Changwon City Provides 1 Billion KRW Support for Jeonse Loan Interest to Newlyweds

1284 Households Confirmed, Housing Cost Burden Decreases

Changwon City Hall, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City in Gyeongnam will provide 1 billion KRW in support for 1,284 households eligible for interest subsidies on jeonse loans for newlywed couples without housing this year.

Since 2019, the city has been the first in Gyeongnam Province to implement an interest subsidy program for newlywed couples' jeonse loans, supporting a total of 2,823 households with 2.015 billion KRW over the past three years.

The program was established to prevent young people from delaying or avoiding marriage due to economic reasons and to alleviate the housing cost burden for newlywed couples without housing.

The city announced the program from January 27 to March 4 and received applications, confirming support for 1,284 households.

Eligible recipients are newlywed couples without housing whose combined income is at or below 180% of the median income, married within the last seven years as of the marriage registration date, have taken out jeonse loans from financial institutions, and both spouses currently reside in Changwon City as of the announcement date.

Choi Jae-an, Director of the Environment and Urban Affairs Bureau, stated, “We hope that supporting interest on newlywed couples' jeonse loans will increase the birth rate, and we will do our best to make Changwon Special City a great place to have and raise children.”