Iksan City Supports Vulnerable Youth in Creating 'Bogumjari' Homes

Loan Guarantee up to 100 Million KRW · 3% Interest Rate

[Asia Economy Honam Reporting Headquarters Reporter Hong Jaehee] Iksan City, Jeonbuk, is promoting a project to help young people establish stable housing by supporting loan interest on housing lease deposits.

According to the city on the 2nd, starting next year, it will implement the "Youth Housing Lease Deposit Loan Interest Support Project" to reduce the housing cost burden on young people.

The city will support 3% interest on loans up to a maximum of 100 million KRW for young people taking out loans to secure housing from next year to create stable living conditions for economically vulnerable youth.

The support targets young people aged 18 to 39 without housing, residing in the Iksan area, including university (graduate) students, job seekers, and employees. However, it is provided to those who meet the annual income criteria and wish to take out a lease deposit loan for housing, with about 200 households expected to be supported annually.

The loan limit is within 90% of the housing lease deposit, up to a maximum of 100 million KRW, applicable to houses or residential officetels with a dedicated area of 85㎡ or less and a lease deposit of 300 million KRW or less within the region. The loan period is 2 years and can be extended up to 6 years twice.

The city plans to officially implement the project from next year after consulting with the Ministry of Health and Welfare on establishing a social security system, signing business agreements with financial institutions and related organizations, and securing the budget.

Mayor Jeong Heon-yul said, "We expect this project to prevent the outflow of young people by improving their self-reliance and living conditions," adding, "We will thoroughly prepare to ensure the project is carried out smoothly to create an environment where young people can settle in the region with peace of mind."