‘Safe Home Repair Loan and Interest Support Project’
Targeting Aging Houses in Low-Rise Residential Areas
Seoul Eunpyeong-gu (District Mayor Kim Mi-kyung) announced on the 12th that it will extend the "Safe Home Repair Loan and Interest Support Project" to revitalize home repairs for aging low-rise residential buildings.
The "Safe Home Repair Loan and Interest Support Project" provides low-interest loans or interest support for home repair costs of aging houses. Loan support is offered at a fixed interest rate of 0.7% for low-rise houses over 20 years old, and interest support is provided up to 2% of the market interest rate for low-rise houses over 10 years old.
The support amount can be applied for up to 80% of the construction cost, with a maximum of 60 million KRW. The support limits are 60 million KRW for single-family houses, 30 million KRW for multi-family houses (up to 2 units), and 30 million KRW per household for multi-unit and row houses.
The contracted financial institution is Shinhan Bank Eunpyeong-gu Office branch. For loan support, repayment is possible with a fixed annual interest rate of 0.7%, a 3-year grace period, and equal installment payments over 10 years without early repayment fees. For interest support, repayment is made in equal installments over 5 years without a grace period, with the interest rate reduced by up to 2% from the market rate, but early repayment fees apply.
The loan support application period is until October 31 of this year, and the interest support application period is until December 31 of this year. Applications can be submitted by visiting the Housing Division of Eunpyeong-gu Office. However, for houses with tenants, rent must be frozen for 2 years during the loan execution period.
Mayor Kim Mi-kyung said, "We hope that the home repair support project will continue to be promoted to stabilize the housing of residents in aging low-rise residential areas and improve their living environment."
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