South Korea extends housing subscription account conversion deadline

South Korea’s Ministry of Land, Infrastructure and Transport has announced a one-year extension for converting existing housing subscription accounts—such as subscription savings, deposits, and installments—into the ‘Housing Subscription Comprehensive Savings’ account. The deadline for this conversion has been moved from September 30, 2024, to September 30, 2025.

The comprehensive savings account is considered a versatile option as it allows subscribers to apply for both public and private housing. Under the improved system, the previous subscription period will be fully recognized upon conversion. This allows long-term holders to immediately access the maximum preferential interest rate of 3.1% per annum, rather than having to wait two years for the new account to qualify for the top rate.

Subscribers can apply through their existing banks or via mobile banking apps. Those holding subscription deposits or installments can also choose from nine designated housing urban fund trustee banks, including KB Kookmin, Shinhan, Woori, Hana, IBK, NH Nonghyup, Busan, and IM Bank, enhancing consumer convenience.