Gwangmyeong City Eases Youth Eligibility for 'Jeonse Loan Interest Support' to Age 45 or Younger

Reflecting Delays in Employment, Marriage, and Childbirth
Up to 700,000 Won in Annual Support for Single-Person Households

Gwangmyeong City in Gyeonggi Province will ease the eligibility criteria for young people to receive support for jeonse deposit loan interest starting next year.

On December 24, Gwangmyeong City announced that, in accordance with the revision of the "Ordinance on Support for Jeonse Loan Interest for Newlyweds and Youth in Gwangmyeong City," the age limit for youth eligible for monthly and jeonse loan interest support will be expanded from the current 39 years old or younger to 45 years old or younger starting next year.

This expansion of support reflects the reality that the timing of young people entering society, finding employment, getting married, and having children is being delayed. The city explained that the regulation was relaxed in response to growing calls to supplement the existing system to ease the housing burden caused by rising home and rental prices and increasing interest rates.

From next year, single-person households of youth aged 45 or younger without a home will be eligible for support for monthly and jeonse loan interest at an annual rate of up to 1.4%, up to a maximum of 700,000 won per year, depending on income level, for rental deposits of up to 150 million won.

Park Seungwon, Mayor of Gwangmyeong City, stated, "We must make policy standards more realistic to keep pace with a changing society," and added, "We will continue to expand comprehensive housing support policies so that no citizens are left behind."