Jeongeup-si Supports Interest on Housing Lease Loans for Newlywed Couples

Jeongeup City in Jeonbuk announced on the 31st that it will promote a project to support interest on housing jeonse loan funds to reduce the housing cost burden of newlyweds in the region and help them settle stably.

This project provides newlyweds with support of up to 1 million KRW once a year within 1% of the outstanding balance of the jeonse loan.

Jeongeup City Hall Exterior View [Photo by Jeongeup City]

It is being promoted to overcome low birth rates, promote housing stability for young people, encourage marriage by creating stable living conditions for newlywed households without housing, and simultaneously increase the birth rate.

Applicants must be newlyweds without housing who have registered their marriage within 5 years (April 1, 2018 ? March 31, 2023).

As of the application date, both spouses must have been registered residents in the city for more than 6 months, and the combined annual income of the couple must be 80 million KRW or less.

However, recipients of similar support programs such as basic livelihood security recipients and public rental housing residents are excluded from eligibility, and newlyweds who registered their marriage after April 1 of this year can apply during the second half of the year (October to November) when the project is implemented.

The support amount is 1% of the outstanding balance of the housing jeonse loan. Up to 1 million KRW will be paid once a year, and support will be provided for up to 5 years if the support conditions are maintained.

Applications can be submitted by visiting the town or township office or the community service center of the resident registration address from the 3rd to the 28th of next month, submitting the application form, lease contract, ID, bankbook copy, and other required documents.

For more details, refer to the ‘Notices and Announcements’ board on the Jeongeup City website or contact the Population Policy Team of the Planning and Budget Office at City Hall.

Mayor Lee Hak-su said, “Through the loan interest support project, we aim to reduce the economic burden of newlyweds who are considering marriage and childbirth,” and added, “We will continue to implement various housing welfare projects to improve stable living conditions for young people and child-rearing generations.”

Jeongeup = Asia Economy Honam Reporting Headquarters Reporter Kim Jae-gil baekok@asiae.co.kr