[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Andong City, Gyeongsangbuk-do announced that starting from the 1st, it will implement a newlywed couple rental deposit interest support project that supplements loan interest by up to 3% annually. Gyeongbuk Province will oversee the project, and NongHyup Bank and Daegu Bank will be responsible for loan implementation.
The applicants must be residents registered in the province without home ownership, newlywed couples within 7 years from the marriage registration date, or prospective newlyweds planning to marry within 3 months from the date of recommendation letter application. The income criterion requires a combined annual income of the couple to be 90 million KRW or less.
Eligible applicants will receive differential support for loan interest on rental deposits up to 200 million KRW, with a maximum annual interest support of 3% depending on income brackets. The basic support period is 2 years, but it can be extended up to a maximum of 4 years (two extensions of 2 years each) depending on the number of children. The target housing must be registered as a residence in the building register, and unauthorized buildings are excluded from support.
Applicants can apply through the Gyeongsangbuk-do Housing Welfare System, after which the city or county will verify and issue a recommendation letter from the mayor or county governor. With the issued recommendation letter, applicants can apply for a loan at financial institutions (NongHyup Bank or Daegu Bank).
An official from Andong City emphasized, "We have secured a project budget of 252 million KRW (50% provincial funds, 50% city funds) and will play a dedicated role in alleviating the high housing cost burden relative to the income of newlywed couples."
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