"Youth and Newlyweds in Seocho-gu Are Lucky"... Up to 3 Million Won Annual Support for Jeonse and Monthly Rent Deposit Loan Interest

'Jeonwolse Deposit Loan Interest Support Program' Applications Open Until Next Month 2
Seoul Districts Offer Maximum Amount, Support Up to 3 Years

Seocho-gu, Seoul (Mayor Jeon Seong-su) announced on the 3rd that it will support the interest on loans taken out to prepare jeonse or monthly rent deposits for young people and newlyweds by up to 1 million to 3 million KRW annually, for up to 3 years. This is the largest amount among autonomous districts in Seoul in terms of support scale.

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Reflecting the characteristics of areas with high housing costs, the district has launched a “Jeonse and Monthly Rent Deposit Loan Interest Support Project” with a total scale of 200 million KRW, providing up to 3 million KRW annually for newlyweds and 1 million KRW for young people within 2% of the outstanding loan balance. Applications will be accepted from the 8th of this month until the 2nd of next month. Since August last year, the district has gone through necessary procedures such as consultations with the Ministry of Health and Welfare on welfare projects and ordinance enactment, and is preparing to implement the project for the first time this year.

The applicants must be newlyweds or young people who meet the specified support conditions as of the announcement date, the 8th of this month.

Newlyweds must, as of the announcement date, be couples who have either registered their marriage or are within 7 years of the marriage registration date, both registered as residents of Seocho-gu with no home ownership, and have signed a lease contract for a residential house or residential officetel (exclusive or contract area of 85㎡ or less or deposit of 700 million KRW or less) by the applicant (or spouse). The combined annual income of the couple must be 120 million KRW or less.

For young people, applicants must be between 19 and 39 years old, registered as residents of Seocho-gu with no home ownership, have signed a lease contract for a residential house or residential officetel (exclusive or contract area of 60㎡ or less or deposit of 300 million KRW or less), and have an annual income of 60 million KRW or less.

The district will verify supporting documents and review eligibility, then decide and notify the recipients and support amounts in September. If applications exceed the number of available spots, priority will be determined based on a scoring system, and the support amount for newlyweds will be differentiated according to income level and number of children.

Support is available once a year for up to 3 years, but since eligibility is reviewed annually, households selected this year must reapply and be selected again the following year to continue receiving support.

Newlyweds and young people wishing to apply can check detailed information on the Seocho-gu Office website and submit their applications with the required documents in person or by mail to the Joint Housing Management Division of Seocho-gu Office within the application period.

Mayor Jeon Seong-su said, “We will do our best to support newlyweds and young people building their future in Seocho to establish a more stable living environment,” adding, “We will continue to strive to make Seocho-gu a better place to live.”