"Provide 10% Interest Rate and National Subsidy to Help Youth Secure 50 Million Won in Basic Assets"
[Asia Economy Reporter Ki-min Lee] On the 23rd, Lee Jae-myung, the candidate of the Democratic Party of Korea, announced, "We will enable young people to purchase youth sale housing of 13 to 25 pyeong in the Seoul area for 200 million to 300 million KRW by utilizing the Youth Basic Savings of 50 million KRW and a maximum 90% loan-to-value ratio (LTV) on mortgage loans."
On the same day, the candidate stated on his social media (SNS), "We will immediately implement the 'Youth Homeownership Project' for which the state takes responsibility."
He explained that 320,000 units of youth sale housing will be supplied quickly, and when purchasing, a preferential policy interest rate of around 2.5%, which is the lowest level based on the current standard, will be applied.
Regarding the Youth Basic Savings, the candidate also mentioned, "We will support a preferential interest rate of about 10% and a national incentive payment," adding, "We will help any young person form a basic asset of 50 million KRW over five years."
The plan is to swiftly supply 320,000 units of youth sale housing and apply a preferential policy interest rate of around 2.5%, the lowest level based on the current standard, when purchasing. He promised to apply a 100% income deduction on the interest paid and fully exempt acquisition tax.
Furthermore, for young people living in jeonse (key money deposit) or monthly rent housing, the candidate pledged sufficient supply of rental-type basic housing and expansion of financial and tax support for jeonse deposits and monthly rent. He also committed to support brokerage fees and moving expenses, as well as strengthen supervision of management fees for multi-family houses, officetels, and one-room apartments.
The candidate emphasized, "We will help any young person who works eight hours a day to challenge the dream of owning their own home."
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