Chungnam Supports Rent for Monthly and Jeonse Leases for 'Young Independent Households'

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will support part of the rent for monthly or yearly lease for young independent households in the region.

The province announced on the 6th through its website that it is continuously recruiting applicants for housing cost support for young independent households.

The eligible applicants are homeowners without a house, aged 19 to 34, residing in Chungnam (registered residents), currently enrolled in a local university or employed locally (newlyweds up to age 40). Applicants must meet the annual income criteria: parents earning 60 million KRW or less, newlyweds 50 million KRW or less, and the applicant 40 million KRW or less.

Support for monthly or yearly lease rent is available when the housing (including officetels) deposit is 100 million KRW or less. Loans can be up to 90 million KRW, and interest support is available up to 50 million KRW with a 3% interest rate (up to 1.5 million KRW annually).

Meanwhile, last year the province signed a business agreement for the ‘Youth Monthly/Yearly Lease Deposit Loan Support Project’ with the Korea Housing Finance Corporation and NongHyup Bank Chungnam Headquarters.

The agreement focuses on the Korea Housing Finance Corporation easing procedures to assist local youth with loans, and NongHyup lowering interest rates through low-interest products. According to the agreement, youth with lease deposits of 50 million KRW or less only bear an interest cost of 0.5%. Last year, the province supported housing costs for 149 young people.

This content was produced with the assistance of AI translation services.