New Lease Applicants Accepted from January 19 to 28
Up to 8 Million Won in Support Over Four Years
Gwangju Metropolitan City will begin accepting applications for its customized housing lease deposit interest support program for young adults without homes starting from January 19, aiming to ease the housing cost burden for youth.
According to the city on January 18, this program provides partial support for interest incurred when young people take out loans for jeonse (lump-sum deposit) or monthly rent deposits. Once Gwangju selects the recipients, Gwangju Bank issues the loans, and the Korea Housing Finance Corporation provides a 100% guarantee for the loans.
This year, a total of 70 participants will be selected. Fifty new lease contract applicants will be recruited from January 19 to 28, while 20 renewal contract applicants will be chosen in five rounds-four per round-across March, May, July, September, and November.
The loan limit is up to 100 million won, covering up to 90% of the jeonse or monthly rent deposit. Of the 2.5% loan interest rate, Gwangju City will subsidize 2%. The basic loan period is two years, but it can be extended once for a maximum of four years, with up to 8 million won in support available over the period.
Eligible applicants are young adults aged 19 to 39 residing in Gwangju as of the announcement date and who do not own a home. For university (including graduate) students and job seekers, the combined annual income of their parents must be 70 million won or less. For employees and business owners, their own annual income must be 45 million won or less. For married couples, their combined annual income must not exceed 60 million won.
Homeowners and participants in other public housing support programs-such as housing benefits, LH rental housing, Bogeumjari Jeonse Loan, and the Jeonse/Montly Rent Deposit Loan for Young Employees at SMEs-are excluded. Previous recipients of the customized youth lease deposit interest support program are also ineligible to apply.
Applications must be submitted online through the Gwangju Youth Integrated Platform website. Gwangju City will announce the selection results for new lease contract applicants on February 20 and will notify each individual separately.
Kwon Yoonsook, Director of the Youth Policy Division, stated, "This year, we have revised the criteria so that job seekers who meet certain requirements can apply based on their own income," adding, "We will continue to improve policies to reduce the housing burden on young people."
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