Easing Housing Burden for Newlywed Couples
Uljin-gun, Gyeongbuk Province, is expanding the ‘Newlywed Couple Lease Deposit Interest Support Project’ to strengthen housing stability for newlywed couples and alleviate their housing cost burden.
Applicants must be newlywed couples without a home who either have an address in Gyeongbuk Province or plan to move in within one month (newlyweds within 7 years of their marriage registration date or prospective newlyweds planning to marry within 3 months). Eligible housing includes rental properties within the jurisdiction with a lease deposit of 500 million KRW or less, and loans can be provided up to 200 million KRW, covering up to 90% of the lease deposit.
Starting in 2025, as a measure to address low birth rates, the combined annual income limit for couples will be relaxed from the current 80 million KRW to 100 million KRW. Additionally, the interest support rate will be increased based on the number of children born (including pregnancies) after January 1, 2025, as follows: ▲1 child 2.0% ▲2 children 3.5% ▲3 or more children 4.0%.
The support period is 2 years, with a maximum extension of up to 4 years (2 years per child under 7 years old). However, for loan applicants after 2025, if there is no increase in the number of children during the loan period, the extension of the term is not allowed.
This project proceeds through a process where applicants consult with designated banks (NongHyup Central Association and iM Bank), apply for a loan recommendation letter via the Gyeongbuk Province Housing Welfare System, and then the county reviews eligibility and issues the recommendation letter.
County Governor Son Byung-bok stated, “With the expansion of this project, we expect to reduce the burden of securing housing for newlywed couples, improve their housing environment, and alleviate the high housing cost burden relative to income, thereby contributing to an enhanced quality of life.”
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