JTYK Offers up to 20% More Monthly Payments to Its Preferential Payment Type Subscribers

The increase applies to new applicants from December 2

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) said on the 25th that new JooTaekYeonKeum (JTYK) subscribers applying for the Preferential Payment Type* from December 2, 2019, will receive 20% more monthly payments than ordinary JTYK subscribers. This increase came after the government announced a policy of facilitating private pension programs to assist people in building asset for their retirement years (the Nov. 3rd Cabinet Meeting on Economic Stimulus Measures**).

 * Preferential Payment-Type JTYK offers preferential terms on monthly payments for senior Basic Livelihood Security recipients with a single home valued at KRW150 million or less.

** Measures for Increased JTYK Monthly Payments to Vulnerable Aged Groups, announced during presentation “Impact of, and Response to, Demographic Changes” made at the 26th Cabinet Meeting (including the Financial Services Commission) on Economic Stimulus Measures held on November 13, 2019   

Until now, JTYK subscribers on the Preferential Payment Type had received up to 13% larger monthly payments than those offered to their counterparts on other types. With HF’s November 25th decision, these subscribers will receive a maximum of 20% larger monthly payments. 

An HF officer said, “We hope that this upward adjustment in monthly payments to Preferential Payment Type subscribers will be able to deliver greater financial stability to senior Basic Livelihood Security Recipients with a single home valued at KRW 150 million or less. We will continue to improve our JTYK scheme in the future.