Dongdaemun-gu Offers Up to 100 Million KRW Low-Interest Loans for Reconstruction of Old Houses

Promotion of the '2020 Housing Renovation and New Construction Loan Support Project' to Improve Residential Environment... Low-Interest Loans and Market Interest Subsidies for Housing Performance Improvement Support Zones and General Low-Rise Residential Areas

[Asia Economy Reporter Jong-il Park] Dongdaemun-gu (Mayor You Deok-yeol) is promoting the ‘2020 Housing Renovation and New Construction Loan Support Project’ to help improve the residential environment of aging houses in the area.

This project provides low-interest loans or interest subsidies to residents who want to repair or rebuild old and deteriorated houses.

The district offers low-interest loans for the ‘Housing Performance Improvement Support Zone,’ which includes Cheongnyangni General Market, Janganpyeong, Hongneung Urban Regeneration Projects, and Hwikyung Village Residential Environment Management Project areas, and interest subsidies for the ‘General Low-rise Residential Zone,’ where low-rise houses of four floors or less are densely located.

The support targets old and deteriorated houses that are over 20 years old and located within the above zones.

The total project cost is about 4 billion KRW, and the loan limit varies depending on house repairs, new construction, and household type.

For house repairs, the limits are △60 million KRW for detached houses △30 million KRW per household for multi-family houses (loans up to 4 households) △30 million KRW per unit for multi-unit and row houses. For new construction, the limits are △100 million KRW for detached houses △50 million KRW per household for multi-family houses (loans up to 6 households).

The ‘Housing Performance Improvement Support Zone’ offers an annual interest rate of 0.7% with no early repayment fees, a 3-year grace period, and 10 years of equal installment repayment. The ‘General Low-rise Residential Zone’ offers 5 years of equal installment repayment with no early repayment fees and subsidizes 2% of the market loan interest rate.

Residents wishing to apply for loans can sign up and apply on ‘Seoul City Jibsuri.com (https://jibsuri.seoul.go.kr)’ or submit application documents via email to the Dongdaemun-gu Office Sustainable City Division at unistar15@ddm.go.kr.

Application forms can be downloaded from the Dongdaemun-gu Office website (www.ddm.go.kr under General Civil Complaints → Civil Consultation & Reporting → Civil FAQ).

For more details, contact the Dongdaemun-gu Office Sustainable City Division at 2127-5665.

You Deok-yeol, Mayor of Dongdaemun-gu, stated, “We hope residents actively utilize this project to create a cleaner and safer residential environment,” and added, “We will continue to improve the living environment of the district through various projects.”

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