Supplying 'New:Home 61,000 Units' and 'Public Rental 51,000 Units' to Youth

Youth-Themed Public Livelihood Debate, Ministry of Land, Infrastructure and Transport Policy
2.2% Interest Youth Housing Dream Subscription Account Also

On the 5th, the Ministry of Land, Infrastructure and Transport announced public sale and public rental policies targeting youth at the "Seventeenth Public Discussion with the People: Korea Leaping Forward with the Power of Youth" held at Gwangmyeong Ibex Studio.

The Ministry stated, "Through the youth special supply, we will provide 61,000 New:Home units to the youth within this year," adding, "We will ease the burden of home ownership by offering prices lower than market value and providing low-interest 40-year exclusive mortgages (up to 80% of the sale price)."

Additionally, focusing on locations in the metropolitan area with convenient transportation conditions, they plan to supply 51,000 public rental units for youth by the end of this year to reduce housing cost burdens. They will also supply youth-specialized public rental housing (with plans to select 1,000 units through a public contest) that combines youth-tailored residential spaces and services in preferred locations such as areas near subway stations and city centers.

The Ministry will also support youth housing loans. Youth who win the lottery through the Youth Housing Dream Subscription Savings will receive purchase funds up to 80% of the sale price at a low interest rate starting from 2.2%. For non-homeowning households within two years of childbirth, housing loan support is provided at interest rates between 1.6% and 3.3%, and an additional preferential rate (0.2%p per newborn) is offered through the Newborn Special Loan introduced last January.

They will also introduce the ‘K-Pass,’ which refunds up to 30% of expenses for youth using public transportation such as subways and buses. Eligible users are regular commuters who use public transportation at least 15 times per month. A Ministry official stated, "We will continue to expand regionally customized K-Pass projects that enhance benefits for local residents by increasing the scope of youth eligibility and support frequency based on the K-Pass, similar to Gyeonggi Province’s 'The Gyeonggi Pass' and Incheon Metropolitan City's 'Incheon I-Pass.'"