[2025 Audit] Oh Sehoon Requests Exception to 'Mirinae Jib' Loan Regulations...Competition Rate Drops

Declining Competition for Mirinae Jib Due to Loan Restrictions
"Oh Sehoon to Appeal Directly to Minister of Land, Infrastructure and Transport Soon"

Seoul Mayor Oh Sehoon is attending the National Assembly Land, Infrastructure and Transport Committee's audit of Seoul City held at Seoul City Hall on the 20th. Photo by Yonhap News

Seoul Mayor Oh Sehoon stated that the competition rate for Seoul's long-term jeonse housing program, Mirinae Jib, has been declining due to loan regulations, including the October 15 real estate measures, and emphasized that exceptions should be made for young people.

At the National Assembly Land, Infrastructure and Transport Committee's audit of Seoul City held at Seoul City Hall on the 20th, Mayor Oh explained, "The biggest reason young people hesitate to get married and have children is housing instability. Mirinae Jib was designed to allow people to purchase homes at a price 10 to 20 percent lower than the market appraisal, but as loan restrictions have been implemented, the competition rate has dropped significantly."

He added, "Even if there are loan restrictions, I have requested the Ministry of Land, Infrastructure and Transport to make exceptions for young people, especially those about to get married," and continued, "However, there has not yet been a positive change in their stance." Mayor Oh also said, "I am scheduled to meet with Minister Kim Yoonduk of the Ministry of Land, Infrastructure and Transport soon, and I plan to make a sincere appeal."

During the audit, the city also stated that it had requested the Ministry of Land, Infrastructure and Transport to raise the policy loan limit for the Mirinae Jib program to between 600 million and 700 million won. Mirinae Jib is a long-term jeonse housing initiative introduced to address the low birth rate, but there are concerns that the entry barrier has increased as the policy loan limit was reduced from 300 million won to 250 million won.

A Seoul city official said, "The deposit for Mirinae Jib ranges from as low as 200 million to 300 million won up to as high as 800 million to 900 million won," and added, "It would be ideal to raise the loan limit to 600 million or 700 million won, but even if that is not possible, we believe it is best to increase it as much as possible."