To prepare for retirement, many people are considering a housing pension as a preparation for old age. Today, we will look at how to calculate and apply for a housing annuity receipt, as well as the pros and cons.
What is a home pension?
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What is a home pension?
Advantages and disadvantages of housing annuity
Inquiry and calculation of the amount of housing annuity
Housing Pension Application Conditions
How to apply for a housing pension
The housing pension is a pension system in which a certain amount of money is received every month by the Housing Finance Corporation as collateral for homeowners 55 years of age or older who own a house. In other words, it is a system in which the elderly who own a house but lack income receive a pension guaranteed by the government with their house as collateral so that they can lead a stable life in old age. 주택연금 수령액 조회
Advantages and disadvantages of housing annuity
<Advantages of housing pension> 좋은뉴스
The biggest advantage of a home pension is that it is useful for older people who own a house but have low cash income. There is no risk of annuity payments until death, and lifetime residency is guaranteed for both you and your spouse.
In addition, even if one of the spouses dies, the pension is paid for life without a reduction in the pension. Even if the pension received after the death of both spouses exceeds the house price, the heir will not be charged the excess, and inheritance is possible if there is a difference.
<Disadvantages of housing pension>
As for the shortcomings of the housing annuity, it does not reflect fluctuations in inflation rates other than house prices. Because of this, the house price rises, but the amount received is the same, so it is a loss. In addition, if the housing pension is canceled prematurely, a guarantee fee of 1.5% must be paid in one lump sum.
In case of early termination, the pension amount and interest must be returned at the same time, and re-enrollment is not possible for 3 years. Since the house price at the time of subscription is the standard amount, the pension amount changes depending on the time of joining the housing pension.
They cannot move their homes at will, and they cannot be away from home for more than a year, except for reasons such as medical treatment and raising children. Therefore, you should think carefully when purchasing a home pension.
Inquiry and calculation of the amount of housing annuity
Inquiry on the amount of housing annuity
1. After accessing the homepage of the Korea Housing Finance Corporation, click ‘Housing Pension’ and then ‘Estimated Pension Inquiry’.
Calculation of the amount of your housing annuity
2. Enter the homeowner’s date of birth, spouse’s date of birth, house classification, housing price, payment method, monthly payment type, monthly payment payment period, and sunrise limit setting amount and click Search.
Housing Pension Application Conditions
① One of the married couples is 55 years of age or older
② One of the couple is a Korean citizen
③ Owners of houses with an official price of 900 million won or less based on a married couple
④ Even for multi-family dwellers, if the combined price is less than KRW 900 million
⑤ If the public price, etc. exceeds KRW 900 million, the owner of two houses can dispose of one house within three years.
*The published price, etc. is the price to determine whether you can subscribe to the housing pension, and the actual monthly payment is calculated according to the market price or appraisal of the mortgaged house.
Since there is no income limit, the conditions to apply are not as difficult as you might think. You just need to meet the age, wealth and nationality requirements. In order to join the housing pension, you must pay a guarantee fee and annuity fee at the beginning.
*Subscription fee
You pay 1.5% of your home’s price (1.0% for a loan repayment method) on the first annuity payment, called the initial deposit.
*Annuity fee
A monthly payment of 0.75% of the guaranteed balance (1.0% in the case of loan repayment) is paid monthly.
*Guarantee fee
The guarantee fee is added to the total amount of annuity payment (loan balance) as the handling financial institution pays the corporation at the member’s expense. Therefore, the subscriber does not have to pay in cash directly.
How to apply for a housing pension
There are two types of application for housing pension: in-person application and online application.
① Application for on-site visit to the housing pension
If you apply on-site, you can visit the branch having jurisdiction over the location of your home. You can check the branch having jurisdiction over your address on the Korea Housing Finance Corporation website. All you have to do is find the appropriate headquarters and branch offices.
②Housing pension online application
How to apply for a housing pension
If you are applying for a housing pension through the Internet, you can use the website of the Korea Housing Finance Corporation.
Housing pension application
Access to Korea Housing Finance Corporation → Housing Pension → Apply online
These are the procedures for logging in to the joint certificate, agreeing to personal information, confirming the explanations, writing the subscription application, submitting the application details and confirmation, conducting an on-site investigation, etc., setting the guarantee agreement and mortgage, notifying the issuance of the guarantee and visiting the bank.
Today, I learned step by step what is a housing annuity, the pros and cons of a housing annuity, how to join a housing annuity, and how to calculate the housing annuity. If you are preparing for retirement, we recommend that you consider it at least once! If the information was useful, please like and comment