the total loan limit will also be increased from 500 million KRW to 600 million KRW.

Currently, the Enforcement Decree of the Corporation Act has completed the legislative notice and is awaiting approval from the Financial Services Commission. After passing the Vice-Ministerial Meeting and the Cabinet Meeting, the increase in the total loan limit will be implemented on the revision enforcement date of October 12, along with other changes.

The increase in the total loan limit is intended to provide an appropriate monthly payment relative to the increased eligible housing price, with monthly payments increasing by up to 20%.

The amount of increase varies depending on the applicant’s age and housing price, and if the total loan limit is 500 million KRW or less, the monthly payment will not change.

Korea Housing Finance Corporation logo.

This system change will apply to new applicants from October 12 onward. However, existing subscribers who can receive higher monthly payments due to the increased total loan limit may cancel and re-enroll within six months from the enforcement date.

An HF Corporation official stated, “We expect the number of Housing Pension subscribers to increase due to this system improvement,” and added, “The Corporation will continue to make efforts to support the elderly in securing stable housing and income.”

For more details, consultations are available at the Corporation’s call center or any branch nationwide.

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