Suwon City Supports Rental Deposit Loan Interest for Youth and Newlyweds... Up to 1 Million Won

The city of Suwon in Gyeonggi Province will support part of the interest on rental deposit loans for young adults and newlywed households without homes.

On the 25th, Suwon City announced that it will recruit young adults and newlyweds to participate in the ‘Youth and Newlywed Hope Touch Deposit Interest Support’ program from April 3 to 9.

The Youth and Newlywed Hope Touch Deposit Interest Support program provides 1% interest support on the loan balance to young adults aged 18 to 39 and couples within 7 years of their marriage registration who are registered residents of Suwon City and have no home ownership, and who have taken out rental deposit loans from financial institutions.

A total of 250 households will be selected, including 150 young adult households and 100 newlywed households. Young adults will receive 500,000 KRW, and newlyweds up to 1,000,000 KRW, once annually.

Support can be provided up to three times, and households that have previously received support must apply again.

Poster for Suwon City's Deposit Support Program for Homeless Youth and Newlyweds

The selection criteria for young adults are ▲unmarried and living alone in a residence of 60㎡ or less in Suwon City ▲deposit (converted jeonse value) of 150 million KRW or less ▲household income at or below 200% of the median income ▲net assets of 299 million KRW or less, and vehicle value of 36.83 million KRW or less.

The selection criteria for newlywed couples are ▲both spouses without home ownership ▲residing in a residence of 85㎡ or less in Suwon City ▲deposit (converted jeonse value) of 350 million KRW or less ▲household income at or below 200% of the median income ▲net assets of 361 million KRW or less, and vehicle value of 36.83 million KRW or less.

Applications can be submitted from April 3 to 9 on the Saebit Toktok ‘Application Submission’ board.

A Suwon City official said, "We hope the Youth and Newlywed Hope Touch Deposit Interest Support program will help young and newlywed households struggling with housing costs," adding, "We will continue to implement housing welfare policies that young people can feel directly."