Jeonnam Province Supports Mortgage Interest for Newlyweds and Multi-Child Families

Up to 150,000 KRW per month

[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province (Governor Kim Young-rok) has decided to support mortgage loan interest payments to reduce the housing cost burden for newlywed couples without homes and families with multiple children.

According to Jeonnam Province on the 12th, the support targets are newlywed couples or families with multiple children who have no home and whose entire household members have their address in Jeonnam, and who have passed the loan screening criteria of the Korea Housing Finance Corporation.

Eligible recipients can receive support ranging from 50,000 KRW to 150,000 KRW per month, for up to 36 months, depending on the loan amount.

Newlywed couples must be within 7 years of marriage, and both spouses must be under 49 years old. Eligible houses must be priced at 300 million KRW or less, with a housing area within 85㎡ (within 100㎡ for eup/myeon areas). Income criteria are a maximum of 85 million KRW for dual-income households and 70 million KRW for single-income households.

Families with multiple children are households with three or more minor children (including at least one child aged 12 or younger). The house price limit is the same as for newlywed couples at 300 million KRW or less, but there is no restriction on area. The income criterion is a combined annual income of 100 million KRW or less for the couple.

Applications can be made by checking the websites of Jeonnam Province and city/county offices, then applying at the local eup/myeon/dong office of the applicant's address.

Yoon Yeon-hwa, Population and Youth Policy Officer of Jeonnam Province, said, “Among the reasons why the 2030 generation avoids marriage, housing issues account for the largest portion. We hope that Jeonnam Province’s mortgage loan interest support project will ease young people’s worries and lead to marriage and childbirth.”

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