Ministry of Land, Infrastructure and Transport Implements Special Supply for Newborns... Couples Can Combine Subscription Account Periods

Improving Subscription System to Overcome Low Birthrate

The government will implement a special and priority supply system for newborns in public sale housing (New Home) targeting households with children born within the last two years. Additionally, when calculating apartment subscription points, the spouse's subscription savings account holding period will be combined to grant up to 3 additional points.

[Image source=Yonhap News]

The Ministry of Land, Infrastructure and Transport announced that it will enforce amendments to the 'Housing Supply Regulations' and the 'Public Housing Special Act Enforcement Rules' starting from the 25th, based on these details.

The special and priority supply for newborns, announced for legislative notice last year, targets households with children born (including pregnancy and adoption) within two years as of the date of the resident recruitment announcement.

The eligibility for the newborn special and priority supply subscription is regardless of marital status, and the supply volume is 30,000 units for New Home, 10,000 units for private sale, and 30,000 units for public rental housing, totaling 70,000 units annually.

If selected in the newborn special and priority supply subscription, the government will also support the special newborn Didimdol loan at the time of move-in. The implementation timing and other details will be determined through consultations with related agencies.

In addition, income and asset requirements for public sale and rental housing for childbirth households will be relaxed. For children born after March 28 of last year, income and asset requirements will be increased by up to 20%.

To resolve disadvantages in housing subscription due to marriage, the spouse's subscription savings account period will be combined, and the criteria for special supply for multiple children will also be relaxed.

In this case, when applying for private housing, up to 50% (maximum 3 points) of the spouse's account period can be combined. For example, if the applicant has held a subscription savings account for 5 years (7 points) and the spouse for 4 years (6 points), 50% of the spouse's points will be added, recognizing a total of 10 points.

The criteria for children in the special supply for multiple children in private and public housing will also be relaxed from the existing 3 or more children to 2 or more children.

Overlapping subscriptions by couples will also be allowed. Even if both spouses apply and are selected for overlapping apartments, the subscription winning for the apartment applied for first will be maintained. Previously, this was treated as disqualification, but this will be eased.

Also, in the case of special supply for first-time homebuyers, newlyweds, and newborns, even if the spouse has a history of subscription winning or owns a house, the applicant themselves will be allowed to apply.

For special supply of public housing, the combined annual income standard for dual-income couples is expected to increase from about 120 million KRW to 160 million KRW.