For Home Pension subscribers, the minimum cost of living protected from seizure

- Split payment feature introduced to secure the minimum cost of living for subscribers with a monthly payment of KRW 1.85M or more    

- At 13 commercial banks, subscribers can apply for the ‘Home Pension Safeguard Passbook’ that prevents the minimum cost of living from seizure  

Of the total monthly Home Pension payment, the minimum cost of living (KRW 1.85 million) will be protected from seizure going forward. 

Korea Housing Finance Corporation (HF, CEO Choi Joon Woo) announced on January 20, 2022, that as part of its effort for stronger Home Pension payment protection, HF will expand the seizure-prevention ‘Home Pension Safeguard Passbook’ to all Home Pension subscribers starting from the 21st.

Until now, the passbook has been available only to Home Pension subscribers with a monthly payment of KRW 1.85 million or less. HF has come up with a new payment feature called “split payment” after continued collaboration with financial institutions, now offering the passbook to all Home Pension subscribers regardless of the amount of their monthly payment. 

With the split payment feature, Home Pension subscribers with a monthly payment of KRW 1.85 million or more can now register both one Home Pension Safeguard Passbook account and an ordinary bank account as their monthly payment account so that ▲ KRW 1.85 million of their monthly payment is transferred into the seizure-prevention passbook and ▲ the remaining amount is transferred into their ordinary bank account. 

Starting from the 21st, those who wish to apply for the Home Pension Safeguard Passbook can visit an HF branch nearby, obtain a Letter of Eligibility for the Home Pension Safeguard Passbook, and submit it to a branch store of commercial banks that offer the passbook*. 

  *(13 commercial banks) KB Kookmin, IBK, NH Bank, Shinhan Bank, Woori Bank, KEB Hana Bank, Kyongnam Bank, Kwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, Suhyup Bank, and regional Nonghyup and Chukhyup banks