Starting March Next Year, Spouse's Subscription Savings Account Periods Will Be Combined... "Up to 3 Points Bonus"

Starting from March next year, when applying for private housing subscription, the subscription savings account period of a spouse can be combined to receive up to 3 additional points. The recognized subscription savings account period for minors will also be extended to 5 years.

View of downtown apartments from Namsan, Seoul / Photo by Yonhap News

The Ministry of Land, Infrastructure and Transport announced on the 19th that the amendment to the "Housing Supply Regulations" containing these details will be implemented sequentially from next year. This is a follow-up measure to the "Second Half Economic Policy Direction" announced in July.

First, from March 25 next year, in the private housing general supply point system, 50% of the spouse's subscription savings account period (up to 3 points) will be recognized when calculating the subscription savings account period score. The maximum combined score remains 17 points as before.

For example, if the applicant's subscription savings account period is 5 years (7 points) and the spouse's is 4 years (6 points), the total score when applying will be 10 points. This is the result of adding the spouse's subscription period (2 years recognized, 3 points). A Ministry of Land official said, "From around March next year, overlapping subscription by couples will be possible, making it advantageous for both spouses to hold accounts."

The measure to give preference to long-term subscribers in case of a tie in the point system will also be implemented from March 25 next year. Currently, if there is a tie, the winner is selected by lottery.

The recognized subscription savings account period for minors will be expanded from the current 2 years to 5 years. The recognized total amount will increase from 2.4 million KRW to 6 million KRW. Therefore, if minors join the subscription savings account early, they will have the opportunity to secure housing earlier than before.

The expansion of the recognized subscription period for minors will be implemented from January 1 next year. However, subscription applications reflecting the expanded period can be made from July 1 next year.

Jin Hyun-hwan, Director of the Housing and Land Office at the Ministry of Land, said, "We expect this subscription savings account system improvement to act as an incentive for continuous holding and new subscriptions, making the subscription savings account an essential tool for securing one’s own home."