The official assessed price of homes whose owners are allowed to subscribe to a new housing pension, effective on Oct. 12, will rise from the current 900 million won or less to 1.2 billion won or less.
The cap on total loans will be raised from 500 million won to 600 million won.
As a result, new housing pensioners will see their monthly payout surge by a maximum of 20 percent.
If owners of homes whose official assessed price stand at less than 200 million won subscribe to a housing pension, Korea Housing Finance Corp. (HF) will shoulder an appraisal report fee instead of the owners.
A summary of housing pensions and subscription procedures.
HF said on Oct. 10 that the official assessed price of homes whose owners are allowed to subscribe to a new housing pension will increase from the current 900 million won or less to 1.2 billion won or less.
As a result, 1.2 billion won the in official assessed price may be translated into about 1.7 billion won in current prices, so new housing pensioners are predicted to rise due to the expansion of coverage.
The cap on a total loan will rise from the current 500 million won to 600 million won. New housing pensioners will see their monthly payout rise by a maximum of 20 percent. Growth rate varies according to the age of housing pension subscribers and housing prices.
For instance, if an owner, aged at 65, of a home whose current price stands at 1 billion won subscribes to a housing pension, he or she will see his or her monthly payout remain unchanged to 2.46 million won since the tap of total loan amounts to 471 million won, below the cap of 500 million won.
If another person of a house whose current price stands at 1.2 billion won, he or she will see the monthly payout rise from the current 2.61 million won to 2.95 million won, effective from Oct. 12, according to the step.
Effective on Oct. 12, HF will shoulder an appraisal report fee instead of new housing pensioners who own one house whose current price stands at 200 million won or less.
Currently, new housing pensioners of houses whose appraisal price stands at 180 million won have to pay 389,000 won for an appraisal report fee. Preferential-type housing pensioners are currently exempted from fee.
An HF official said, “The overhaul will likely increase new subscribers, and the expansion of supporting appraise report fees is expected to ease new pensioners’ subscription burden.”
HF Releases ‘Green Bogeumjari Loan’
Korea Housing Finance Corp. has overhauled the Special Bogeumjari Loan, taking the lion’s share of house-mortgaged loans ahead of the Chuseok holiday.
HF released “Green Bogeumjari Loan,” lowering the interest rate on loans collateralizing houses with green architecture certificates, but the corporation suspended general-type “Special Bogeumjari Loan,” targeting premium houses worth more than 600 million won.
Korea Housing Finance Corp. released “Green Bogeumjari Loan,” lowering the interest rate on loans collateralizing houses with green architecture certificates.
HF said on Sept. 27 the corporation released “Green Bogeumjari Loan,” designed to offer preferential interest rate and ease repayment burden to houses built with green architecture certificates.
Beneficiaries of Green Bogeumjari Loan on collateral of houses built with second-class or higher green architecture certificates are entitled to a 0.1 percentage point preferential interest rate and choose a maturity of a maximum of 40 years.
Green architecture certificates have been issued to structures contributing to energy preservation and reducing environmental pollutants by 10 institutions, including Korea Real Estate Board and CreBiz Co.
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