KB News Desk
The government is looking into “marriage penalties” in housing financing, and will roll out measures to address the issue, President Lee Jae Myung said Thursday.
Speaking at Thursday’s real estate policy forum, Lee said that he is aware of the issue and has instructed the Prime Minister’s Office to conduct a comprehensive investigation to ensure that married couples would not face disadvantages in purchasing or renting homes or in applying for housing subscriptions.
“Regarding the issue of ‘marriage penalty,’ I have already asked the Prime Minister’s Office to carry out a thorough investigation covering loans, house sales and housing subscriptions,” Lee said.
The “marriage penalty” refers to situations where registering a marriage results in the loss of benefits or exclusion from housing, loan or tax benefits.
Such cases arise when a couple’s combined income and assets exceed eligibility limits set for newlyweds. In some cases, the financial limits that allow newlyweds to apply for housing or loans are lower than the combined limits available to two unmarried individuals.
The marriage penalty issue has often been cited as a reason for some newlyweds to delay or not register their marriages and retain existing benefits.
“Marriage should be encouraged through incentives, but some regulations appear to be designed to put married couples at a disadvantage,” Lee said.
He added that the government will thoroughly go over the issue and eliminate any disadvantages associated with marriage registration in real estate.
