Chungnam Supports Youth Housing Rent... Up to 1.5 Million KRW Per Year

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will support part of the housing rental fees for local youth.

The province announced on the 7th that from the 11th of this month, it will continuously recruit applicants for youth independent household housing cost support through the provincial website.

The support targets are homeowners without a house aged 19 to 34 who have an address in Chungnam or are enrolled or employed at a university or workplace located in Chungnam (up to 40 years old for newlyweds).

The support criteria are an annual income of 60 million KRW or less for parents, 50 million KRW or less for newlyweds, and 40 million KRW or less for the individual. Support is available when renting a house or residential officetel with a Jeonse or monthly deposit of 100 million KRW or less within the province.

The province allows eligible recipients to borrow up to 50 million KRW within 90% of the rental deposit and supports the loan interest of 3% (up to 1.5 million KRW annually) incurred during this period.

Earlier, the province signed a business agreement for youth Jeonse and monthly deposit loan support with Korea Housing Finance Corporation and NongHyup Bank Chungnam Headquarters starting last year. According to the agreement, supported youth only bear a final interest cost of 0.5%.

Ahn Yeon-soon, head of the Youth Policy Division of the province, said, “The youth housing rental fee support project was originally scheduled to end in May, but additional recruitment became possible due to budget balance from loans that were not executed.” He added, “The province will strive to alleviate the housing burden of young adults through this project.”

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