Chungnam Supports Housing Deposit Loan Interest for Youth Housing Stability

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province will support the interest on jeonse and monthly rent deposit loans for local youth starting next month to help stabilize their housing.

The province announced on the 2nd that it will provide up to KRW 50 million in loans this year and support up to KRW 1.5 million per youth annually in loan interest (3% within the loan limit) per individual within the loan limit.

This project has been implemented annually based on an agreement signed in 2019 with the Korea Housing Finance Corporation and NongHyup Bank Chungnam Sales Headquarters.

The support targets youth aged 19 to 39 who are household heads without a home, residing in Chungnam and enrolled in universities located in Chungnam or employed there (newlyweds are eligible up to age 40).

Students or job seekers can receive support if their parents’ annual income is KRW 60 million or less; newlyweds if the couple’s combined income is KRW 50 million or less; and workers if their own income is KRW 40 million or less.

However, the eligible housing is limited to jeonse or monthly rent deposit housing priced at KRW 100 million or less and residential officetels located in the region.

The loan period is basically 2 years, with one extension possible, guaranteeing up to a maximum of 4 years.

Applications can be submitted through the province’s website starting from the 10th of this month. The province will select eligible candidates after document screening.

For more detailed information about the support project, inquiries can be made through the Youth Policy Division of the provincial government.

An Yeon-soon, head of the Youth Policy Division, said, “Through the youth jeonse and monthly rent deposit loan support project, we aim to alleviate housing burdens for young people starting their careers, create an effect of attracting external youth to the province, and provide an opportunity to overcome the low birthrate crisis.” She added, “The province plans to expand the support scale next year after assessing this year’s application status.”