Iksan City Recruiting 21 Households for Rural Housing Improvement Project

Applications Accepted Until the 21st
Benefits Include Acquisition Tax Reductions

Iksan City, Jeollabuk-do is recruiting 21 households to participate in the Rural Housing Improvement Project until the 21st.

According to the city on the 3rd, this project was launched to revitalize rural areas and support the stable settlement of returnees to farming and rural villages.

Exterior view of Iksan City Hall.

Eligible applicants include residents who wish to renovate their own old or substandard houses in rural areas, those intending to use houses as worker accommodations, rural residents without homes, and returnees to farming and rural villages.

If selected, participants can receive low-interest loans for the costs incurred in constructing or renovating houses with a total floor area of 150 square meters or less. Additional benefits include up to 2.8 million won in acquisition tax reduction and income tax deductions for long-term mortgage interest payments if the applicant and their family reside in the house full-time.

According to NongHyup Bank's lending regulations, the maximum loan limit is 250 million won for new construction, reconstruction, or rebuilding, and up to 150 million won for extension or major repairs, with land and houses used as collateral.

Repayment options include: ▲ Fixed interest rate of 2% ▲ Variable interest rate with a 1-year grace period and 19-year installment repayment ▲ 3-year grace period and 17-year installment repayment. For young people under 40 (born after January 1985), a fixed interest rate of 1.5% applies.

Those wishing to participate should apply in person at their local administrative welfare center. For more details, contact the Housing Division.

A city official stated, "We will do our best to improve the quality of life for citizens and create a better rural environment by supporting the renovation of old and substandard houses and the construction of new homes in rural areas."