Incheon City Supports Housing Lease Deposit Loan Interest for Homeless Youth

Applications Accepted Starting from the 14th
Support Available for Up to 4 Years

Incheon City announced on the 14th that it will support the interest on housing lease deposit loans for homeless youth aged 19 to 39.

This project, which the city has been implementing since 2023 in cooperation with the Korea Housing Finance Corporation and NongHyup Bank, targets young household heads who are registered residents of Incheon or are scheduled to move there.

The annual income must be 60 million KRW or less for the individual, 80 million KRW or less combined for couples, and the lease deposit must be 250 million KRW or less based on jeonse or monthly rent with deposit (banjeonse). The housing area must be 85㎡ or less, including officetels.

However, recipients of housing benefits or users of Housing and Urban Fund loan products are excluded to prevent duplicate support, and applications are not accepted if the lease contract is made with parents.

Incheon City Hall

If selected as a beneficiary, Incheon City will pay part of the interest on up to 90% of the lease deposit, with a maximum of 100 million KRW. The support interest rate varies depending on household composition: 3.5% per annum for households with one or more children, and 3% per annum for other households. The loan period is two years, extendable up to four years. Borrowers only need to pay the remaining amount to the bank besides the interest supported by the city.

Selected loan nominees must sign a housing lease contract and execute the loan within three months of notification, and complete the move-in registration within one month. Applications for support can be submitted online starting today through the Incheon Youth Portal 'Incheon Youth Talk Talk'.