Gangnam-gu Supports Interest on Jeonse and Monthly Rent Loans for Newlyweds and Youth

Applications start from the 11th as the last intake of the year, supporting 15 newlywed couples with 1.5 million KRW per year and 32 youths with 1 million KRW per year

Gangnam-gu (District Mayor Jo Seong-myeong) will begin accepting applications from the 11th for the 3rd round of the newlywed and youth jeonse deposit loan interest support program.

This program was launched for the first time this year as a campaign pledge of the 8th local government administration to alleviate the economic burden of young people and newlyweds living in Gangnam-gu, where housing costs are high. The Seoul Metropolitan Government’s support program has income criteria of less than 97 million KRW combined annual income for newlyweds and less than 40 million KRW for youth, so this program supports the gap group excluded from those criteria. Up to the 1st and 2nd rounds of support, a total of 143 households received 145 million KRW in support.

In this 3rd recruitment, a total of 47 households will be supported: 15 newlywed households and 32 youth households. The payment range for newlyweds is loan interest at 1% on deposits up to 150 million KRW, with a maximum annual support of 1.5 million KRW. For youth, it is 1% loan interest on deposits up to 100 million KRW, with a maximum annual support of 1 million KRW.

The eligibility criteria are ▲ newlywed couples registered as residents in Gangnam-gu within 7 years from the marriage registration date as of the announcement date ▲ both spouses are non-homeowners ▲ combined annual income between 97 million and 120 million KRW ▲ 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 youth, the criteria are ▲ single residents aged between 19 and 39 registered in Gangnam-gu ▲ non-homeowners with an annual income between 40 million and 60 million KRW ▲ 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 benefits under Article 7 of the National Basic Livelihood Security Act, including livelihood, medical, and housing benefit recipients, residents of public rental housing (such as national rental, permanent rental, long-term lease, happiness, purchased rental, and jeonse rental housing), those with housing fund jeonse loans, and those holding pre-sale rights are excluded from support.

The application period is from September 11 to October 10, and applications can be submitted in person at the district office’s Housing Division. After review, payments are scheduled for October. The support period is up to 3 years, with annual eligibility assessments to continue support if criteria are met.

Jo Seong-myeong, Mayor of Gangnam-gu, said, “This is the last application period of the year, and I hope residents who missed the 1st and 2nd rounds will apply and benefit from reduced housing costs. We will continue to provide effective support so that the younger generation can settle stably and become independent in Gangnam-gu.”