Gangnam District Expands Rent Loan Interest Support for Newlyweds and Youth to Up to 3 Million Won

A Budget of 465 Million Won Allocated This Year
Number of Applicants Up 60% Compared to Last Year

Seoul's Gangnam District is significantly expanding its support program for monthly and yearly rent loan interest to ease the housing cost burden for newlywed couples and young people, allocating a total budget of 465 million won this year. This amount is more than double last year's 200 million won, making it the largest among all districts in Seoul.

Gangnam District Office exterior. Courtesy of Gangnam District Office.

The district has doubled the amount of support and relaxed eligibility criteria, reflecting its characteristics of having a high floating population, a high proportion of young residents, and higher housing costs compared to other districts.

Newlywed couples can now receive up to 3 million won per year in loan interest support, up from the previous 1.5 million won, while young people can receive up to 2 million won per year, up from 1 million won. For newlywed couples, the upper income limit has been eased from a combined annual income of 120 million won to 130 million won, and the lower income threshold has been removed, allowing more households to qualify for support.

To expand the support and relax the criteria, the district consulted with the Ministry of Health and Welfare in October last year and revised the relevant ordinance in March this year.

These policy changes prompted an immediate response from residents. A total of 234 applications were received during the application period from April 14 to May 30 this year. This represents an increase of 88 applications compared to last year's 146, marking a growth rate of nearly 60%.

Gangnam District Mayor Cho Sungmyung stated, "The newlywed and youth rent loan interest support program is one of the core pledges of the 8th popularly elected administration, and it has achieved results beyond our goals," adding, "We will continue to develop effective policies tailored to the characteristics of the Gangnam area to provide practical assistance in reducing residents' housing costs."