Apply for Housing Pension now at MLTM official prices even if online price information is unavailable

-  Informal valuation also allowed for apartments  -

Starting next year, those living in single-family houses or multiplex houses do not need to undergo separate valuation on housing prices when subscribing to the Housing Pension. This cuts down the financial burden of valuation costs that new pensioners were required to pay if they resided in single-family or multiplex houses.

On November 30, the Korea Housing Finance Corporation (KHFC) announced in advance the introduction of revised rules, such as adding the Ministry of Land, Transport and Maritime Affairs (MLTM) official housing prices to housing valuation methods upon subscription to the Housing Pension. After receiving feedback on the revision, KHFC will enter the revised regulations into effect starting next year.

So far, those wishing to subscribe to the Housing Pension had to use official prices from the Korea Appraisal Board (KAB) or Kookmin Bank to valuate their houses. When such price information was not available, they were required to undergo formal valuation by KAB.

“Now, one can apply for the Housing Pension with MLTM official housing prices, and in the case of apartments, informal valuation will also be allowed,” explained one KHFC official. “If customers want, however, individual valuation prices from KAB may be applied on a preferential basis. This is how informal valuation for apartments is being allowed.” The official went on to say, “For those subscribing to the Housing Pension with single-family houses, multiplex houses or other housing without the availability of official price information, this will not just reduce valuation costs that they had to bear in cash but also help shorten their deliberation and processing periods.”