Seocho-gu to Provide Up to 3 Million Won in Loan Interest Support for Newlyweds and Young Adults

Applications Must Be Submitted by May 30

Seocho-gu in Seoul is launching a loan interest support program for newlywed couples and young adults to help with jeonse and wolse deposit loans. A total budget of 200 million won has been allocated, and the program will provide up to 3 million won per year for newlywed couples and up to 1 million won per year for young adults, within 2% of the outstanding loan balance. Applications will be accepted until May 30.

Promotional poster. Provided by Seocho-gu.

To qualify as a newlywed couple, applicants must meet the following criteria: be within seven years of their marriage registration date, both spouses must have registered their residence in Seocho-gu, neither spouse owns a home, the lease must be for a house or officetel with an exclusive area of 85 square meters or less or a deposit of 700 million won or less, and the combined annual income of the couple must not exceed 120 million won.

To qualify as a young adult, applicants must be between 19 and 39 years old, have registered their residence in Seocho-gu, not own a home, have a lease for a house or officetel with an exclusive area of 60 square meters or less or a deposit of 300 million won or less, and have an annual income of 60 million won or less.

The support period is up to three years. Applications can be submitted once per year, and eligibility will be reviewed annually. Applications can be submitted in person or by mail to the Multi-family Housing Management Division at Seocho-gu Office.

Seocho-gu Mayor Jeon Sungsoo said, "We hope that newlywed couples and young adults in our district, where the housing cost burden is higher than in other districts, will be able to alleviate some of their financial difficulties through this program."