Daegu City to Support Up to 3.5% Interest on Lease Loans for 220 Young People Without Homes

In order to ease the housing cost burden for young people without homes, Daegu City will be recruiting new applicants for the second half of the year for the "Youth Housing Lease Deposit Loan Interest Support Program" from July 1 to July 18.

The number of recipients for this second half recruitment is 220. Eligible applicants are young people aged 19 to 39 who do not own a home and either reside in Daegu or plan to move to Daegu. Applicants must have an annual personal income of 60 million won or less (or a combined income of 80 million won or less for married couples), and must reside in a house or residential officetel with a lease deposit of 250 million won or less.

Daegu City Hall Sangyeok Office

The loan limit is up to 90% of the lease deposit, with a maximum of 100 million won, and the city will support interest rates of up to 3.5% per year. Recipients must bear a minimum interest rate of 1.5%. The support period is basically two years, and can be extended up to a maximum of four years.

Since the program was first introduced in July 2022, a total of 885 young people have received interest support to date. The program has been well received by young people as it has helped reduce their actual housing cost burden.

Starting from the first half of this year, the city has been giving priority to young people from basic livelihood recipient households (excluding those receiving housing benefits) and those from lower-income brackets. Selection is based on a scoring system that awards points according to income level, with applicants ranked by their total score. This approach aims to provide more substantial support to low-income young people facing greater economic hardship.

However, those who are receiving housing benefits, those using the National Housing Fund's jeonse loan program, and those participating in the Newlywed Couples Jeonse Loan Interest Support program, as well as beneficiaries of other government or Daegu City housing support programs, are not eligible to apply in order to prevent duplicate benefits.

Applications can be submitted through "Daegu Anbang," Daegu City's integrated online housing support platform. Final recipients will be notified individually via text message on August 6. More detailed information can be found in the announcement posted on "Daegu Anbang."

Heo Jooyoung, Director of Urban Housing at Daegu City, stated, "We hope this program will provide practical support for young people to establish an independent housing foundation," adding, "We will continue to actively promote support programs to improve housing stability and quality of life for young people."