Article 42-2 (Exclusion of Housing-Related Loan Amounts from Property Insurance Premium Assessment Points)

In the proviso to Article 72 (1) of the Act, the "regional insured person to be determined by Presidential Decree" refers to a regional insured person who falls under any of the following subparagraphs. <Amended on Dec. 27, 2022, Nov. 7, 2023> 1. A regional insured person belonging to a household with one house owned by one household, as determined and publicly announced by the Minister of Health and Welfare, who meets all of the following requirements (hereinafter referred to as "one-house-per-household person"). a. The owner (including a spouse or lineal ascendant or descendant who forms the same household as the owner, according to resident registration) obtains a loan, such as a loan secured by a house, from a financial company, etc. under the 「Act on Real Name Financial Transactions and Confidentiality」 (hereinafter referred to as "financial company, etc."), for the purpose of residing in the house owned by the household, as determined and publicly announced by the Minister of Health and Welfare (including a new loan obtained to repay the original loan on the same day as the loan disbursement, by obtaining a new loan secured by the said house to lower the loan interest rate or extend the loan period; hereinafter referred to as "housing mortgage conversion loan" in this Article). This is hereinafter referred to as "housing mortgage loan, etc." in this Article. b. The date on which the household first obtained a housing mortgage loan, etc. (excluding a housing mortgage conversion loan) for the house falls within three months before or after the date of acquiring ownership of the house. 2. A regional insured person belonging to a household without a house owned by one household, as determined and publicly announced by the Minister of Health and Welfare, who meets all of the following requirements (hereinafter referred to as "one-household-no-house person"). a. The tenant (including a spouse or lineal ascendant or descendant who forms the same household as the tenant, according to resident registration) obtains a loan, such as a loan secured by the deposit of the rented house, from a financial company, etc. for the purpose of residing in the rented house, as determined and publicly announced by the Minister of Health and Welfare (including a new loan obtained to repay the original loan on the same day as the loan disbursement, by obtaining a new loan secured by the deposit of the said rented house to lower the loan interest rate or extend the loan period; hereinafter referred to as "deposit mortgage conversion loan" in this Article). This is hereinafter referred to as "deposit mortgage loan, etc." in this Article. b. The date on which the household first obtained a deposit mortgage loan, etc. (excluding a deposit mortgage conversion loan) for the house falls within three months before or after the earlier of the move-in date of the lease agreement under Article 3-2 (2) of the 「Housing Lease Protection Act」 and the resident registration date (for foreigners, the date of residential registration or change notification on the foreigner registration card under the 「Immigration Act」, or the date of domestic residence registration or transfer notification under the 「Act on the Entry and Exit of Overseas Koreans and Status in the Republic of Korea」). However, if a loan is obtained while changing, extending, or renewing a lease agreement, it falls within three months before or after the date of change, extension, or renewal of the lease agreement.

The amount of the loan assessed according to the proviso to Article 72 (1) of the Act shall be the amount according to the following classifications. In this case, if the amount of a housing mortgage conversion loan or a deposit mortgage conversion loan is greater than the amount of the original loan, the loan amount excluding the difference shall be used as the basis for assessment. <Amended on Aug. 31, 2022, Dec. 27, 2022> 1. In the case of a one-house-per-household person: The sum of housing mortgage loan, etc. amounts (excluding amounts repaid), multiplied by the fair market value ratio under Article 109 of the 「Enforcement Decree of the Local Tax Act」. In this case, if the amount is greater than the property tax assessable value of the house, it shall be the property tax assessable value; if the amount exceeds 50 million won, it shall be 50 million won. 2. In the case of a one-household-no-house person: 30 percent of the sum of deposit mortgage loan, etc. amounts (excluding amounts repaid). In this case, if the amount is greater than 30 percent of the deposit, it shall be 30 percent of the deposit.

Matters related to the assessment of loan amounts under the proviso to Article 72 (1) of the Act, other than those prescribed in paragraphs (1) through (4), shall be determined and publicly announced by the Minister of Health and Welfare.