Conversion from Housing Subscription Deposit and Installment Savings to Comprehensive Housing Subscription Savings Extended by One Year Until September Next Year [Real Estate A to Z]

Previous Subscription Period Now Recognized for Maximum Interest Rate

The Ministry of Land, Infrastructure and Transport announced on September 23 that it will extend the conversion deadline for legacy subscription savings accounts to the Comprehensive Housing Subscription Savings Account by one year, from the original deadline of September 30 this year to September 30 next year.

The subscription savings account conversion system allows subscribers to convert their specialized housing subscription accounts—such as housing subscription savings, installment savings, or deposit accounts—that were previously eligible only for certain types of housing, into a Comprehensive Housing Subscription Savings Account, which covers both National Housing and private-sector housing. This system, implemented in October 2024, was originally scheduled to end this month. Housing subscription deposit and installment savings accounts are eligible for private-sector homes (installment savings accounts are limited to homes up to 85㎡), while the housing subscription savings account is only eligible for National Housing.

After converting to the Comprehensive Housing Subscription Savings Account, subscribers can apply not only for the types of housing previously allowed under their original account, but also for both National Housing and private-sector homes. For the housing types that were already eligible through the former account, the original subscription period and deposit record will continue to be recognized. For housing types newly available through the conversion, only the subscription period and deposit record accrued after the conversion will be counted.

An annual interest rate of 2.3% to 3.1% will be applied, depending on the subscription period. The highest rate of 3.1% is available to those with a subscription period of two years or more. Previously, converted subscribers were subject to an interest rate based on the period from the date of conversion, not their original account, and thus received the highest interest rate only after two years. Going forward, the benefits will be expanded so that the prior subscription period is recognized, allowing subscribers to receive the highest rate immediately upon conversion.

Subscribers wishing to convert can apply at the branch of the bank where they hold their original subscription account, or through the mobile application. Subscribers of the deposit and installment savings accounts can choose to convert at their original bank or select from any of the nine trustee banks of the Housing and Urban Fund (Gyeongnam, KB Kookmin, IBK, NongHyup, Busan, Shinhan, Woori, Hana, and iM Bank).

Jang Woochul, Director of Housing Policy at the Ministry of Land, Infrastructure and Transport, commented, "We will actively guide subscribers so that they are fully informed about the expanded subscription opportunities and enhanced interest rates, and can make the most of them according to their future housing plans."

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