Gangnam-gu Provides 200 Million KRW Support for Newlyweds and Youth Monthly Rent Loan Interest

Gangnam-gu, the first autonomous district in Seoul to support a total of 150 households (100 newlywed couples receiving 1.5 million KRW per year, 50 youths receiving 1 million KRW per year)

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jo Seong-myeong) will support a total of 200 million KRW in interest on jeonse and monthly rent deposit loans for 150 households of newlywed couples and youths residing in the area starting this year. 100 newlywed couples will receive 1.5 million KRW annually, and 50 youths will receive 1 million KRW annually.

The district plans to create a stable housing environment by supporting interest on jeonse and monthly rent loans for youths and newlywed couples who face difficulties due to high housing costs and employment challenges compared to other areas. Although Seoul City has a jeonse and monthly rent loan interest support program (combined couple annual income under 97 million KRW, youth annual income under 40 million KRW), this plan aims to support gap groups such as newlywed couples with combined annual income exceeding 97 million KRW and youths with annual income exceeding 40 million KRW who are excluded by the income criteria.

The support targets are ▲ newlywed couples registered as residents in Gangnam-gu within 7 years from the marriage registration date as of the announcement date, ▲ both spouses must be without home ownership, ▲ combined annual income between 97 million KRW and 120 million KRW, and ▲ households where the applicant (or spouse) has signed a lease contract for a residential house or residential officetel (exclusive or contract area of 85㎡ or less).

For youths, the criteria are ▲ single residents aged 19 to 39 registered in Gangnam-gu, ▲ annual income between 40 million KRW and 60 million KRW without home ownership, and ▲ households where the applicant has signed a lease contract for a residential house or residential officetel (exclusive or contract area of 60㎡ or less) as of the announcement date.

However, recipients of livelihood, medical, or housing benefits, residents of public rental housing (including national rental, permanent rental, long-term lease, happiness, purchased rental, and jeonse rental housing), borrowers of the Housing and Urban Fund jeonse loans, and those holding pre-sale rights are excluded from support.

The support amount is 1% of the deposit, with newlywed couples receiving up to 1.5 million KRW annually for deposits up to 150 million KRW, and youths receiving up to 1 million KRW annually for deposits up to 100 million KRW.

The support period is up to 3 years, with annual qualification reviews and extensions if eligibility requirements are met.

The application period is from February 16 to March 15, with in-person submissions accepted at the district office’s Housing Division. After review, payments are scheduled for April.

Jo Seong-myeong, Mayor of Gangnam-gu, said, “This jeonse and monthly rent loan interest support project is a pledge of the 8th local government administration, and we hope it will help newlywed couples and youths struggling with high housing costs achieve housing stability and a foundation for independence.” He added, “We will continue to provide policy support that youths can genuinely feel.”