Individuals with housing subscription savings accounts can now convert to the comprehensive housing subscription savings account until the end of September 2027, extending the previous deadline by one year. Those who have maintained their accounts for at least two years will be eligible for an interest rate of up to 3.1% immediately upon conversion.
On September 23, the Ministry of Land, Infrastructure and Transport announced that the deadline for converting existing housing subscription accounts to the comprehensive housing subscription savings account has been extended from September 30 of this year to September 30, 2027. The ministry will also recognize the previous account periods when calculating interest rates.
The conversion system allows individuals to switch from housing subscription savings accounts to the comprehensive housing subscription savings account, which has been in effect since October 2024. Previously, housing subscription savings accounts were designated for either public or private housing, but converting to the comprehensive account allows access to both types. The conversion applies to private housing with a floor area of 85 square meters or less.
However, not all previous account performances will be retroactively applied to all housing types. For housing types that were previously eligible for subscription, the existing account period and payment records will be recognized. In contrast, for new housing types that become available through conversion, only the account period and payment records after conversion will be acknowledged.
The comprehensive housing subscription savings account offers interest rates ranging from 2.3% to 3.1%, with the highest rate available for those who have held their accounts for two years or more. Previously, even if individuals had held their old accounts for a long time, they would have to wait an additional two years after conversion to qualify for the highest interest rate.
The Ministry of Land, Infrastructure and Transport plans to revise the 'Notice on Interest Rates and Operations of Comprehensive Housing Subscription Savings' next month to include the previous account periods in the interest rate calculations. As a result, individuals with prior account periods of two years or more will be able to receive the maximum interest rate of 3.1% immediately upon conversion.
Applications for conversion can be made at bank branches where individuals hold their existing housing subscription accounts or through mobile applications. Individuals with housing subscription savings accounts can choose from nine banks that manage the Housing and Urban Fund, including Kyongnam, Kookmin, Industrial, Nonghyup, Busan, Shinhan, Woori, Hana, and iM Bank.
Jang Woo-cheol, director of housing policy at the Ministry of Land, Infrastructure and Transport, stated, “By extending the conversion deadline, we are providing an opportunity for existing housing subscription account holders to switch to the comprehensive housing subscription savings account. We hope that subscribers will take full advantage of the expanded subscription opportunities and interest benefits in line with their future housing subscription plans.”
* This article has been translated by AI.
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