Changwon Special City Launches Support for Newlywed Couples' Home Purchase Loan Interest

Up to 1.5 Million KRW Support for Jeonse Loan Interest

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City in Gyeongnam is recruiting candidates for the ‘2023 Newlywed Couple Jeonse Loan Interest Support Project’ to reduce the housing cost burden for newlywed couples and support their stable settlement.

Eligibility for application is newlywed couples without a home residing in Changwon Special City as of the announcement date (within 7 years from the marriage registration date). If their income is at or below 180% of the median income, they can receive support of up to 1.2% of the outstanding Jeonse loan balance, with a maximum of 1 million KRW. Families with children can receive an additional 20% per child on the support amount, up to a maximum of 1.5 million KRW.

Changwon Special City Hall, Gyeongnam.
Photo by Se-ryeong Lee

The application period is from February 15 to March 3, and applications can be submitted by visiting the administrative welfare centers in the applicant’s local eup, myeon, or dong.

So far, Changwon Special City has supported 4,107 households with a total of 3 billion KRW in Jeonse loan interest from 2019 to the present, easing the housing cost burden for newlywed couples without homes so that young people do not delay or avoid marriage due to economic reasons.

Hong Nam-pyo, Mayor of Changwon Special City, said, “We hope this will help newlywed couples struggling with high housing costs,” and added, “In the second half of the year, we will implement a project to also support loan interest for newlywed couples purchasing homes, providing unwavering policy support for young people’s regional settlement and housing stability.”