The city of Suwon in Gyeonggi Province will support part of the interest on jeonse and monthly rent deposit loans for young adults and newlywed households without homes.
Suwon City announced on the 11th that it will promote the ‘Youth and Newlywed Hope Touch Deposit Interest Support’ program, which provides an annual 1% interest subsidy on the outstanding loan balance to young adults aged 18 to 39 and couples within 7 years of their marriage registration who have taken out jeonse or monthly rent deposit loans from financial institutions among the homeless. Applications will be accepted from the 19th to the 21st of this month.
Youth recipients will receive 500,000 KRW, and newlywed couples up to 1,000,000 KRW once a year. Support can be received up to three times, and households that have previously received support can apply again and receive assistance if selected.
The selection criteria for youth applicants are ▲unmarried and living alone in a residence of 60㎡ or less in Suwon City ▲deposit (jeonse conversion 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 are without homes ▲residing in a residence of 85㎡ or less in Suwon City ▲deposit (jeonse conversion 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.
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