Changwon City "Apply for Newlywed Couple Jeonse Loan Interest Support"

Applications Accepted at Eupmyeondong Administrative Welfare Centers Until March 3

[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 of newlywed couples and support their stable settlement.

Eligibility for application is newlywed couples without a house residing in our 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 will be supported 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 Lee Seryeong

Applications can be submitted in person at the administrative welfare centers in the applicant’s district from the 15th until March 3rd. After eligibility screening, including home ownership status, the support funds are expected to be disbursed in May. More detailed information can be found in the announcement section on the city’s official website.

So far, the city has supported 4,107 households with 3 billion KRW since 2019 to alleviate the housing cost burden of newlywed couples without homes, helping young people avoid delaying or avoiding 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, sparing no policy support for young people’s regional settlement and housing stability.”