Gwangyang City Announces Recruitment for Newlywed Couples and Multi-Child Family Housing Support Program Beneficiaries

Support for Home Purchase Loan Interest... Up to 600,000 to 1,800,000 KRW Annually for 3 Years

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Gwangyang City, Jeollanam-do announced on the 29th that it will implement the ‘Newlywed Couples and Multi-Child Families Housing Support Project’ together with Jeollanam-do to help reduce the housing cost burden by partially supporting mortgage loan interest for newlywed couples and multi-child families.

The support targets are newlywed couples and multi-child families who reside in Gwangyang City according to their resident registration and have passed the loan screening by the Korea Housing Finance Corporation, and who purchased a house in Gwangyang City after December 2019.

The city plans to recruit a total of 34 households this year and will support interest for up to 36 months, ranging from 600,000 KRW to 1,800,000 KRW annually depending on the loan amount.

For newlywed couples, both spouses must be under 49 years old and have been married for 7 years or less based on the marriage registration date. Income criteria are a maximum annual income of 85 million KRW for dual-income households and 70 million KRW for single-income households.

Also, the eligible house must be within 85㎡ (within 100㎡ for eup/myeon areas), and the house price must be 300 million KRW or less to apply.

For multi-child families, as of the loan screening application date, the household must have three or more minor children (including at least one child aged 12 or under), and the combined annual income of the couple must be 100 million KRW or less.

The house price limit is the same as for newlywed couples at 300 million KRW or less, but there is no restriction on the area. The application period is from July 11 to August 28, and recruitment is on a first-come, first-served basis until the project quota is exhausted.

Applications can be made by checking the announcement section on the Gwangyang City website and then visiting the local eup/myeon/dong office with the required documents.

Lim Chae-gi, Strategic Policy Officer, said, “We expect that the loan interest support project will reduce the housing cost burden and have a positive effect on marriage and childbirth,” adding, “We will continue to expand stable local settlement support projects in the future.”

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