Busan Urban Corporation Freezes Late Fees on Public Rental Housing Rent Payments

Reducing Housing Cost Burden for Vulnerable Groups, Interest Rate 6.07% This Year

Busan Metropolitan Corporation (BMC) will freeze the overdue interest on public rental housing rent for an additional year, following last year.

Amid recent high exchange rates and high inflation causing economic difficulties for residents, BMC has frozen the overdue interest rate on public rental housing rent at 6.07% to ensure housing stability for vulnerable groups and alleviate interest burden. The overdue interest rate is calculated by adding the overdue surcharge to the agreed interest rate.

Meanwhile, the overdue interest rate for sale and rental properties excluding public rental housing rent will be set at 7.05% annually, reflecting financial institution rates as of October 2024. This is a decrease of 0.19 percentage points from the 7.24% overdue interest rate in 2024.

Shin Chang-ho, President of Busan Metropolitan Corporation, said, “We hope this freeze on overdue interest for public housing rent will provide some relief to residents’ housing cost burdens,” adding, “We will strive to improve the quality of life for housing-vulnerable groups through various support measures.”

Busan Urban Corporation.