Deadline to convert housing subscription accounts extended to Sept. 2027

The deadline for holders of older apartment subscription products — including subscription deposits, installment savings and basic savings accounts — to convert to the integrated housing subscription account has been extended by one year, from Sept. 30 to Sept. 30 next year.

The Ministry of Land, Infrastructure and Transport announced Wednesday that it was extending the deadline to give existing account holders more time to switch to the integrated housing subscription account, widely known as a "universal account" for its broader eligibility.

Unlike the older products, which allow applicants to subscribe only for specific types of housing, the integrated housing subscription account can be used to apply for both public and private housing. The ministry has operated the conversion system since October 2024.

Holders who convert retain full credit for their existing subscription period and payment history for the housing types their original account covered. For housing types newly made accessible through conversion, the subscription period and payment record will be counted from the date of conversion onward.

Converting also brings an interest rate benefit. The integrated account carries an annual rate of 2.3 to 3.1 percent depending on the length of membership, with the top rate of 3.1 percent available to those who have held the account for two or more years. Under a revision to the official notice on interest rates and operations for the integrated housing subscription account set to take effect in October, converted account holders will have their prior membership period recognized, allowing them to qualify for the top rate immediately upon conversion — a change from the previous arrangement.

Conversions can be made at branch offices of the bank where the original account was held, or through mobile banking apps. Holders of subscription deposit and installment savings accounts may also convert through any of the banks designated as trustees of the Korea Housing and Urban Guarantee Fund, including Kookmin, Shinhan, Woori, Hana, IBK, Nonghyup, Busan and IM Bank.

Jang Woo-cheol, the ministry's housing policy director, said the ministry would actively inform account holders so they could fully understand the expanded subscription opportunities and interest rate benefits and make use of them in line with their housing plans.