Support for Home Repair Costs in Low-Rise Housing Over 10 Years... Seoul City to Accept Additional Applications Until October

‘Safe Home Repair Loan and Interest Project’
Loans for homes over 20 years old,
up to 60 million KRW·annual interest rate 0.7%

On the 7th, the Seoul Metropolitan Government announced that it will additionally recruit households to participate in the ‘Safe Home Repair Loan and Interest Support Program,’ which provides partial financial support for home repair costs to improve the living environment of low-rise, aging houses.

Loan support is available for repairs on low-rise houses over 20 years old within Seoul. Up to 80% of the construction costs (maximum 60 million KRW) can be supported at a low annual interest rate of 0.7%. Low-rise houses refer to ▲single-family houses such as multi-unit and multi-family houses ▲multi-family and row houses as collective housing. Apartments and neighborhood living facilities are not eligible.

Support amounts vary by housing type. Single-family houses can receive up to 60 million KRW, multi-family and row houses up to 30 million KRW, and for multi-family houses, repair costs can be applied for up to 30 million KRW per household for a maximum of two households. The repayment method is a 3-year grace period followed by 10 years of equal installment payments, with no early repayment fees.

The recruitment period is until October 31, but it may close early if the budget is exhausted. Regardless of the application timing, the completion report for the loan project must be submitted by November 15. Support will not be provided if submitted after this date.

Additionally, low-rise houses over 10 years old can apply for interest support. The limit is the same as for loan support. Up to 2% of the interest rate from Shinhan Bank loans (annual 5-6%) will be supported. The repayment method is 5 years of equal installment payments, with early repayment fees applicable.

Interest support applications are accepted year-round until the end of this year. Homeowners wishing to participate in the program must first confirm the possibility of issuing a guarantee certificate from the Korea Housing Finance Corporation through phone or in-person consultation at one of Shinhan Bank’s eight branches in Seoul. Then, they must submit an application form, including an estimate from a construction company, to the relevant district office department.

The application form can be found on the ‘Jipsuri.com’ website.

Meanwhile, before applying for loan or interest support, the city offers a ‘Visiting Consultation Service’ where experts can diagnose the condition of the house. By applying through the ‘Jipsuri.com’ website, a home repair specialist will visit directly to provide free diagnosis and repair consultation. Applicants cannot request the specialist to introduce construction companies or prepare estimates, but they can ask the specialist to review whether estimates obtained directly from construction companies are appropriate.

Han Byung-yong, Director of the Seoul Housing Office, said, “We will support citizens living in low-rise houses over 10 years old in Seoul to improve their poor living environments comfortably through low-interest loans.”