'One Week Since Implementation of Newlywed Couple Lease Deposit Support'
Loan Recommendation Issuance Doubled
The number of newlywed couples utilizing Seoul City's 'Newlywed Couple Lease Deposit Interest Support' program is increasing. Since expanding the interest benefits and relaxing income criteria, the number of users has more than doubled compared to the previous month.
Seoul City announced on the 8th that the number of recommendation letters issued for program applications reached 300 within a week starting from the 30th of last month. This is twice the 149 cases recorded throughout June.
This program supports newlywed couples without housing who reside in Seoul by partially subsidizing the interest on lease deposit loans taken from KB Kookmin Bank, Shinhan Bank, or Hana Bank, which have agreements with the city. To receive interest support, applicants must first consult with one of the partner banks and then obtain a recommendation letter from Seoul City before proceeding with the bank loan process.
Eligible applicants are newlywed couples without housing who have been married within 7 years or prospective newlyweds without housing who plan to marry within 6 months. The housing criteria include residences with a deposit of up to 700 million KRW or residential officetels, with a maximum loan amount of 300 million KRW (up to 90% of the lease deposit). The loan and interest support period can be up to 10 years.
To increase benefits, the city expanded eligibility to include prospective newlyweds regardless of whether they have children. The annual income limit was relaxed from 97 million KRW to 130 million KRW, and the interest support rates were expanded based on income. Additional support interest rates of up to 1.5% per year are provided to newlywed couples with children, further enhancing the benefits.
To protect lease deposits from jeonse fraud, new borrowers are also supported with a lease deposit return guarantee fee of up to 300,000 KRW.
Han Byung-yong, Director of the Housing Office at Seoul City, stated, "We will continue to improve the system by reflecting diverse citizen opinions through satisfaction surveys on the program. We will also continue to implement policies that provide practical support for housing stability for newlywed couples, including the Newlywed 20-Year Jeonse House (Long-Term Jeonse Housing II)."
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