Gangnam District to Provide Up to 3 Million Won in Jeonse and Monthly Rent Loan Interest Support for Newlyweds and Young Adults

Applications accepted from March 9 to April 10
Payments to be made in May...Schedule moved up this year

Seoul's Gangnam District (District Mayor Cho Sungmyung) will accept applications for its jeonse and monthly rent loan interest support program for newlyweds and young adults from March 9 to April 10 this year, in order to ease their housing cost burden. This year, the payment schedule has been moved up so that beneficiaries can receive support more quickly.

Exterior view of Gangnam District Office. Courtesy of Gangnam District Office.

The support amount is up to 3 million won per year for newlyweds and up to 2 million won per year for young adults, and this year's allocated budget is 450 million won, the same as last year. Since 2023, the district has implemented this program and supported 544 households over three years. After doubling the support amount last year, it has maintained the same level this year.

The schedule is what has changed. Previously, applications were accepted in April and May and payments were made in July, but this year the district plans to accept applications in March and April and complete payments by May 15. Eligible recipients are newlyweds and young adults without homes who reside in Gangnam District. Newlyweds must be within seven years of their marriage registration date and have a combined annual income of 130 million won or less. Young adults must be between 19 and 39 years old and have an annual income of 60 million won or less.

Eligible housing units are residences and residential officetels located in Gangnam District. Newlyweds must meet the requirement of an exclusive area of 85 square meters or less or a deposit of 700 million won or less, while young adults must meet the requirement of an exclusive area of 60 square meters or less or a deposit of 300 million won or less. The support period is up to three years, and new applicants this year will be given priority in selection.

Applications can be submitted in person at the Housing Division on the first floor of Annex Building No. 1 of Gangnam District Office or by mail. For more details, please refer to the district office website or contact the Housing Division at 02-3423-6047.

Gangnam District Mayor Cho Sungmyung said, "The jeonse and monthly rent loan interest support program has been continuously improved to meet on-site needs by easing income requirements and increasing the support amount," adding, "We will continue to provide support so that newlyweds and young adults can reduce their housing burden and live with peace of mind."