Stop Tears Over 'Ineligibility' After Winning Subscription... Subscription Home Revamp

Strengthening the Eligibility Verification System for Subscription Applications

The subscription qualification verification system will be strengthened to minimize the occurrence of disqualified winners during real estate subscription applications, such as for apartments.

The Korea Real Estate Board announced on the 30th that it will revamp the Subscription Home website for easier and more convenient subscription service use, and will provide new services starting from Friday, July 1.

The revision plan includes UI improvements for enhanced user convenience and strengthened subscription qualification verification procedures.

The Real Estate Board has reinforced the subscription qualification verification process at the time of application to minimize the occurrence of disqualified winners. The types of disqualified winners that occurred in the past year include ▲ errors in calculating the period of being without a home, ▲ errors in selecting the applicable and other regions, ▲ failure to meet the head of household qualification requirements within regulated areas, ▲ duplicate subscription applications among household members, and ▲ errors in the period of caring for elderly parents when applying for special supply for elderly parent support.

According to the Ministry of Land, Infrastructure and Transport, the average annual rate of disqualified winners over five years from 2017 to 2021 reached 14.9%. If disqualified, subscription applications are restricted for up to one year. Losing a winning opportunity, which was obtained by overcoming competition rates of up to hundreds to one, not only wastes the chance but also disrupts plans to secure a home. To avoid losing valuable opportunities due to momentary mistakes, thorough verification before subscription is necessary.

Son Tae-rak, President of the Korea Real Estate Board, said, "Through this website revamp, we hope to improve user convenience and minimize public damage caused by disqualified subscriptions," and added, "We will continue to improve the Subscription Home system to provide practical assistance during the housing subscription process."