The Housing Subscription Savings Account (주택청약종합저축, jutaek cheongyak jonghap jeochuk) is a savings account you contribute to each month in order to build eligibility to apply for newly built apartments or homes in Korea. If you are hoping to buy a home in Korea, opening one early puts you at an advantage. Foreign residents in Korea can also open this account.

What is housing subscription (청약)?

In Korea, when people want to move into a newly built apartment or home, they do not simply purchase it directly. Instead, they go through a process called cheongyak (청약), which means submitting an application. When more applicants want a unit than there are units available, successful buyers are selected either by lottery or by a points-based scoring system. You must hold a Housing Subscription Savings Account to be eligible to apply, and the longer you have held the account and the more payments you have made, the higher your score.

Why open this account?

  • This account is required if you want to apply (cheongyak) for a newly built apartment.
  • The longer you hold the account, the higher the points used to select buyers, so opening the account early is to your benefit.
  • You can deposit freely between 20,000 won and 500,000 won per month, so the financial burden is flexible. However, for the purpose of calculating eligibility points for public housing (국민주택) and income tax deductions, only up to 250,000 won per month is counted (this cap was raised in November 2024).
  • If you are a wage earner with a total annual salary of 70 million won or less, without a home, and are the head of household (and from 2025 onward, also a spouse of such a person), you may deduct 40% of your annual contributions from your taxable income. The annual deduction ceiling rose from 2.4 million won to 3 million won starting in 2024, meaning a maximum deduction of 1.2 million won per year. Foreign workers residing in Korea who meet the same conditions may also qualify for this deduction.

Eligibility: Can foreigners join?

Korean nationals (including minors and overseas Koreans residing in Korea) and foreign residents may open this account.

In practice, foreigners who have registered with the immigration office with the intent to stay 90 days or longer, as well as overseas Koreans with foreign nationality, may open a Housing Subscription Savings Account.

  • Across all financial institutions combined, each person may hold only one account from among the following products: Housing Subscription Savings Account, Subscription Deposit (청약예금), Subscription Installment (청약부금), and Subscription Savings (청약저축).

Which types of housing can foreigners apply for?

Holding the account does not mean you can apply for every type of housing.

Housing TypeAvailable to Foreigners?
Private housing (apartments built by private developers)Yes
Public housing (분양 units from LH, SH, etc.)Effectively no (requires meeting “houseless household member” criteria)
Public rental housing (5-year, 10-year lease, etc.)No

Foreigners cannot apply for public sale housing or long-term public rental housing that falls under the category of “national housing (국민주택)” as defined by the Housing Act.

Your application priority also varies depending on the area.

  • In speculative overheating districts (투기과열지구) and subscription overheating districts (청약과열지구), foreigners are not recognized as a household head or household member under the Resident Registration Act, so they may only apply as second-priority (2순위) applicants.
  • In non-regulated areas, foreigners may apply as first-priority (1순위) applicants for general private housing.

Which banks offer this account?

You can open the account by visiting a branch of any of the following nine banks in person:

KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH NongHyup Bank, IBK Industrial Bank of Korea, DGB Daegu Bank, Busan Bank, and Kyongnam Bank.

Before visiting a branch, it is a good idea to call ahead and confirm exactly which documents you will need to bring, so you do not make a wasted trip.

Documents required to open an account

Required

  • Alien Registration Card (외국인등록증)

Additional documents that may be requested (requirements vary by bank)

The following are accepted as identity verification: Korean Resident Registration Card (including overseas Koreans), Korean driver’s license, Domestic Residence Report Card (국내거소신고증) for overseas Koreans with foreign nationality, and Alien Registration Card.

It is helpful to also have the following ready:

  • Home-country national ID or driver’s license
  • A utility bill (water, electricity, gas, etc.) showing your name and address
  • Domestic Residence Report Card issued by KIS (for overseas Koreans with foreign nationality)
  • Certificate of employment issued by your employer within the past one month
  • Your home-country address and your Korean address
  • Passport, Korean driver’s license

How to make payments

  • You may deposit freely between 20,000 won and 500,000 won per month (only up to 250,000 won per month counts toward public housing eligibility points and income tax deductions).
  • If your account balance is below 15 million won, you may also make a lump-sum deposit of up to 15 million won.
  • Since foreigners cannot apply for public housing (국민주택) and similar housing, if you are preparing to apply for private housing, it is advantageous to keep the account for a long time.
  • Interest rates range from 2.3% to 3.1% per year depending on how long the account has been held (as of September 2024; subject to change).

Figures, deadlines, and eligibility conditions may change over time. Before opening an account, please confirm the latest information with the Immigration Contact Center (1345) or your local Korea Immigration Service (KIS) office.