Seodaemun-gu Provides Subsidies and Loans for Repairing Aging Low-Rise Residential Houses

Recruitment of Beneficiaries for the 2021 Seoul Ggamum Housing Project

[Asia Economy Reporter Jong-il Park] Seodaemun-gu (Mayor Moon Seok-jin) is recruiting candidates for the Seoul Home Improvement Project, which provides partial subsidies or low-interest loans for repairing aging low-rise residential houses.

The target areas for the "Home Repair Cost Subsidy" project are ▲ Urban Regeneration Activation Areas (around Hongje Station, Cheonyeon·Chunghyeon-dong, Sinchon-dong) ▲ Hong Eun-dong 8-417 area ▲ Namgajwa-dong Susaek-ro 2-gil area ▲ Bukgajwa-dong 330-6 area.

Owners of detached houses, multi-family houses, multiplex houses, and row houses in these areas that are over 20 years old can apply.

If selected for support, repair costs for roofs, waterproofing, exterior windows, insulation, exterior walls, and facilities will be subsidized up to 50%, with a maximum of KRW 12 million for detached and multi-family houses, and up to KRW 17 million for common areas of multiplex and row houses.

For home repairs that include exterior modification work, if the construction is carried out according to Seoul City's proposal, an additional 20% of the cost, up to KRW 5 million, will be provided.

Additionally, 100% of the construction costs are supported up to KRW 500,000 for open-type rest areas or flower beds, KRW 1.5 million for lowering fences (reconstructed below 1.2m after demolition), and KRW 3 million for fence demolition.

The "Low-Interest Home Repair Loan" is available for houses over 20 years old within the "Housing Performance Improvement Support Zone" designated by Seoul City.

The loan limits for "home repair" are KRW 60 million for detached houses, KRW 30 million per household for multiplex and row houses, and KRW 30 million per unit for multi-family houses.

For "new construction," the limits are KRW 100 million for detached houses and KRW 50 million per unit (up to 6 units) for multi-family houses. The loan carries an annual interest rate of 0.7%, with a 3-year grace period and 10-year equal installment repayment, and no prepayment penalty.

In addition, for home repairs and new construction of houses over 10 years old in general low-rise residential areas, subsidies are available for 2.0%p of the market loan interest rate.

The loan limits are the same as those within the "Housing Performance Improvement Support Zone." The repayment term is 5 years with equal installments, and prepayment fees apply.

For reference, houses in development (or planned development) areas such as New Towns, redevelopment, and reconstruction are excluded from home repair loan support.

The "Home Repair Cost Subsidy" project accepts applications until July 30, while the "Low-Interest Home Repair Loan" is accepted year-round but may close when Seoul City's related budget is exhausted.

Residents wishing to apply can consult at the Seodaemun Home Repair Support Center and then submit an application form to the Urban Regeneration Division of Seodaemun-gu Office. Detailed information can be found on the Seodaemun-gu website notices or at Seoul Home Repair dot com.