2024-03-03 15:52:58
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As predictions of a decline in house prices continue to emerge, the scale of housing pension guarantee supply this year is expected to hit an all-time high.
Housing pension is a system in which people aged 55 or older use their homes as collateral and then receive funds for retirement living every month. As the size of the guarantee supply increases, the number of users can be seen to increase correspondingly.
According to the work plan of the Korea Housing Finance Corporation (KOFIC) on the 2nd, this year’s housing pension guarantee supply target amounts to 25.49 trillion won. This is the largest amount in history, exceeding the performance in 2022 when the largest amount of housing pension was supplied.
The reason why the foundry raised its target for supply of home pension guarantees this year was based on the analysis that demand for home pension subscriptions will increase as the real estate market recession prolongs.
Typically, when house prices fall, demand for housing pensions increases. The higher the house price at the time of subscription, the higher the monthly payment, so there is a strong tendency to hurry and sign up for a pension before house prices fall further.
For example, in 2020 and 2021, when house prices rose, the number of housing pension subscriptions was 10,172 and 10,805, respectively. In contrast, the number of subscribers increased to 14,580 in 2022, when housing prices began to fall. Last year, when the real estate market recession continued, the number of housing pension subscriptions reached 14,885, the highest ever.
In particular, it is predicted that the effect of expanding the housing pension subscription requirements from the publicly announced price of KRW 900 million to owners of homes worth KRW 1.2 billion (market price of KRW 1.7 billion) or less will begin to take effect starting this year. In addition, the foundry increased the total loan limit from 500 million won to 600 million won, thereby increasing the pension amount.
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From October 12 of last year, when the actual subscription target and total loan limit were changed, to the end of November, there were 2,364 new subscriptions to the housing pension. There were 299 subscriptions by owners of homes worth more than KRW 1.2 billion based on the market price of mortgaged housing at the time of subscription, accounting for 12.6% of the total.
This is a six-fold increase compared to only 51 (2.0%) of the 2,525 new housing pension subscribers in the same period in 2022 who had houses exceeding 1.2 billion won.
Meanwhile, as of the end of November last year, the average housing price of all housing pension subscribers was 378 million won, the average age was 72.1 years, and the average monthly payment was 1.206 million won.
Starting from the end of this year, the housing pension income deduction will be expanded to 1.2 billion won.
Starting at the end of this year, the housing pension income deduction standard will be expanded from homes worth 900 million won or less to 1.2 billion won or less.
Recently, the Ministry of Strategy and Finance announced amendments to the ‘2023 Tax Law Amendment Follow-up Enforcement Decree Amendment Bill’ including this content.
The housing pension income deduction is a system that deducts a portion of interest expenses incurred during the relevant tax period from the amount of pension income when a person with pension income receives a housing pension.
The Ministry of Strategy and Finance first revised the Enforcement Decree of the Income Tax Act and eased the income deduction requirements for the equivalent amount of housing pension interest. In order to strengthen retirement housing stability, the application period for income deduction has been brought forward to January of this year.
As a result, residents with pension income who receive a housing pension will be able to receive a deduction for the equivalent amount of interest expenses incurred during the tax period if they file year-end tax settlement or a final report on the comprehensive income tax base after January of this year.
Previously, interest expenses were deducted only for homes with a base price of 900 million won or less, but this will be expanded to 1.2 billion won or less in the future, reducing the burden of interest expenses incurred when receiving a housing pension. The annual limit is 2 million won.
Questions about housing pension summarized in Q&A
▲Can I subscribe to housing pension even if I move?
“There are quite a few people around me who think, ‘I can’t even move properly’ once I sign up for housing pension. But this is incorrect information. You can continue to receive pension by changing your mortgage to the house you will be moving to in the future. However, an additional pension adjustment and initial guarantee fee (subscription fee) may be added, such as increasing or decreasing the pension by comparing the difference between the price of the existing home and the mortgage price of the new home at the time of moving.”
▲Tax issues related to home ownership
“Although housing pension provides collateral for the house, ownership of the house remains with the subscriber. Therefore, the subscriber must pay taxes on the house, including property tax.”
▲Do I have to pay off all mortgage loans before signing up for a housing pension?
“You can repay the senior mortgage loan in full and sign up for it through a lump-sum withdrawal from the housing pension. In the case of loan repayment, up to 90% of the loan limit is withdrawn in a lump sum. If the existing lending financial institution and the housing pension handling financial institution are the same, the early repayment fee is exempted. However, this is only possible if it is treated as a mixture of whole life, loan repayment, and fixed period.”
▲If I subscribe to a housing pension and have a lump sum, can I repay it?
“You can repay part or all of the loan balance at any time during the period of use. In the case of individual withdrawal repayment, the withdrawal limit can be restored only once by changing the conditions.”
▲Is housing pension also subject to seizure?
“The right to receive housing pension cannot be seized, but once the pension is deposited into the account, it is converted into a deposit bond and can in fact be seized. However, only the amount below the minimum cost of living (KRW 1.85 million) under the Civil Execution Act is deposited into the account exclusively for seizure prevention every month, making it virtually impossible to touch the amount deposited in the account.”
▲Are houses scheduled for redevelopment and reconstruction also eligible?
“Depending on the progress of the project, we determine whether or not it is possible to subscribe to the housing pension. You can sign up before receiving management and disposal plan approval from the local government. However, since demolition of houses takes place after approval is received, it is virtually impossible to join. In addition, even if redevelopment or reconstruction takes place while using the housing pension, it can be maintained.”
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