Wanju County to Support 'Housing Jeonse Loan Interest'

For Young Adults and Newlyweds...
Easing the Housing Cost Burden

Wanju County in North Jeolla Province is implementing a 'Housing Jeonse Loan Interest Support Program' to alleviate the housing cost burden for young adults, newlyweds, and families with multiple children.

According to the county on the 11th, the support targets are young adults aged 18 to 39 without a home and newlywed couples within five years of marriage who do not own a home.

Wanju County Office building exterior. Provided by Wanju County

In particular, this year the criteria for families with multiple children have been eased. Last year, the requirement was households with three or more children under the age of 18, but this year it has been relaxed to households raising two or more children by birth or adoption, with at least one child under the age of 18, and who do not own a home.

As of the application date, the applicant must have their resident registration listed at a rental property in Wanju County and must actually reside there.

The income criteria are: annual income of 50 million KRW or less for young adults, 80 million KRW or less for newlyweds, and for families with multiple children, 180% or less of the standard median income.

The amount of support is 2% of the remaining balance of the jeonse loan, with a maximum annual support of 1 million KRW. The support period is up to two years, and extension applications are possible if eligibility is maintained.

The application period runs from the 18th to December 31, and applications must be submitted in person at the administrative welfare center of the relevant town or township.

Required documents must be issued after the announcement date and within one month of the application date, and must include the official seal of each institution. However, applications are processed on a first-come, first-served basis and may close early if the budget is exhausted.

Yu Heetae, the governor of Wanju County, said, "I hope the Jeonse Loan Interest Support Program will help young people, newlyweds, and families with multiple children achieve housing stability and settle in Wanju. We will continue to expand practical housing welfare policies that provide real help."