For Homes Approved for Use Over 20 Years Ago
Support Limits Vary by Housing Type
The Seoul Metropolitan Government announced on September 15 that it is recruiting additional participants for the "2025 Safe Home Repair Loan Support" program to improve aging homes.
With abnormal weather and heavy rainfall becoming more frequent, the city emphasized that ensuring the safety of aging homes has become increasingly important. Through additional loan support in the second half of the year, Seoul aims to help more residents carry out home repairs.
The Safe Home Repair Loan Support program targets low-rise homes throughout Seoul that have been approved for use for at least 20 years. The program provides loans at an annual low interest rate of 0.7%, covering up to 80% of the total construction cost. Eligible homes must have an appraised value of 900 million won or less. The repayment method is a 3-year grace period followed by equal installment payments over 10 years, with no prepayment penalty.
The support limit varies by housing type. For single-family homes, multi-household homes, and boarding houses, the support ranges from a minimum of 10 million won to a maximum of 60 million won. For multi-unit and townhouse residences, support ranges from 10 million won to 30 million won per household.
The loan can be used for a wide range of home improvement work, from wallpapering, flooring, and kitchen sink replacement to full-scale remodeling. However, apartments, neighborhood living facilities, buildings within redevelopment zones, and illegal structures are excluded from eligibility.
The application period for additional recruitment runs until October 31. However, if the budget is exhausted before the deadline, the program may close early.
Previously, the city supported 111 cases with a total of 3.443 billion won through the 2024 Safe Home Repair Loan program. This year, 59 cases have been selected, with 2.136 billion won allocated from a total budget of 3 billion won. Through this additional recruitment, the city plans to provide loans for approximately 20 more cases, totaling 864 million won.
Additionally, the city offers a "Home Repair Specialist Consultation Service," allowing residents to receive professional assessments of their homes to help them plan efficient repairs.
Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "We are actively promoting loan support to reduce the burden on residents while improving aging low-rise homes into safe living environments. As the risk of disasters increases due to recent abnormal weather, we will make multifaceted efforts to ensure that citizens can live in safe housing conditions."
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