‘Get Your Benefits!’ … Gumi City Offers Various Youth Housing Stability Supports

Youth Jeonse Deposit Return Guarantee Fee Support Up to 300,000 KRW

Temporary Monthly Rent Support, Interest Support for Newlywed Couples' Lease Deposits, etc.

Gumi City in Gyeongbuk Province is implementing ▲a temporary special support project for youth monthly rent ▲an interest support project for newlywed couples' lease deposit ▲an interest support project for youth jeonse and monthly rent deposit loans, and will launch a deposit guarantee fee support project for youth jeonse deposit return guarantees starting in August.

Notice on Support for Youth Jeonse Deposit Return Guarantee Fee.

This guarantee fee support project is designed to prevent jeonse fraud targeting young adults who are vulnerable in the real estate market by providing support of up to 300,000 KRW for guarantee fees paid for guarantee insurance.

The eligible applicants are non-homeowning youths aged 19 to 39 with an annual income of 50 million KRW or less (70 million KRW or less for newlywed couples) who have subscribed to a jeonse deposit return guarantee (HUG, HF, SGI, etc.) for a jeonse deposit of 300 million KRW or less after January 1, 2023.

Applications, which began on the 26th of last month, will be accepted until the budget is exhausted. Applicants can apply by visiting the Population and Youth Division or through the Youth e-Kkeulim website. Detailed information can be found on the city’s official website notice board or the Youth e-Kkeulim website.

The temporary special support project for youth monthly rent, accepting applications until August 21, has benefited 1,357 youths as of the end of July 2023, ranking seventh nationwide in terms of support achievements and receiving strong positive responses from young people.

This project supports non-homeowning youths aged 19 to 34 with up to 200,000 KRW per month for a maximum of 12 months in rent. To prevent any gaps in housing support after the project ends, the city plans to expand the target range by allocating its own budget in 2024.

The interest support project for newlywed couples’ lease deposits targets non-homeowners who have registered their marriage within the last seven years and whose combined annual income is 80 million KRW or less. It supports interest on loans up to 200 million KRW for housing with lease deposits of 500 million KRW or less, with a maximum support interest rate of 2.5% per annum. As of 2023, a total of 466 people have received support.

The youth jeonse and monthly rent deposit loan interest support project targets non-homeowning single household heads aged 19 to 39 with an annual income of 45 million KRW or less. It supports loan interest for housing with lease deposits of 250 million KRW or less, with a loan limit of up to 100 million KRW and a maximum support interest rate of 2.5% per annum. Borrowers with loans from financial institutions’ Housing and Urban Fund are excluded. This project is scheduled to be implemented around October.

Mayor Kim Jang-ho said, “We will fill the gaps in youth housing support by preparing various measures to alleviate the housing burden on young people,” adding, “We will do our best to make Gumi a city where young people want to stay.”