The Ministry of Land, Infrastructure and Transport said Tuesday the age limit for preferential savings accounts designed to help Koreans purchase houses will be expanded from the current 29 to 34. The minimum age for qualification remains the same at 19.
The ministry said the expanded age limit will take effect in 2019, after a legal procedure for the revision is completed.
Finance Minister Kim Dong-yeon (center) announces the tax code revision at the Sejong Government Complex on Thursday. (Yonhap)
A housing subscription savings account enables an adult to apply for both national and private apartments after making deposits for a given period with an interest of a maximum of 3.3 percent during 10 years. After 10 years the rate goes down to 1.8 percent.
There is also a tax exemption on interest earnings for workers who earn less than 30 million won ($26,850) annually.
By Chyung Eun-ju (email@example.com