JooTaekYeonKeum(JTYK) is a program for senior citizens who own homes but do not have cash income to receive monthly pensions in their golden years by putting up their houses as collateral.
|Lifetime residence and lifetime payment||Both the borrower and his/her spouse can keep their home and have a pension through the rest of their lives|
|Government guarantee||Since the government guarantees JTYK. there is no risk of discontinuance of the pension|
|Low interest rate||The interest rate on JTYK is lower than that on a regular mortgage loan. Avariable rate is applied(3-month CD rate + 1.1%)|
|low initial cost||The registration tax, education tax, farming and fishing villages special tax and the obligatory purchase of National Housing Bonds are exempted.|
|Tax incentives||In any tax year, 25% df the property tax is reduced But if the value of the house exceeds KRW 500 million, the tax credit is limited to 25% fo property tax based on KRW 500 million.|
※ For instance, a 63-year-old homeowner with a 58-year-old spouse is not eligible.
House price appraisal
House price appraisal method
Cases not eligible for the JooTaekYeonKeum (JTYK) program
How to join the JTYK program when there exists any mortgage, entitlement to jeonse (returnable lump-sum rental deposit), or a lease agreement